NBB stated – “Last I heard it can take upwards to 20 years for a biotech to go from a pre clinical company to getting an NDA, I think RVX is closing on 15 years, so we are ahead of the game”

Tada stated – “NBB - I think RVX is closing in on 21 years this year. Ripe for the picking.”

If NBB’s 20 years is correct, it is still hard to say when that would start. As can be seen from the 2003 MD&A below, Dr. Wong started research on this in 1992. We don’t really know his progress timeline. I would imagine that it was Resverlogix Inc (RI). that acquired the IP from Dr. Wong. Nothing comes up for Resverlogix Inc.on SEDAR before 2003 but it was supposed to have become a reporting issuer on May 31, 2001. In April 2003 a reverse take-over was performed where a Capital Pool Company called Apsley Management acquired all of the RI shares for shares in Apsley which had a TSX listing. The RI shareholders ended up with 75% of the amalgamated Apsley shares. Apsley then did a name change to Resverlogix Corp. (RC) and we have the current company operating and starting its road to commercialization. In the 2003 Financials excerpt below, they stated their game plan which of course disappeared a long time ago and they have moved on to Plan B, C or up to whatever iteration we are now on. In 2003, the MD&A states that they were working on Apo-A1 expression and RCT and had filed a patent application. Who knows when they started to concentrate on the compound RVX-208.

You can decide for yourself where the 20 years would start.

2003 MD&A

“Intellectual Property The research and development path for Resverlogix started in 1992 as an independent project of Dr. Norman Wong and has progressed to the point that now allows for commercial development of the technology. Dr. Wong utilized various research grants totaling over $882,000 to develop the research to this important commercial level. The Company acquired the property in exchange for 4,049,481 common shares. The property includes any future patents, products, trademarks, revenue and licensing fees. The research is focused on the regulation of Apolipoprotein A1 (APO A1) and its effects on HDL (or “good cholesterol”), which are the key components of a physiological process called reverse cholesterol transport (RCT), where cholesterol is removed from the body via the liver. Resverlogix has filed a non provisional patent application with the United States Patent & Trademark Office.”

2003 Financials

Resverlogix has adopted a conservative strategy of developing technology up the beginning of the Human Phase trials, at which point collaborations with larger pharmaceutical players will be sought out. This business strategy will forward the potential revenues, albeit a smaller percentage, and preserve the investor capital outlay which otherwise would be spent on human trials. Hence, a major portion of the biotech investment risk is eliminated.