Reviva Pharmaceuticals announces public stock offering

Reviva Pharmaceuticals Holdings Inc. (NASDAQ: RVPH) announced March 18 it intends to offer shares of common stock and warrants to purchase common stock in a public offering, according to a company statement.

The late-stage pharmaceutical company will sell all securities in the offering. A.G.P./Alliance Global Partners serves as the sole placement agent. The offering remains subject to market and other conditions, with no assurance regarding completion, size or terms.

Reviva stated it plans to use net proceeds from the offering, combined with existing cash and cash equivalents, to fund research and development activities. This includes the planned RECOVER-2 Phase 3 trial for brilaroxazine in schizophrenia treatment, as well as working capital and general corporate purposes.

The securities will be offered under an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on February 2, 2024, and declared effective February 13, 2024.

The Cupertino, California-based company develops therapies for central nervous system, inflammatory and cardiometabolic diseases. Its pipeline includes two drug candidates: brilaroxazine and RP1208, both discovered internally. The company holds composition of matter patents for both compounds in the United States, Europe and other countries.

Reviva focuses on diseases representing unmet medical needs. The company's current development efforts center on conditions affecting the central nervous system along with inflammatory and cardiometabolic disorders.

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