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Resverlogix Randomizes First Patient in Taiwan/China Portion of the Phase 3 BETonMACE Clinical Trial
Resverlogix Randomizes First Patient in Taiwan/China Portion of the Phase 3 BETonMACE Clin...
About this update from Resverlogix Corp.
[{"type":"text","content":"\n\n\n\nResverlogix Randomizes First Patient in Taiwan/China Portion of the Phase 3 BETonMACE Clinical Trial\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, July 10, 2017\n\n\n\nCALGARY, July 10, 2017 /CNW/ - Resverlogix Corp. (\"Resverlogix\" or the \"Company\") (TSX:RVX) today announced  that the first patient has been randomized in Taiwan in the Phase 3 BETonMACE clinical trial with lead drug apabetalone intended for high-risk patients with cardiovascular disease (\"CVD\") and type 2 diabetes mellitus (\"DM\"). \n\nOn July 8, 2015, Resverlogix and Shenzhen Hepalink Pharmaceutical Co., Ltd. (\"Hepalink\") closed a license agreement for China, Hong Kong, Taiwan, and Macau (the \"Territories\"). Under the terms of the agreement, Hepalink is responsible for certain clinical and development costs in the Territories, for a Taiwan/China patient population that is now being included in Resverlogix's Phase 3 BETonMACE trial. As a result of the randomization, Hepalink is now responsible for the first CAD$1 million payment to Resverlogix.\n\nThe license agreement also stipulates that when apabetalone reaches certain annual sales milestones in the Territories, ranging from 500 million renminbi (\"RMB\") to RMB 10 billion, Resverlogix will be eligible to receive sales-based milestone payments from Hepalink, each ranging from USD$5 million to USD$90 million.  In addition, Hepalink will pay Resverlogix a royalty based on net sales. Total sales based milestones and royalty payments have an estimated potential in excess of USD$400 million. The license will expire on a region-by-region basis on the later of the 15th anniversary of the first commercial sale in such region or the expiry date of the last-to-expire of any licensed patent.\n\nDr. Michael Sweeney, M.D., Senior Vice President of Clinical Development stated, \"With the assistance of our partner in China, Hepalink, we are pleased to announce the randomization of our first patient in BETonMACE in Taiwan. Total enrollment in the BETonMACE trial is now over 1,600 patients. With the addition of...