Reviva Pharmaceuticals Holdings Inc (RVPH) shares gained 5.26% in after-hours on Friday, July 2, 2021, and closed the week at $5.10 per share. Earlier in the morning session of Friday, RVPH’s stock lost 4.80% to close Friday’s session at $4.56. RVPH shares have fallen 56.57% over the last 12 months, and they have moved down 8.62% in the past week. Over the past three months, the stock has lost 17.39%, while over the past six months, it has declined 47.86%.
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Inauguration on Russell Microcap® Index
On June 28, 2021, Reviva Pharmaceuticals Holdings, Inc joined the broad-market Russell Microcap® Index after the Russell U.S. Indexes annual reconstitution. The updated Index became effective after the U.S. equity market opened on Monday, June 28, 2021.
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Pricing of Upsized $30 Million Underwritten Public Offering
On May 26, 2021, Reviva Pharmaceuticals Holdings, Inc announced the pricing of its upsized underwritten public offering of 8,000,000 shares of its common stock and accompanying investor warrants to purchase up to 6,000,000 shares of common stock. The investor warrants will be immediately exercisable at an exercise price of $4.125 per share of common stock and will expire five years from the date of issuance. The underwriters will get a 45-day option to purchase an additional 1,200,000 shares of common stock and/or investor warrants to purchase up to an additional 900,000 shares of common stock at the public offering price less discounts and commissions.
Developing of next-generation Antipsychotic Drug
On April 26, 2021, Revivaannouncedthe full details of its Phase 2 clinical trial for its lead drug candidate, RP5063 (brilaroxazine) for Acute Schizophrenia.
Reviva lead drug candidate Brilaroxazine(RP5063) aims to address Schizophrenia.
Schizophrenia is the most common psychotic disease with a global prevalence in about 1% of the population, affecting approximately 3.5 million people in the U.S. and 20 million globally.
Brilaroxazine is Reviva’s lead asset which had demonstrated efficacy as well as safety for the treatment of schizophrenia in Reviva’s Phase 2 clinical trials in over 230 patients.
Recent financial results announcement
On March 22, 2021, Reviva Pharmaceuticals Holdings, Inc released its financial results for 2020.
FY2020 financial highlights
- Reviva Pharmaceuticals suffered a net loss of approximately $3.8 million, or $1.24 per share, for the year ended December 31, 2020, compared to a net loss of approximately $847,000, or $0.31 per share in FY 2019.
- Financing activities provided net cash of $12.5 million in FY 2020, which is primarily related to proceeds of $9.4 million from the close of the merger and $3.1 million from the issuance of convertible promissory notes.
- The Company’s cash and cash equivalents totaled approximately $8.8 million on December 31, 2020, compared to approximately $193 as of December 31, 2019.
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Conclusion
There is no recent news that could explain RVPH mixed performance on Friday. we hope that RVPH stock will continue its positive momentum after the long weekend