Resverlogix Corp.
TSX : RVX

Resverlogix Corp.

June 09, 2005 13:55 ET

Resverlogix Successfully Narrows its Candidate Choice

CALGARY, ALBERTA--(CCNMatthews - June 9, 2005) - Resverlogix Corp. (TSX:RVX) ("Resverlogix"), is pleased to update the progress of our previously announced "Request for Proposal Process" (RFP). Resverlogix has now completed the second stage of the process, the scientific review and conditional terms portion, and can announce that is has narrowed its candidate selection from seven to two.

"We are very pleased with the results of our last several months work. We had the opportunity to exchange perspectives from these high level scientific reviews of our NEXVAS™ project, witnessing first hand the internal corporate cultures of seven differing major pharmaceutical companies and selectively narrow the field of whom we feel is best suited to help advance our NEXVAS™ program." stated Donald J. McCaffrey President and CEO of Resverlogix. "Although we have narrowed our preference down to two specific groups we are maintaining communications with the other firms until such time as we can officially conclude the legal aspects of a term sheet. We are pleased with our progress to date and confident that upon our acceptance of a formal agreement we will surpass our set terms."

As stated in past announcements, the RFP process had been anticipated to complete in late spring early summer 2005 with a minimum set bid of $15-million (U.S.). The process is a flexible program designed to determine the best value building candidate of choice. Resverlogix maintains the unilateral rights to all technology and assets until such time as all terms and or milestones that may be involved have successfully been met to the satisfaction of Resverlogix.

About Resverlogix Corp.

Resverlogix Corp. is a Canadian biotechnology company engaged in the discovery and development of biopharmaceuticals. Combining expertise with innovation, Resverlogix's lead technology NEXVAS™, applies advanced medical research to develop therapies that increase high density lipoprotein (HDL), the "good cholesterol," to treat cardiovascular diseases. The Company's second technology TGF-Beta Shield™ utilizes an adoptive immunotherapy approach to target cancers and fibrotic diseases. Resverlogix Corp. is committed to applying the qualities of innovation, integrity and sound business principles in developing novel therapies for the treatment of unmet human diseases. Resverlogix Corp. trades on the TSX Exchange under the symbol RVX. For further information, please visit our web site at: www.resverlogix.com.

This news release may contain certain forward-looking statements that reflect the current views and/or expectations of Resverlogix Corp. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Resverlogix Corp.
    Donald J. McCaffrey
    President/CEO
    (403) 254-9252 ext. 223
    (403) 256-8495 (FAX)
    Email: don@resverlogix.com
    or
    Resverlogix Corp.
    Kenneth E. Lebioda
    Vice President Business Development
    (403) 254-9252 ext. 227
    (403) 256-8495 (FAX)
    Email: ken@resverlogix.com
    Website: www.resverlogix.com