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SAN FRANCISCO, Dec. 21, 2017 -- David Kideckel, an analyst with Beacon Securities Ltd., relayed news from this firm's recent annual meeting, including a private placement with a large pharma and an update on the Phase 3 trial of its lead therapy.
Included in this article is: Resverlogix Corp. (RVX:TSX)
Kideckel reported in a Dec. 13 research note that at Resverlogix Corp.'s general meeting in Calgary, Alberta on Dec. 12, the company announced that on Dec. 4, it closed a CA$87 million (CA$87M) private placement with Shenzhen Hepalink, "the world's largest heparin producer," wrote Kideckel, who defined the event as a "major endorsement from [a] world-leading pharma company." Subsequently, Resverlogix fully repaid its outstanding CA$68.8M loan.
In clinical news, Kideckel said, management indicated the company has achieved enrollment of about 2,000 patients for the Phase 3 BETonMACE trial of its lead drug candidate apabetalone in high-risk cardiovascular disease.
Also regarding apabetalone, Resverlogix highlighted a "new, independent publication in Nature Scientific Reports" that suggested it may be beneficial to HIV therapies, Kideckel reported.
In 2018, Resverlogix plans to pursue the complement-mediated diseases space, in which it has "made great progress," Kideckel wrote. He added that "this new research and development focus remains an impressive path for Resverlogix, with significant upside potential."
Continue reading this article: Biotech Receives 'Major Endorsement from World-Leading Pharma Company'
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Please see the end of the article for the complete disclosures: Biotech Receives 'Major Endorsement from World-Leading Pharma Company'
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