Business
Reviva Pharmaceuticals Holdings, Inc. Reports Second Quarter 2021 Financial Results and Recent Business Highlights
-Closed Underwritten Public Offering of Common Stock and Warrants Resulting in Gross Proceeds of $34.5 Million -Expected to Initiate Pivotal Phase 3 Clinical
About this update from Reviva Pharmaceuticals Holdings, Inc.
[{"type":"text","content":"-Closed Underwritten Public Offering of Common Stock and Warrants Resulting in Gross Proceeds of $34.5 Million -Expected to Initiate Pivotal Phase 3 Clinical Trial in Schizophrenia in Q4’21 -$35.8 Million in Cash as of June 30, 2021 CUPERTINO, Calif., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH) (“Reviva” or the “Company”), a clinical-stage pharmaceutical company developing therapies that seek to address unmet medical needs in the areas of central nervous system (CNS), cardiovascular, metabolic, and inflammatory diseases, today reported financial results for the second quarter of 2021 and summarized recent business highlights. “We believe the recent closing of our successful public offering, resulting in gross proceeds of $34.5 million, supported by institutional investors, provides the capital resources to proceed with a pivotal Phase 3 trial of brilaroxazine in patients with schizophrenia,” said Laxminarayan Bhat, Ph.D., Founder, President, and CEO of Reviva. “Brilaroxazine demonstrated clinical benefit across the hallmark symptoms of schizophrenia and we expect to initiate our upcoming Phase 3 trial in Q4-2021.” Recent Business Highlights Reviva Closed Public Offering Resulting in Gross Proceeds of $34.5 Million In May, Reviva announced the closing of a successful public offering of $34.5 million in gross proceeds from the financing activities. The transaction was led by well known healthcare institutional investors. The funds will be used primarily to proceed with a pivotal Phase 3 study of brilaroxazine (RP5063) for the treatment of acute and maintenance schizophrenia, and for working capital and other general corporate purposes. Reviva Added to Russell Microcap® Index In June, Reviva announced it has joined the broad-market Russell Microcap® Index at the conclusion of the Russell U.S. Indexes annual reconstitution, which has raised awareness among the investment community at an opportune time, as the Company plans to initiate its pivotal Phase 3 trial in Schizophrenia. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider. Anticipa...