Revive Therapeutics Ltd. Announces Results for Fiscal Year Ended June 30, 2017
TORONTO, ONTARIO--(Marketwired - Oct. 19, 2017) - Revive Therapeutics Ltd. ("Revive" or the "Company") (TSX VENTURE:RVV) (OTCQB:RVVTF), a company focused on the research, development and commercialization of novel treatments for serious and unmet medical needs in the medical cannabis and cannabinoid pharmaceuticals sectors, today announced its results for the fiscal year ended June 30, 2017. The Audited Financial Statements and Management's Discussion and Analysis for the year ended June 30, 2017, may be viewed on SEDAR at www.sedar.com.
"I am pleased with how our focus on developing and commercializing novel cannabinoid-based therapies has evolved over this past year," said Craig Leon, Chief Executive Officer of Revive. "The value creating initiatives achieved for our medical cannabis and cannabinoid pharmaceuticals strategy such as the exclusive license and the research of cannabinoid-based therapies for liver diseases, the development of a unique delivery technology for cannabinoids, the relationships with scientific advisors, academia and industry, and the potential of future collaborations with companies seeking to develop and commercialize novel cannabinoid-based therapies effectively positions Revive in the medical cannabis and cannabinoid pharmaceuticals space for broad and large market opportunities."
Over the past year Revive has been focused on developing novel therapies that target the endocannabinoid system and building a robust cannabinoid-based product pipeline which includes early stage research and development programs with the advancement of cannabinoid-based therapies for liver diseases and potentially late stage commercial opportunities with the development of a unique cannabinoid delivery system for the medical cannabis market. Revive continues to dedicate its resources in identifying and researching novel cannabinoid-based therapies and in developing its cannabinoid delivery technology for both near-term commercial opportunities in the medical cannabis market and long-term opportunities in the cannabinoid pharmaceuticals market.
Operational Activities Achieved in 2017:
Engaged scientific advisors for cannabinoid-based therapies for liver diseases such as Dr. Scott Friedman, MD, Dean for Therapeutic Discovery and Chief of the Division of Liver Diseases, at the Icahn School of Medicine at Mount Sinai, Dr. Ram Subramanian, M.D, Associate Professor of Medicine and Surgery, and the Medical Director of Liver Transplantation at Emory Hospital and School of Medicine, Dr. Arun Sanyal, MD, Professor of Gastroenterology, Hepatology and Nutrition at the Virginia Commonwealth University (VCU) School of Medicine, and Dr. Pritesh Kumar, CEO PhytoSciences and an expert in cannabinoid pharmacology;
Entered into a research collaboration with Sanyal Biotechnology LLC for the development of cannabinoid-based therapies in the treatment of liver diseases such as autoimmune hepatitis (AIH), non-alcoholic fatty liver disease (NAFLD), nonalcoholic steatohepatitis (NASH), and fibrosis;
Entered into an exclusive license agreement with South Carolina Research Foundation for the development and commercialization of cannabidiol in the treatment of autoimmune disease, a rare liver disease;
Entered into an option to license agreement with Wisconsin Alumni Research Foundation for its Chitosan-Tannin delivery technology for the potential development and commercialization of a novel cannabinoid delivery technology; and
Entered into a sponsored research agreement with the University of Wisconsin-Madison to evaluate the Chitosan-Tannin delivery technology with a focus on cannabinoids for the potential to treat various diseases such as pain and skin disorders for the medical cannabis and cannabinoid pharmaceuticals markets.
Additional Operational Highlights
Revive announced the US FDA acceptance of its Investigational New Drug (IND) application and the initiation of the Phase 2 Study of REV-004 (Bucillamine) for the treatment of Cystinuria, and named Dr. David S. Goldfarb, MD, as Principal Investigator;
Revive announced the engagement of NYU School of Medicine and Massachusetts General Hospital for the Cystinuria Phase 2 Study;
Revive announced positive preclinical study results from its Rett Syndrome program; and
Revive Transferred the rights to the Rett Syndrome program to a third-party for an undisclosed one-time amount.
Financial Highlights
Cash and cash equivalents for the fiscal year ended June 30, 2017 totaled $1,768,676, compared to $1,333,239, for the year ended June 30, 2016;
Net loss for the fiscal year ended June 30, 2017 was $1,615,900, compared to a net loss of $2,737,932, for the year ended June 30, 2016. The decrease consisted primarily of research costs and professional fees; and
The Company's Research costs for the fiscal year ended June 30, 2017 were $408,216, compared to $1,568,288, for the year ended June 30, 2016.
About Revive Therapeutics Ltd.
Revive is focused on the research, development and commercialization of novel treatments for serious and unmet medical needs in the medical cannabis and cannabinoid pharmaceuticals markets by identifying and investigating potential therapies targeting the endocannabinoid system, such as cannabinoids, that may be repurposed for new indications, be delivered in a different way, combined with existing drugs, or be developed as new chemical entities. Additional information on Revive is available at www.ReviveThera.com.
