Life sciences company Revive Therapeutics Ltd. (OTCQB:RVVTF) raised funds to treat infectious diseases and rare disorders, including meth addiction.

The company closed a private placement deal — with the original offer extended to Quebec-based investors — issuing more than 28.6 million units at a price of $0.11 (CA$0.15) per unit.

Total gross proceeds are roughly $3.2 million (CA$4.3 million).

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As a psychedelics biotech, Revive prioritizes its efforts towards achieving regulatory incentives granted by the Food and Drug Administration (Orphan Drug, Fast Track, Breakthrough Therapy and Rare Pediatric Disease designations).

Each of Revive's units consists of one common share in the company's capital and one purchase warrant, the latter entitling its holder to acquire one additional common share at a price of $0.14 until Jan. 12, 2026.

The units were issued to eligible purchasers following the listed issuer financing exemption under Part 5A of National Instrument 45-106, and the net proceeds will be used for general working capital purposes plus clinical development.

The closing of the offering would leave more than 353.5 million common shares issued and outstanding, still subject to final acceptance by the Canadian Securities Exchange (CSE.)

Photo: Benzinga edit with photo by anaterate, sergeitokmakov on Pixabay.