Mr. Michael Frank reports

REVIVE THERAPEUTICS LTD. ANNOUNCES CLOSING OF THE SECOND AND FINAL TRANCHE OF ITS PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $1,187,110

Revive Therapeutics Ltd. has completed the second and final tranche of its previously announced private placement (see Jan. 24, 2024, and Jan. 31, 2024, press releases) by issuing 33,917,428 units at a price of 3.5 cents per unit, for gross proceeds of $1,187,110. The aggregate amount raised from the first and second closings of the offering is $2,100,610.

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 Hampton Securities Ltd., PI Financial Corp. and EMD Financial Inc. consisting of an aggregate of $8,764.00 in cash and 250,400 warrants entitling the holders to purchase up to an aggregate of 250,400 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 second and final closing of the offering are subject to a statutory hold period of four months and one day expiring on June 24, 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.