Revive Therapeutics Completes Prospectus Offering of Approximately $3,000,000

TORONTO, ONTARIO--(Marketwired - Dec. 18, 2014) -

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Revive Therapeutics Ltd. ("Revive" or the "Company") (TSX VENTURE:RVV) is pleased to announce that it has completed its previously announced short form prospectus offering (the "Offering") of units ("Units") for aggregate gross proceeds of approximately $3,000,000. Revive intends to use the net proceeds from the Offering to complete a Phase II-A human proof of concept study of REV-002 (Bucillamine) for treatment of gout, and to advance its formulation and clinical trial design development of a human proof of concept study of REV-003 (Tianeptine) for treatment of Rett Syndrome, as well as for general research and development and general and administrative expenses.

The Offering

Pursuant to the Offering, the Company issued an aggregate of 4,996,500 Units at a price of C$0.60 per Unit for gross proceeds of $2,997,900. Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant").

Each Warrant is exercisable at a price of C$0.85 and entitles the holder thereof to acquire one Common Share for a period of two years following the closing of the Offering. The expiry date of the Warrants may be accelerated by the Company, at its option, if, at any time the volume-weighted average trading price of the Common Shares is greater than $1.20 for any 20 consecutive trading days, upon providing 30 days prior notice, such prior notice to be delivered within five business days immediately following such 20-day period.

The Offering was led by Beacon Securities Limited ("Beacon") as the sole agent and bookrunner. Beacon received a 7% cash commission on the gross proceeds of the Offering, and the Company issued an aggregate of 349,755 non-transferrable compensation options to Beacon and other members of a special selling group, with each compensation option exercisable to purchase one Unit on the same terms of the Offering for a period of two years following the closing of the Offering. In addition, the Company has agreed to reimburse the Agent for certain expenses in connection with the Offering.