Reviva Pharmaceuticals announces public offering of common stock

CUPERTINO, Calif. - Reviva Pharmaceuticals Holdings, Inc. (NASDAQ:RVPH), currently trading at $0.42 with analyst price targets ranging from $2 to $16, announced Thursday its intention to offer shares of common stock and warrants in a public offering, with A.G.P./Alliance Global Partners serving as the sole placement agent.

The late-stage pharmaceutical company, which develops therapies for central nervous system, inflammatory and cardiometabolic diseases, plans to use proceeds to fund research and development activities and general corporate purposes. The company, currently valued at $28.56 million, has maintained more cash than debt on its balance sheet, according to InvestingPro data.

All securities in the offering will be sold by Reviva under an effective shelf registration statement filed with the Securities and Exchange Commission in February 2024. The company noted that the offering is subject to market conditions, with no guarantees regarding completion, size, or terms. The stock has shown significant volatility, with InvestingPro revealing 12 additional key insights about the company’s performance and outlook.

Reviva’s current pipeline includes two drug candidates: brilaroxazine (RP5063) and RP1208, both new chemical entities discovered in-house. The company has secured composition of matter patents for both compounds in the United States, Europe, and several other countries.

The announcement comes as Reviva continues development of what it describes as next-generation therapeutics for diseases representing unmet medical needs.

According to the press release statement, a preliminary prospectus supplement will be filed with the SEC and will be available on the SEC’s website.

In other recent news, Reviva Pharmaceuticals Holdings, Inc. announced the pricing of its public offering at $0.50 per share, aiming to raise approximately $10 million in gross proceeds. This offering includes 20 million shares of common stock and Series C and Series D warrants to purchase up to 20 million additional shares each, with expiration dates set for five years and 12 months, respectively. In a related development, the company’s stock experienced a significant decline following the announcement of this public offering. The securities in this offering will be sold exclusively by Reviva, with A.G.P./Alliance Global Partners acting as the sole placement agent. Additionally, Benchmark recently adjusted its price target for Reviva Pharmaceuticals to $7.00 from $14.00, maintaining a Speculative Buy rating. This adjustment is linked to the anticipation of a crucial FDA meeting scheduled for the fourth quarter of 2025. The meeting will address the future New Drug Application submission for Brilaroxazine, a treatment for schizophrenia.

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