TORONTO, April 17, 2020 (GLOBE NEWSWIRE) -- Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, announced today that it has engaged Complete Phytochemical Solutions, LLC., an internationally-recognized company specializing in unique and complex analyses and formulation development of phytochemicals, to advance the Company’s research and development initiatives of psilocybin-based products for the pharmaceutical market.

“Revive has an intellectual property portfolio of psilocybin-based formulations ready to advance to the next stages of clinical development and with our newly-established relationship with Complete Phytochemical Solutions they will bring a wealth of product formulation and testing experience with phytochemicals, including hallucinogenics. Complete Phytochemical Solutions will be instrumental in achieving milestones that will unlock the potential of our psilocybin-based platform,” said Michael Frank, Revive’s Chief Executive Officer.

“Complete Phytochemical Solutions provides intellectual and technical expertise in phytochemistry that enables our partners to develop, manufacture and market high quality and efficacious natural products. Revive’s investment in research and development of psilocybin-based pharmaceuticals coupled with our state-of-the-art methods for quantification of active compounds will help to ensure that end products are highly standardized,” said Christian G. Krueger, Complete Phytochemical Solutions’ Chief Executive Officer.

Complete Phytochemical Solutions, formed as a University of Wisconsin--Madison spinoff company in 2010, is led by Christian G. Krueger as Chief Executive Officer and Jess D. Reed, PhD as Chief Scientific Officer.  Both Dr. Reed and Mr. Krueger conduct translational phytochemical research and formulation development out of the Reed Research Lab at the University of Wisconsin-Madison. Dr. Reed and Mr. Krueger have recently collaborated with Revive on development initiatives using their patented tannin-chitosan composites as a delivery vehicle for cannabinoids.

Revive’s psilocybin-based formulations have been engineered to work synergistically with the body’s own natural pathways of absorption while offering a contemporary approach to consumption.  The Company has filed key provisional patent applications with the U.S. Patent and Trademark Office that cover methods of production of psilocybin-based formulations, including sublingual sprays, effervescent tablets, hard-shell capsules, sublingual and transmucosal delivery systems (i.e. gum drops, oral strips, dosing pens).  Furthermore, Revive has a patent-pending methodology that includes Psilocybin-based extraction and crystallization methodologies.

About Revive Therapeutics Ltd.

Revive is a life sciences company focused on the research and development of therapeutics for infectious diseases and rare disorders, and it is prioritizing drug development efforts to take advantage of several regulatory incentives awarded by the FDA such as Orphan Drug, Fast Track, Breakthrough Therapy and Rare Pediatric Disease designations. Currently, the Company is exploring the use of Bucillamine for the potential treatment of infectious diseases, with an initial focus on severe influenza strains including COVID-19. With its recent acquisition of Psilocin Pharma Corp., Revive is advancing the development of Psilocybin-based therapeutics in various diseases and disorders. Revive’s cannabinoid pharmaceutical portfolio focuses on rare inflammatory diseases and the company was granted FDA orphan drug status designation for the use of Cannabidiol (CBD) to treat autoimmune hepatitis (liver disease) and to treat ischemia and reperfusion injury from organ transplantation. For more information visit www.ReviveThera.com.

For more information, please contact:

Michael Frank
Chief Executive Officer
Revive Therapeutics Ltd.
Tel: 1 888 901 0036
Email: mfrank@revivethera.com
Website: www.revivethera.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Revive’s current belief or assumptions as to the outcome and timing of such future events. Forward looking information in this press release includes information with respect to the Offering, including the intended use of proceeds. Forward-looking information is based on reasonable assumptions that have been made by Revive at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Revive is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Reference is made to the risk factors disclosed under the heading “Risk Factors” in the Company’s annual MD&A for the fiscal year ended June 30, 2019, which has been filed on SEDAR and is available under the Company’s profile at www.sedar.com.