Resverlogix to spin-out RVX Thera to unlock epigenetics platform value

Canadian drugmaker Resverlogix (TSX:RVX), which is exploring a sale, says that its board of directors has approved a proposal to spin-out its subsidiary, RVX Therapeutics which will focus on innovative drug R&D by leveraging its epigenetics platform. RVX Therapeutics will exclude Apolipoprotein A-1 (Apo A-1) and RVX-208 technologies, rather focusing on multiple therapeutic indications including autoimmune diseases and cancer.

The spin-out is to be implemented by way of a court-approved plan of arrangement pursuant to the Business Corporations Act (Alberta). The implementation of the arrangement will be subject to, among other things, final board approval of the Arrangement and a shareholder vote.

Rationale for the split