Mr. Michael Frank reports

REVIVE THERAPEUTICS LTD. ANNOUNCES CLOSING OF THE FIRST TRANCHE OF ITS PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $913,500

Revive Therapeutics Ltd. has completed the first tranche of its previously announced private placement (see Jan. 24, 2024, press release) by issuing 26.1 million units at a price of 3.5 cents per unit for gross proceeds of $913,500.

Each unit consisted of one common share in the capital of the company and one-half of a common share purchase warrant of the company. Each whole warrant entitles the holder thereof to acquire one additional common share at a price of five cents per common share for a period of 36 months from the closing date of the offering.

The company intends to use the net proceeds of the offering for clinical work on long COVID and other possible indications, advancement of government studies, possible repayment of certain arm's-length payables, and general working capital purposes.

In connection with the offering, the company paid finders' fees and issued finder warrants to Canaccord Genuity Corp. and EMD Financial Inc. consisting of an aggregate of $73,080 in cash and 2,088,000 finder warrants entitling the holders to purchase up to an aggregate of 2,088,000 units of the company at a price of five cents per compensation unit for a period of 18 months following the closing date.

All securities issued pursuant to the offering are subject to a statutory hold period of four months and one day expiring on June 1, 2024.

About Revive Therapeutics Ltd.

Revive is a life science 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 Food and Drug Administration 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.