Calgary - Resverlogix Corp. has completed the first stage of its Request for Proposal (RFP) process with seven global pharmaceutical organizations for an exclusive standstill agreement regarding its Nexvas(TM) technology in cardiovascular disease. The company has now commenced the second stage of the RFP process, which will occur over the next two months. The scheduled time frame for the final RFP bid and the candidate selection process is late spring of 2005. A minimum bid of US$15,000,000 has been set.
The RFP process does not transfer ownership of any technology or assets held by Resverlogix; however it does offer the winning candidate an 18-month standstill agreement, which will supply them with exclusive due diligence and right of first refusal to acquire Resverlogix during the agreement timeframe. Resverlogix has the unilateral right to abandon or postpone this process at anytime.
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