Reviva Closes $3 Million Registered Direct Offering Priced At-the-Market

Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH), based in Cupertino, California, has successfully completed a registered direct offering. The pharmaceutical company, which specializes in developing treatments for unmet medical needs in central nervous system (CNS), inflammatory, and cardiometabolic diseases, raised approximately $3 million from this offering.

The offering included the sale of 1,898,734 shares of common stock and warrants to purchase an equivalent number of shares. Each share and accompanying warrant were priced at $1.58, with the warrants being exercisable at $1.455 per share. These warrants are immediately exercisable and will expire five years from the issuance date. H.C. Wainwright & Co. served as the exclusive placement agent for this transaction.

Reviva plans to use the net proceeds from this offering, alongside its existing cash reserves, to support its research and development efforts. This includes funding the registrational Phase 3 RECOVER-2 trial, as well as general corporate purposes and working capital needs.

The securities were offered via a "shelf" registration statement that was filed with the SEC on January 26, 2022, and declared effective on February 2, 2022. The offering was conducted using a prospectus supplement and accompanying prospectus, both of which were filed with the SEC and are available on their website.

Additionally, Reviva has amended certain existing warrants held by the investor from a previous issuance in November 2023. The exercise price of these amended warrants has been reduced to $1.455 per share from $5.00 per share, and they will also expire five years following the closing of the current offering.

Reviva's lead drug candidate, brilaroxazine, is a novel chemical entity targeting serotonin and dopamine receptors, demonstrating promising results in treating schizophrenia. The international Phase 3 RECOVER trial for brilaroxazine met all primary and secondary endpoints, showing significant reductions in major symptom domains at week four, with a favorable side effect profile comparable to placebo.

Brilaroxazine has also shown potential in treating other neuropsychiatric disorders, such as bipolar disorder, major depressive disorder (MDD), and attention-deficit/hyperactivity disorder (ADHD). Furthermore, nonclinical studies suggest brilaroxazine may be effective in treating inflammatory diseases like psoriasis, pulmonary arterial hypertension (PAH), and idiopathic pulmonary fibrosis (IPF). The drug has received Orphan Drug Designation from the U.S. FDA for PAH and IPF.

Reviva is a late-stage biopharmaceutical company focused on developing next-generation therapeutics for diseases with significant unmet medical needs. Its current pipeline includes two in-house discovered drug candidates, brilaroxazine (RP5063) and RP1208, both of which have been patented in the United States, Europe, and other regions.

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