CALGARY, Alberta, Oct. 24, 2017 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announced that it has entered into a Right of First Refusal Agreement (the Agreement) with Hepalink USA Inc. (Hepalink USA). Under the Agreement, Hepalink USA was granted a right of first refusal in connection with the licensing of the right to develop, manufacture and commercialize pharmaceutical products containing RVX-208 (apabetalone) in the United States (the US Licensing Rights) until April 15, 2019. Hepalink USA paid $8 million (the Fee) to Resverlogix in consideration for the right of first refusal granted. If Resverlogix and Hepalink USA enter into a license agreement with respect to the US Licensing Rights, the Fee shall be credited against any payment obligations of Hepalink USA thereunder. Otherwise, the Fee is refundable, in whole or in part, upon termination of the Agreement. During the first 60 day period, the Agreement may only be terminated upon mutual agreement of the parties; thereafter, the Agreement may be terminated by either party.

Mr. Donald McCaffrey, President and CEO, stated, We are very pleased that Hepalink USA is interested in a licensing partnership with Resverlogix, potentially licensing the United States, the single largest market opportunity available to a partner.

The Agreement may be considered a related party transaction within the meaning of applicable securities laws as Hepalink USAs parent company is an insider of the Company. The Agreement would be exempt from the formal valuation and minority approval requirements applicable to related party transactions on the basis that the value of the transaction is less than 25 percent of the Company's market capitalization. All of the directors approved the Agreement, other than Mr. Shawn Lu, who declared his interest in the Agreement as an officer of Hepalink USA, and accordingly, abstained from approving the Agreement.