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Revive Therapeutics (OTC:RVVTF) releases latest numbers, drug designation news

Tony Zerucha

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Revive Therapeutics (TSXV:RVV) (OTC:RVVTF), 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 ending Dec. 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.

Operational highlights

During and subsequent to the three and six months ending Dec. 31, 2018, Revive Therapeutics announced the FDA granted it 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 its FDA orphan designation for CBD in the treatment of autoimmune hepatitis. 

Revive Therapeutics also closed more than $1.4 million in gross proceeds from their non-brokered private placement.  In connection with the closing of the non-brokered private placement, it acquired 2,500,000 common shares of Herman Holdings  (HHL) at a price of $0.30 per common share for gross proceeds of $750,000 or approximately 6.7% of the issued and outstanding HHL shares.

Financial highlights

Cash and cash equivalents at Dec. 31 totaled $481,431 (June 30, 2018 – $1,060,516). The net loss for the three months ending Dec. 31 was $322,587 (three months ended December 31, 2017 – $434,210). Revive‘s research costs for the three months ending Dec. 31 were $23,392 (three months ended December 31, 2017 – $94,134).

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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