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Resverlogix's heart disease drug fails late-stage trial

Shares of Resverlogix Corp. plummeted about 70.28% after the company's heart disease drug Apabetalone failed to achieve the main goal of a late-stage study.

In the clinical trial called BETonMACE, Calgary, Alberta-based Resverlogix evaluated Apabetalone, or RVX-208, combined with the standard of care to reduce the number of events of non-fatal heart attacks, strokes and loss of heart function.

The study included high-risk patients with type 2 diabetes; decreased blood flow in the coronary arteries; and low high-density lipoprotein, or HDL, cholesterol. Low HDL cholesterol in the body increases the risk of heart disease.

Although Apabetalone was well-tolerated and deemed to be safe, it failed to reduce the number of major adverse cardiovascular events in the patients.

Shares of Resverlogix plummeted about 70.28% to 64.5 Canadian cents as of 12:11 p.m. ET on Sept. 30.

The primary results of the trial will be presented Nov. 16, during the American Heart Association's Scientific Sessions held in Philadelphia, Pa.