Battered Calgary biopharm player Resverlogix (
TSX:T.RVX,
Stock Forum) took the first step in bringing their RVX-208 product a lifeline, with news they have isolated specific patient types that, in further testing, should bring better results.
Resverlogix shareholders were stunned when the company announced in July that testing had
not gone to plan, leading the share price to plunge 95% in a day, from just over $3.00 t0 $0.15, right in the middle of a $1.5 million $0.90-per share
private placement deal.
The company promised to get to the bottom of things and, while they’re not about to say everything is fine, they have at least isolated patient groups where results were good.
Analysis of July testing data “showed statistically significant improvements in coronary IVUS atheroma measurements and Major Adverse Cardiac Events (MACE) in patients with a high (>2.0 mg/dL) serum high sensitivity C-Reactive Protein (hsCRP),” said
a company release.
“Serum levels of this biomarker when >2.0 mg/dL reflect a heightened state of inflammation that is a well-known and major component of CVD risk.”
"The ongoing analysis of the ASSURE data continues to yield positive findings that provide valuable information as to the large market segment where RVX-208 will have the best impact in reducing CVD risk", stated Donald McCaffrey, President and Chief Executive Officer of Resverlogix.
"The addition of today's findings to the previously announced impact of RVX-208 to regress PAV (-1.43%, p=0.001) in ASSURE patients with low HDL-C given rosuvastatin further define a large high risk population where RVX-208 illustrates profound effects to reduce atheroma volume and plaque vulnerability. Together these findings help explain the observed reduction in MACE events.”
“Continued analysis of the ASSURE data will not only broaden our understanding but also provide a clear pathway for our future clinical trials of RVX-208", said Mr. McCaffrey.
T.RVX shares jumped 12.28% on the news, to $0.64. The company has a market cap of $49.1m, and 76 million sharesoutstanding.