Revive Therapeutics Advances Clinical Research with Completion of Funding Round

LOS ANGELES- Revive Therapeutics Ltd. has successfully concluded the final tranche of its previously announced private placement, marking a significant milestone in the company’s fundraising efforts. This move, detailed in press releases dated January 24, 2024, and January 31, 2024, saw the issuance of 33,917,428 units at a price of $0.035 per unit, culminating in gross proceeds of $1,187,110. The combined total from the initial and final stages of the offering amounts to $2,100,610, showcasing robust investor confidence in Revive’s strategic direction and potential for innovation.

Each unit issued comprises one common share in the capital of the company and one-half of a common share purchase warrant. These warrants provide the holder the right to acquire an additional common share at a price of $0.05 each, valid for a period of thirty-six months from the offering’s closing date. This structure not only facilitates immediate capital influx but also offers potential for future investments at a pre-defined rate, aligning with long-term growth perspectives.

The net proceeds from this offering are earmarked for a variety of strategic initiatives critical to Revive’s mission. Specifically, funds will support clinical work on long COVID and other potential indications, furthering the advancement of government studies. Additionally, the company plans to allocate resources towards the possible repayment of certain arm’s length payables and for general working capital purposes, ensuring operational fluidity and the ability to seize emerging opportunities.

In facilitating this offering, Revive Therapeutics engaged the services of finders including Hampton Securities Limited, PI Financial Corp., and EMD Financial Inc., compensating them with a combination of cash and warrants. The aggregate finder’s fees amounted to $8,764.00 in cash, alongside 250,400 warrants enabling the acquisition of equivalent units of the company at $0.05 per unit, valid for eighteen months post-closing.

Securities issued in conjunction with this final closing are bound by a statutory hold period of four months and one day, concluding on June 24, 2024. This regulatory measure ensures compliance and governance in the handling of the newly issued securities, safeguarding both investor interests and the company’s integrity.

This funding round represents a pivotal step for Revive Therapeutics in its pursuit of innovative medical solutions, particularly in addressing the complexities of long COVID and exploring new therapeutic avenues. With a reinforced financial foundation, Revive is poised to further its research endeavors, contributing to the broader medical community’s understanding and management of persistent and emerging health challenges.