Revive Therapeutics Ltd.
TSX VENTURE : RVV

Revive Therapeutics Ltd.

February 27, 2014 16:30 ET

Revive Therapeutics Ltd. Announces Results for the Three and Six Months Ended December 31, 2013

TORONTO, ONTARIO--(Marketwired - Feb. 27, 2014) - Revive Therapeutics Ltd. (TSX VENTURE:RVV) ("Revive") announced today its results for the three and six months ended December 31, 2013. The unaudited condensed interim financial statements and Management's Discussion and Analysis for the period may be viewed on SEDAR at www.sedar.com.

Operational Highlights

  • On January 8, 2014, Revive announced that it has begun trading on the TSX Venture Exchange (the "Exchange") under the symbol "RVV" pursuant to the Exchange's Final Exchange Bulletin issued on January 7, 2014 in respect of Mercury Capital II Limited's Qualifying Transaction.
  • On January 15, 2014, Revive announced the initiation of a Phase 2a proof of concept study of REV-001 (tianeptine), for the prevention of opioid-induced respiratory depression. The study is being conducted at the Leiden University Medical Center in The Netherlands under the supervision of Prof. Dr. Albert Dahan, M.D., Ph.D.
  • On February 12, 2014, Revive announced interim results of the first eight patients from its ongoing Phase 2a proof-of-concept study of REV-001 for the prevention of opioid-induced respiratory depression.
  • On February 20, 2014, Revive announced that is has signed a material transfer agreement (the "MTA") with a global pharmaceutical company headquartered in Osaka, Japan. Pursuant to the MTA, Revive will have access to confidential information and clinical trial supply of the drug bucillamine for Revive's human clinical trial of REV-002, a potential new treatment for gout. In return, the global pharmaceutical company will have exclusive commercialization rights in Japan, Korea and Taiwan, and Revive will have exclusive commercialization rights in the rest of the world.

Financial Highlights

  • Cash and cash equivalents at December 31, 2013 totaled $1,845,548 (June 30, 2013 $705,865).
  • The net loss for the three and six months ended December 31, 2013 was $560,304 and $598,056, respectively (three and six months ended December 31, 2012 - $62,129 and $69,501, respectively).
  • Research costs for the three and six months ended December 31, 2013 were $23,399 (three and six months ended December 31, 2012 - $44,328).

Fabio Chianelli, Chief Executive Officer of Revive, commented, "I am very pleased with the clinical and business development activities that have been achieved to date and the opportunity in furthering the development of our product pipeline for unmet medical needs such as sleep apnea and gout."

About Revive Therapeutics Ltd.

Revive Therapeutics Ltd. is a Canadian public company (TSX VENTURE:RVV) focused on acquiring, developing and commercializing treatments for major market opportunities such as sleep apnea, gout and rare diseases. Revive aims to bring drugs to market by finding new uses for old drugs, also known as drug repurposing, and improving the therapeutic performance of existing drugs for underserved medical needs. Additional information on Revive is available at www.revivethera.com.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements that may not be based on historical fact, including without limitation statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and similar expressions. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Such factors include, among others, Revive's stage of development, lack of any product revenues, additional capital requirements, risk associated with the completion of clinical trials and obtaining regulatory approval to market products, the ability to protect intellectual property, dependence on business partners and the prospects for negotiating joint ventures, distribution and licensing arrangements and their timing.
Specifically, certain risks and uncertainties that could cause such actual events or results expressed or implied by such forward-looking statements and information to differ materially from any future events or results expressed or implied by such statements and information include, but are not limited to; the risks and uncertainties that Revive may not be able to successfully develop and obtain regulatory approval for its products; intellectual property disputes; future operating results are uncertain and likely to fluctuate; ability to raise additional capital; successfully establishing additional corporate collaborations, distribution or licensing arrangements; establishing marketing and the costs of launching products may be restricting; Revive's lack of experience in commercial manufacturing; increased competition from pharmaceutical and biotechnology companies; and other factors as described in detail in Revive's filings on SEDAR (www.sedar.com), including, without limitation, Revive's Filing Statement dated November 26, 2013 filed on SEDAR on November 27, 2013. 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. Although Revive believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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