Resverlogix subsidiary RVX, Medtronic to develop ReVas technology in cardiovascular disease

By Lisa Kerner

Charlotte, N.C., July 19 - Resverlogix Corp. said its subsidiary RVX Therapeutics Inc signed a licensing agreement granting Medtronic, Inc. exclusive, worldwide rights to develop and commercialize its ReVas technology with drug eluting medical devices for the local, non-systemic treatment of cardiovascular diseases, particularly in restenosis and stenosis.

Under terms of the agreement, following completion of a technology development program Medtronic would make an initial cash payment to RVX, with possible additional milestone payments.

RVX is also eligible to receive royalties on sales of any ReVas therapeutic component of novel drug-device combinations that result from the license. In total, RVX is eligible to receive up to $291 million.

ReVas is RVX's research program that develops unique novel compounds to improve the outcomes for patients undergoing acute coronary intervention.

Resverlogix is a Canadian biotechnology company engaged in the discovery and development of biopharmaceuticals.

Medtronic, based in Minneapolis, develops medical technology products.

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