Mr. Michael Frank reports

REVIVE THERAPEUTICS ANNOUNCES PROPOSED PRIVATE PLACEMENT

Revive Therapeutics Ltd. is proposing to arrange a private placement of up to 31.25 million units of the company, at a price of 3.2 cents per unit for gross proceeds to Revive of up to approximately $1-million.

Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at an exercise price of five cents for a period of 36 months following the closing date of the private placement. The issuer price per unit is based upon the 20-day VWAP (volume weighted average price) of the shares traded on the Canadian Securities Exchange at the time that the company obtained price protection.

Certain finders will be entitled to a cash fee equal to 8.0 per cent of the aggregate gross proceeds raised in the private placement and broker warrants to purchase common shares equal to 8.0 per cent of the number of units to be issued under the private placement. Each broker warrant entitles the holder to purchase one common share at an exercise price equal to five cents for a period of 36 months following the closing of the private placement.

The gross proceeds from the private placement will be used for working capital purposes. The proposed private placement may close in one or more tranches.

Closing of the private placement is subject to customary closing conditions and the company intends to close as soon as practicable. All of the securities will be subject to a hold period of four months and one day from the date of issuance.

About Revive Therapeutics Ltd.

Revive Therapeutics is a life sciences company focused on the research and development of therapeutics for infectious diseases and medical countermeasures. Revive prioritizes its drug development efforts to take advantage of regulatory incentives that may be available for important unmet medical needs. The company is currently exploring the use of Bucillamine for infectious diseases, nerve agent exposure and long COVID-19, among other potential applications.

We seek Safe Harbor.