CALGARY, June 3, 2013 /PRNewswire/ - Zenith Epigenetics Corp. ("Zenith") commenced operations today as an early stage research company. Zenith was formed as a result of a plan of arrangement (the "Arrangement") involving Resverlogix Corp. ("Resverlogix"), RVX Therapeutics Inc. ("Therapeutics") and Zenith pursuant to which Resverlogix spun-out Therapeutics to Zenith. Shareholders of Resverlogix now own one new common share of Resverlogix and one common share of Zenith for each common share of Resverlogix held immediately prior to the Arrangement becoming effective.
Pursuant to the Arrangement, Resverlogix retained its research and development activities related to the development of compounds for applications with indications involving a therapeutic increase in Apolipoprotein A-1 (ApoA-I), including the clinical program related to RVX-208, a first in class small molecule for the treatment of atherosclerosis and Resverlogix completed the spin-off of all other research and development activities related to its epigenetic platform technology to Zenith. Pursuant to the Arrangement, Zenith was also issued royalty preferred shares in the capital of Resverlogix which will provide Zenith with a dividend equal to six to twelve percent of "Net Apo Revenue" as described in the Information Circular of Resverlogix dated April 29, 2013. As part of the Arrangement, Resverlogix also transferred to Zenith all of the indebtedness of Therapeutics owing to Resverlogix as well as $10 million in cash to provide for the initial capitalization of Zenith.
Management and Directors
The management team of Zenith will be led by the management team of Resverlogix, including Donald McCaffrey as President and Chief Executive Officer, Brad Cann as Chief Financial Officer, Kenneth Lebioda as Senior VP Business & Corporate Development, Dr. Norman Wong, as Chief Scientific Officer and Chairman of the Scientific Advisory Board, Dr. Jan Johansson, as Senior VP Medical Affairs, Dr. Gregory Wagner, as Senior VP Research and Development and Dr. Allan Gordon, as Senior VP Clinical Development.
The board of directors of Zenith consists of Dr. Peter Johann, Donald McCaffrey, Kenneth Zuerblis, Dr. Eldon Smith, Kelly McNeill and Arthur J. Higgins.
Zenith Epigenetics Corp. is a research and development biotechnology company focused on new and innovative drugs by leveraging its proprietary epigenetics platform. The company's epigenetic drug discovery platform functions by inhibiting BET bromodomains, having the potential to impact multiple diseases including autoimmune and oncology.
This news release may contain certain forward-looking information as defined under applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. In particular, this news release includes forward looking information relating to the relating to the potential dividends payable to Zenith as the holder of royalty preferred shares. Our actual results, events or developments could be materially different from those expressed or implied by these forward-looking statements. We can give no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors which are described in the information circular of Resverlogix dated April 29, 2013. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. We disclaim any intention and have no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact:
Donald J. McCaffrey
President and CEO
Zenith Epigenetics Corp.
Director of Investor Relations
SOURCE Resverlogix Corp.