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Reviva Pharmaceuticals raises $30 million for CNS drug development

Published Nov 20, 2023 04:39PM ET
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Reviva Pharmaceuticals Holdings, Inc., a company dedicated to developing treatments for central nervous system (CNS) diseases, has successfully raised approximately $30 million through a registered direct offering. The funds are earmarked for advancing research and development efforts, particularly the Phase 3 RECOVER-2 trial of brilaroxazine for treating schizophrenia.

The offering involved the sale of around 6 million shares and warrants at a price of $5.125 each to healthcare-focused institutions and an affiliated investment vehicle managed by a board member director. The warrants have a five-year term and an exercise price of $5.00, with immediate exercisability. H.C. Wainwright & Co served as the placement agent for the transaction.

Brilaroxazine, Reviva's leading candidate, has shown statistically significant results in its application against schizophrenia and also holds Orphan Drug Designation by the FDA for pulmonary arterial hypertension (PAH) and idiopathic pulmonary fibrosis (IPF). The company has secured composition of matter patents across various jurisdictions to protect its intellectual property.

Investor relations for Reviva are managed by LifeSci Advisors, LLC. Additional information regarding the offering can be accessed through electronic copies available from the SEC or directly from H.C. Wainwright & Co. The capital raised will support R&D projects like the ongoing RECOVER-2 trial and other clinical development programs, including RP1208, as well as general corporate objectives. This includes potential acquisitions or investments in related fields, although there are no immediate plans for such actions.

The funding round comes under a shelf registration statement declared effective on February 2, 2022. Prospectus supplements and related materials detailing this offering have been made available electronically through the SEC.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Reviva Pharmaceuticals raises $30 million for CNS drug development

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