Revive Therapeutics Ltd (CSE:RVV, OTCQB:RVVTF) said it has completed the closing of its previously announced private placement by issuing a total of 28,676,064 units at a price of $0.15 per unit, for gross proceeds of $4,301,409.
As disclosed in the offering document, the company intends to use the net proceeds for general working capital purposes and clinical development.
Each unit is comprised of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share, at a price of $0.20 per share, until January 12, 2026.
READ: Revive Therapeutics expands previously announced private placement offering to Quebec investors
The units were issued to eligible purchasers under the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions or in Québec pursuant to Regulation 45-106 respecting Prospectus Exemptions.
In connection with the offering, the company paid finder’s fees and issued finder warrants to EMD Financial Inc as well as certain other registrants participating in the offering consisting of an aggregate of $304,112.75 in cash; and 2,294,085 finder warrants, exercisable at a price of $0.15 per common share, until January 12, 2026.
The offering is subject to final acceptance by the Canadian Securities Exchange.
Revive Therapeutics is a life sciences company focused on the research and development of therapeutics for infectious diseases and rare disorders, and it is prioritizing drug development efforts to take advantage of several regulatory incentives awarded by the US Food & Drug Administration (FDA) such as Orphan Drug, Fast Track, Breakthrough Therapy and Rare Pediatric Disease designations. Currently, the company is exploring the use of Bucillamine for the potential treatment of infectious diseases, with an initial focus on severe influenza and COVID-19.
With its acquisition of Psilocin Pharma Corp, Revive is advancing the development of Psilocybin-based therapeutics in various diseases and disorders. Revive’s cannabinoid pharmaceutical portfolio focuses on rare inflammatory diseases and the company was granted FDA orphan drug status designation for the use of Cannabidiol (CBD) to treat autoimmune hepatitis (liver disease) and to treat ischemia and reperfusion injury from organ transplantation.
Contact the author at jon.hopkins@proactiveinvestors.com