Calgary, AB August 15, 2003 – Resverlogix which develops new technologies for upgrading cholesterol reduction and therapeutic cancer research says it has entered into an agreement to acquire a cancer therapeutic from the co-discoverers of the technology, Dr Norman CW Wong and Dr Koichiro Mihara.
Dr Norman Wong is a professor of medicine and biochemistry & molecular biology at the University of Calgary, faculty of medicine, and is a co-founder and principal shareholder of Resverlogix. Dr Mihara is a research associate, department of biochemistry and molecular biology, faculty of medicine with the University of Calgary.
Resverlogix is acquiring the new cancer therapy to commence the process of commercialization of the technology.
Research conducted to date by Dr Wong and Dr Mihara suggests that the new cancer therapy decreases the ability of a selected growth factor to promote cancer growth. Results of recent rodent studies using this new cancer therapy show that once empowered with the ability to express a specific protein the animals own immune cells displayed tumor growth which was substantially reduced following treatment.
Cancers against which Resverlogix believes this therapy will be effective include brain gliomas, skin melanomas, breast, colon, gastric and prostate. Currently, this new cancer therapy is being tested pre-clinically. Resverlogix intends to proceed aggressively with further animal model validation and toxicology studies so to rapidly reach the Patent Application and Investigational New Drug (IND) filing stages.
The acquisition involves payment by Resverlogix of a cash sum of C$100,000, granting of a 10% royalty on future license fees for a five year period, and the issuance of preferred shares.