Revive Therapeutics Announces Results for the Three and Six Months Ended December 31, 2018
TORONTO, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Revive Therapeutics Ltd. (TSX VENTURE: RVV) (OTCQB: RVVTF) (FSE:31R) (‘Revive’ or the ‘Company’), a specialty cannabis company focused on the research, development and commercialization of novel cannabinoid-based products, today announced its results for the three and six months ended December 31, 2018. The unaudited condensed interim consolidated financial statements and related interim management's discussion and analysis for the period may be viewed on SEDAR at www.sedar.com.
During and subsequent to the three and six months ended December 31, 2018, the Company announced:
- The U.S. Food and Drug Administration (“FDA”) granted to the Company orphan drug designation for cannabidiol (“CBD”) in the prevention of ischemia and reperfusion injury resulting from solid organ transplantation, which is in addition to the Company’s FDA orphan designation for CBD in the treatment of autoimmune hepatitis (“AIH”); and
- The Closing of over $1.4 million in gross proceeds from the non-brokered private placement. In connection with the closing of the non-brokered private placement, the Company has acquired 2,500,000 common shares of Herman Holdings Ltd. (“HHL”) at a price of $0.30 per common share of HHL for gross proceeds of $750,000 or approximately 6.7% of the issued and outstanding HHL shares.
- Cash and cash equivalents at December 31, 2018, totalled $481,431 (June 30, 2018 - $1,060,516);
- The net loss for the three months ended December 31, 2018, was $322,587 (three months ended December 31, 2017 - $434,210); and
- The Company's research costs for the three months ended December 31, 2018, were $23,392 (three months ended December 31, 2017 - $94,134).
Revive Therapeutics Ltd. (TSX VENTURE: RVV) (OTCQB: RVVTF) (FSE: 31R) is a specialty cannabis company focused on the research, development and commercialization of novel cannabinoid-based products. Revive is commercializing patent-protected, best-in-class cannabis-based products with first mover advantage in the multi-billion medical, health and wellness cannabis market. The Company’s novel cannabinoid delivery technology is being advanced to fill the unmet medical needs for diseases and disorders such as pain, inflammation, and wound care. Revive’s cannabinoid pharmaceutical portfolio focuses on rare inflammatory and liver diseases, which the FDA granted to the Company orphan drug designation for CBD in the treatment of autoimmune hepatitis and in the prevention of ischemia and reperfusion injury resulting from solid organ transplantation, such as liver, kidney, heart and lung transplantation. For more information, visit www.ReviveThera.com.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Revive Therapeutics Ltd. Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking information that is based on certain assumptions and involves known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current assumptions and expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. A more complete discussion of the risks and uncertainties facing the Company appears in the Company’s Management's Discussion & Analysis for the period ended June 30, 2018 and continuous disclosure filings, all of which may be viewed on SEDAR (www.sedar.com). Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Revive disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.