Resverlogix to Spin-out RVX Therapeutics Inc. to Shareholders

Calgary, Canada (ots/PRNewswire) -

Transaction Designed to Enhance Shareholder Value By Unlocking
Value of the Epigenetics Platform

TSX Exchange Symbol: RVX

Resverlogix Corp. ("Resverlogix") today announced that its Board
of Directors has approved a proposal to spin-out its subsidiary, RVX
Therapeutics Inc. ("RVX Therapeutics"), which will focus on
innovative drug research and development 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 ("the 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

The spin-out of RVX Therapeutics reflects the Board of Director's
and management's belief that it is in the best interests of
shareholders to create a future value for its epigenetics platform
and to provide a mechanism for the retention of possible future
royalties on RVX-208 sales, depending on the deal structure finally
negotiated.

Based on the belief that the RVX-208 program currently accounts
for the entire market value of Resverlogix and that the value of the
epigenetics platform is unrealized, the spinning out of RVX
Therapeutics will facilitate a corporate structure that is more
likely to reflect an accurate valuation of the epigenetics platform.

The objective of the spin-out is to split the clinical RVX-208
program (Resverlogix) from the epigenetics platform (RVX
Therapeutics). In doing so, this process will create distinct
corporate environments such that Resverlogix is structurally ready
for acquisition while RVX Therapeutics' future value could be
realized through a licensing and/or partnering business model.

This has the potential to unlock the future value for RVX
Therapeutics via research and development of the epigenetic mechanism
and establishes a potential royalty stream from RVX-208. Enhanced
long-term shareholder value is provided through direct valuations
related to any future licensing and partnering deals.

In addition, the new structure will minimize future dilutions
should either corporation require additional equity capital.

Resverlogix will continue to focus on the clinical development of
RVX-208, its small molecule for the treatment of atherosclerosis
through therapeutic increases in Apo A-1. In addition, Resverlogix
will continue with its RVX-208 related clinical trial for diabetes
and the soon to launch Alzheimer's disease clinical trial.

RVX Therapeutics will focus on innovative drug research and
development by leveraging its epigenetics platform in multiple
diseases including autoimmune and oncology, excluding Apo A-1 and
RVX-208 technology.

It is anticipated that the directors and senior officers of RVX
Therapeutics will continue to consist of current directors and senior
officers of Resverlogix.

Resverlogix shareholders to receive one share in each of the two
companies

Under the terms of the Arrangement, Resverlogix's shareholders
will receive shares of a newly incorporated company ("Spinco") that
will own all of the shares of RVX Therapeutics on a basis that is
proportional to their interest in Resverlogix. Every Resverlogix
shareholder will receive one share in Spinco for every share held in
Resverlogix at the effective date.

Every Resverlogix warrant holder at the effective date will
receive one warrant in Spinco for every warrant held in Resverlogix.
The exercise price of Resverlogix warrants would be reduced in
accordance with the terms of the applicable warrant by an amount on a
per share basis to reflect the fair market value of Spinco and the
reduction would be allocated to the exercise price of the replacement
Spinco warrants. If a Resverlogix warrant holder wishes to
participate in the Arrangement and receive common shares of Spinco at
the effective date, the warrant holder will need to exercise their
Resverlogix warrants prior to the effective date of the Arrangement
to acquire Resverlogix common shares.

Shares of Spinco will not be listed on an exchange initially,
however the Board of Directors will give due consideration to whether
it is in the best interests of shareholders of Spinco that the shares
of Spinco are listed and at what time.

The implementation of the Arrangement will be subject to, among
other things, board, shareholders, court and regulatory approvals,
including TSX acceptance of the Arrangement.

Resverlogix must hold a special meeting of shareholders to approve
the Arrangement. The record and meeting dates are anticipated to be
on or around April 25, 2013 and May 28, 2013, respectively. A
management information circular containing a complete description of
the Arrangement and a description of tax implications to shareholders
will be sent to shareholders of Resverlogix in connection with the
special meeting to approve the Arrangement.

There can be no assurances or guarantees that the spin-out will be
completed.

Resverlogix will host a live conference call and webcast with Q&A
at 11 a.m. MDT, April 8, 2013.

Webcast Link:

http://services.choruscall.ca/links/resverlogix130408.html

Conference call-in numbers:

Canada & USA Toll Free Dial In: 1-800-319-4610 Outside of Canada &
USA call: +1-604-638-5340

About Resverlogix Corp.

Resverlogix Corp. is a clinical stage cardiovascular company with
an epigenetic platform technology that modulates protein production.
Resverlogix is developing RVX-208, a first-in-class small molecule
for the treatment of atherosclerosis. RVX-208 is the first BET
bromodomain inhibitor in clinical trials. New compounds arising from
Resverlogix' epigenetic drug development platform function by
inhibiting BET bromodomains and have the potential to impact multiple
diseases including autoimmune diseases, cancer, neurodegenerative
diseases and diabetes mellitus. Resverlogix's common shares trade on
the Toronto Stock Exchange . For further information please visit
http://www.resverlogix.com. Follow us on our blog at
http://www.resverlogix.com/blog

This news release may contain certain forward-looking information
as defined under applicable Canadian securities legislation, that are
not based on historical fact, including without limitation statements
containing the words "believes", "anticipates", "plans", "intends",
"will", "should", "expects", "continue", "estimate", "forecasts" and
other similar expressions. In particular, this news release includes
forward looking information relating to the structure and timing of
the proposed transaction, future royalties on RVX-208, future value
of RVX Therapeutics and the epigenetics platform and future research
and development activities. Our actual results, events or
developments could be materially different from those expressed or
implied by these forward-looking statements. We can give no assurance
that any of the events or expectations will occur or be realized. By
their nature, forward-looking statements are subject to numerous
assumptions and risk factors including but not limited to those
assumptions and risk factors discussed in our Annual Information Form
and most recent MD&A which are incorporated herein by reference and
other documents we file from time to time with securities regulatory
authorities, which are available through SEDAR
athttp://www.sedar.com. The forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement and are made as of the date hereof. We disclaim any
intention and have no obligation or responsibility, except as
required by law, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

For further information, please contact:
Company Contacts:
Donald J. McCaffrey
President & CEO
Resverlogix Corp.
Phone: 403-254-9252
Email: don@resverlogix.com
Sarah Zapotichny
Director of Investor Relations
Resverlogix Corp.
Phone: 403-254-9252
Email: sarah@resverlogix.com

ots Originaltext: Resverlogix Corp.
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