Mr. Michael Frank reports

REVIVE THERAPEUTICS ANNOUNCES PROPOSED SHARES FOR DEBT TRANSACTION

Revive Therapeutics Ltd. is proposing to settle an aggregate of $150,000 in payables to arm's-length parties through the issuance of up to six million common shares, at a proposed issue price of 2.5 cents per share. The issue price is based upon the 20-day VWAP (volume-weighted average price) of the shares traded on the Canadian Securities Exchange.

The company believes that it is desirable to settle these outstanding payables by the issuance of the common shares in order to preserve the company's cash for continuing operations.

Closing of the share-for-debt transaction is subject to customary closing conditions and the company intends to close as soon as practicable. The common shares to be issued pursuant to the share-for-debt transaction will be subject to a hold period of four months and one day from the date of issuance.

About Revive Therapeutics Ltd.

Revive Therapeutics is a life sciences company focused on the research and development of therapeutics for infectious diseases and medical countermeasures. Revive prioritizes its drug development efforts to take advantage of several regulatory incentives awarded by the U.S. Food and Drug Administration (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 nerve agent exposure and long COVID-19. Revive is also advancing the development of psilocybin and molecular hydrogen therapeutics through various programs.

We seek Safe Harbor.