Mr. Michael Frank reports

REVIVE THERAPEUTICS PROVIDES UPDATE ON PHASE 3 CLINICAL TRIAL FOR BUCILLAMINE IN COVID-19

Revive Therapeutics Ltd. has provided an update on the company's U.S. Food and Drug Administration (FDA) phase 3 clinical trial (NCT04504734) to evaluate the safety and efficacy of bucillamine, an oral drug with anti-inflammatory and anti-viral properties, in patients with mild to moderate COVID-19.

Following the company receiving positive comments from the FDA in regard to the company's request to determine and agree on the study's potential new primary efficacy end points and the company's submission of a data access plan (DAP) to the FDA, the FDA has accepted the DAP to allow for the unblinding of the predose selection data. The company will now proceed to unblind the predose selection data to potentially support the amended study protocol with the new primary efficacy end points. The proposed new primary efficacy end points may include the rate of sustained clinical resolution of symptoms of COVID-19, which addresses the shift in COVID-19 clinical outcome observed over the course of the pandemic, and, therefore, to have more meaningful study end points for the FDA to consider for potential emergency use authorization.

The company believes that, with the Omicron variant, including the BA.2 variant, being the dominant strain over the Delta variant, there is an urgent need to treat symptom resolutions in addition to preventing hospitalizations.

The company is not making any express or implied claims that its product has the ability to eliminate or cure COVID-19 (SARS-CoV-2 coronavirus) at this time.

About Revive Therapeutics Ltd.

Revive is a life sciences company focused on the research and development of therapeutics for infectious diseases and rare disorders, and it is prioritizing drug development efforts to take advantage of several regulatory incentives awarded by the FDA such as orphan drug, fast-track, breakthrough therapy and rare pediatric disease designations. Currently, the company is exploring the use of bucillamine for the potential treatment of infectious diseases, with an initial focus on severe influenza and COVID-19. With its 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.

We seek Safe Harbor.