Resverlogix Randomizes First Patient in Phase 3 Trial

Resverlogix (TSX:RVX) announced the randomization of the first patient in its Taiwanese Phase 3 clinical trial with their lead drug apabetalone helping high-risk patients with cardiovascular disease and type 2 diabetes mellitus.
As quoted in the press release:

On 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.
The 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 15^th anniversary of the first commercial sale in such region or the expiry date of the last-to-expire of any licensed patent.

Click here to read the full press release.

Source: www.newswire.ca