Revive Therapeutics Raises $10 Million For Psychedelic Research - Grow Life 420

Revive Therapeutics Raises $10 Million For Psychedelic Research

January 21, 2021

#KahliBuds #MMJ #CBD #THC

Revive Therapeutics Ltd. (OTC: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, has entered into an agreement with Canaccord Genuity Corp. and Leede Jones Gable Inc. to buy 20 million units at a price of $0.50 per Equity Unit for gross proceeds of $10 million. The stock was lately selling at $0.47. The closing of the offering is expected to occur on or about the week of February 8, 2021. 

The company said that the net proceeds would be used for Phase 3 ‎clinical costs for Bucillamine for COVID-19, Phase 1 clinical ‎costs for Psilocybin for methamphetamine use disorder ‎study, and other Psychedelic formulation development work as well as working capital and general corporate purposes. ‎

Revive has also granted the Underwriters an over-allotment option at any time until 30 days following the Closing, to purchase up to that number of additional Equity Units, Common Shares or Warrants, or any combination thereof, as is equal to 15% of the aggregate number of Equity Units sold in the Offering to cover over-allotments, if any.

With its recent 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

Terms

Each Equity Unit will consist of one (1) common share of the Company (a “Common Share“) and one (1) Common Share purchase warrant (a “Warrant“). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.70 (the “Exercise Price“) at any time up to thirty-six (36) months following Closing (as defined below). The expiry of the Warrants may be accelerated by the Company at any time prior to the expiry date of the Warrants if the volume-weighted average price of the Common Shares on the Canadian Securities Exchange (the “Exchange“) is greater than $1.10 for any ten (10) consecutive trading days, at which time the Company may, within ten (10) business days, accelerate the expiry date of the Warrants by issuing a press release announcing the reduced warrant term whereupon the Warrants will expire on the 30th calendar day after the date of such press release.

 

The post Revive Therapeutics Raises $10 Million For Psychedelic Research appeared first on Green Market Report.



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via www.KahliBuds.com

Staff, KahliBuds, 420GrowLife

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