Revelation Biosciences, Inc. (REVB) stock soared 30.51% in the current market trading session at the price of $2.00 despite no fundamental development. Revelation Biosciences is a clinical-stage biosciences corporation that develops immunologic-based therapies to treat and prevent diseases. The company has multiple ongoing product candidates in development.
REVB Raised $7.76M in Equity Financing
On 24th January 2022, REVB announced signing a definitive deal with a leading institutional investor. As per the agreement, the company will sell 1,293,126 common stock shares at a gross price of $3.0 per share. Moreover, Revelation will issue the investor warrants to purchase an additional 2,586,667 shares and pre-funded warrants to purchase 1,239,541 shares. The common shares and warrants had been offered in a private placement under the Securities Act of 1933.
The exercise price for warrants is $3.29 per share and will be exercisable from the next six months following the issuance. The offered warrants will expire five years following their date of issuance. The gross proceeds from the offering have expected to be roughly $7.76M. REVB plans to utilize the net proceeds for the general working capital and develop its clinical and preclinical pipeline. The closure of the public offering has expected to be on the trading day.
REVB Dosed First Patient in RVL-VRL01
Earlier on 20th January 2022, REVB reported the enrollment and dosage of the first 15 patients in a Phase 2b viral challenge study. The study assesses the efficacy and potential of REVTx-99 to treat H3N2 influenza infection in adult humans. The study was conducted in Belgium and has registered healthy people aged 18 to 55.
RVL-VRL01 is a randomized, Phase 2b, placebo-controlled, double-blind study with over 60 enrolled participants. The study will have single-dose and multiple randomized cohorts. The efficacy of the treatment will be evaluated by comparing the severity of sickness in the active groups to the placebo group. The company hopes to publish the topline data by the second quarter of 2022.