Mr. Michael Frank reports

REVIVE THERAPEUTICS ENTERS INTO WORLDWIDE EXCLUSIVE AGREEMENT WITH LAWSON HEALTH RESEARCH INSTITUTE TO DEVELOP AND COMMERCIALIZE A NOVEL LONG COVID RAPID TEST

Revive Therapeutics Ltd.'s newly formed subsidiary, Revive Diagnostics Inc., has entered into a licence agreement with Lawson Health Research Institute for the worldwide exclusive rights to novel blood biomarkers that characterize long COVID. The discovery of the biomarkers identified by a research team at Lawson, led by Dr. Douglas Fraser, was recently published in the journal, Molecular Medicine.

"We are very excited to commercialize a potential world-first patented diagnostic solution for long COVID, which may have the ability to help millions of people globally in being correctly diagnosed so that appropriate medical interventions and treatments can be offered to improve quality of life and reduce the economic burden experienced by countries," said Michael Frank, chief executive officer of Revive.

Currently, there is no FDA (Food and Drug Administration)-approved clinical diagnosis of long COVID and it is estimated to occur in at least 10 per cent of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) infections. More than 200 symptoms have been identified with impacts on multiple organ systems -- including fatigue, brain fog, difficulty breathing, and cardiovascular symptoms ranging from chest pain and arrhythmias to sudden cardiac death -- but it remains a diagnosis of exclusion with an unknown biological basis.

The CDC (Centers for Disease Control and Prevention) estimates that 7.5 per cent of United States adults have long COVID symptoms. David Cutler, PhD, a professor of economics at Harvard University, estimates in a recent research disclosure that the total economic cost of long COVID could be as much as $3.7-trillion.

Revive Therapeutics and Lawson will work together in completing the development of a qELISA laboratory test kit and a lateral flow assay point-of-care device for rapid testing of long COVID. In addition, Revive Therapeutics will evaluate the potential of the long COVID test as a companion to bucillamine -- a potential treatment for long COVID disease.

"Currently, long COVID is diagnosed based on a previous diagnosis of COVID-19, and a clinical assessment that includes a health history and a physical examination. The development of a rapid long COVID diagnostic test is crucial for not only identification and treatment, but also to reduce unnecessary medical testing and health care expenditures," said Dr. Fraser, Lawson scientist, critical care physician at London Health Sciences Centre, and professor at Western University's Schulich School of Medicine & Dentistry.

Under the terms of the agreement, Revive Diagnostics, a subsidiary of Revive Therapeutics, has gained exclusive worldwide rights to intellectual property for the development and commercialization of novel blood biomarkers that characterize long COVID disease. The intellectual property includes PCT/CA2023/050145 entitled "Blood Biomarkers in Long-COVID19," PCT/CA2023/051292 entitled "Biomarkers in Long-COVID19" and U.S. provisional patent application No. 63/433,425 entitled "Diagnosis and Treatment of Long COVID." The intellectual property is managed by WORLDiscoveries, the joint commercialization office of Lawson and Western University.

About Revive Therapeutics Ltd.

Revive Therapeutics is a life sciences company focused on the research and development of therapeutics and diagnostics 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 emergency use authorization, orphan drug, fast-track and breakthrough therapy designations. Currently, the company is exploring the use of bucillamine for the potential treatment of public health medical emergencies and rare inflammatory disorders. Revive is also advancing the development of psilocybin-based therapeutics through various programs.

We seek Safe Harbor.