TORONTO, April 01, 2025 (GLOBE NEWSWIRE) -- Revive Therapeutics Ltd. (“Revive” or the “Company”) (OTCQB: RVVTF) (CSE: RVV) (FRANKFURT:31R), a specialty life sciences company focused on the research and development of therapeutics for infectious diseases, rare disorders, and medical countermeasures, is pleased to announce that further to its press release dated March 3, 2025, it has entered into an asset purchase agreement (the “Agreement”) dated March 31, 2025 with DiagnaMed Holdings Corp. (CSE: DMED) (OTCQB: DGNMF) (“DiagnaMed”) to acquire the full rights to DiagnaMed’s intellectual property (the “Acquired Assets”) pertaining to molecular hydrogen as potential treatments for neurological and mental health disorders (the “Acquisition”).
Pursuant to the Agreement, the consideration for the Acquired Assets will be satisfied through the issuance to DiagnaMed of one million common shares of Revive, at an issue price of $0.05 per share, representing a purchase price of $50,000. The issuance of the common shares is subject to regulatory approvals, including the CSE, and will be subject to restrictions on resale under applicable securities laws. There are no further financial terms, including milestones, royalties or other monetary obligation payments pursuant to the Agreement.
The Acquired Assets will include all of the following:
Provisional patent application with the U.S. Patent and Trademark Office outlining pharmaceutical-based methods and compositions for producing molecular hydrogen as potential treatments for neurological and mental health disorders. The patent application, entitled “Methods and Compositions for Producing Hydrogen for Treating Diseases and Disorders Affecting Brain Health,” outlines novel combinations of certain pharmaceutical-grade hydrogen producing ingredients as a potential therapeutic option for a variety of neurological disorders such as, but not limited to, Dementia, Parkinson’s disease, and Traumatic brain injury, and mental health disorders including, Depression, Anxiety, and Post-traumatic stress disorder (press release).
All intellectual and work property derived from DiagnaMed’s research activities in amyotrophic lateral sclerosis (ALS) and its Orphan Drug Designation (ODD) for molecular hydrogen in the treatment of ALS by the U.S. Food and Drug Administration (FDA).
Michael Frank, CEO of Revive, commented: “This acquisition expands Revive’s pipeline to brain disorders. Molecular hydrogen may offer a potential therapeutic option for neurological and mental health disorders. The orphan drug designation granted by the FDA for molecular hydrogen in ALS offers hope to patients and families impacted by this debilitating illness. We are committed to collaborating with leading ALS researchers, patient advocacy groups, and regulatory experts to ensure a rigorous and expedited path toward potential approval.”
ALS is a progressive neuromuscular disease that attacks nerve cells responsible for controlling voluntary muscle movement, leading to paralysis and, ultimately, respiratory failure, and has a life expectancy of only two to six years after diagnosis. Currently, there is no known cure for ALS. ALS affects approximately 50,000 people in the U.S. and Europe, with over 5,000 new cases diagnosed annually. With limited treatment options available, the FDA’s recognition of molecular hydrogen as an orphan drug offers hope to patients and families impacted by this debilitating illness.
Molecular hydrogen, a small molecule with antioxidant and anti-inflammatory properties, has shown early promise in preclinical studies for its ability to mitigate oxidative stress and inflammation—key factors implicated in ALS progression. The FDA’s decision paves the way for Revive to accelerate its development programs with molecular hydrogen.
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 several regulatory incentives awarded by the FDA, such as Emergency Use Authorization, Orphan Drug, Fast Track, and Breakthrough Therapy designations. Currently, the Company is exploring the use of Bucillamine for the potential treatment of nerve agent exposure and long COVID. Revive is also advancing the development of Psilocybin and molecular hydrogen therapeutics through various programs. For more information, visit www.ReviveThera.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider has reviewed or accepts 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 “may”, “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 Company’s cannabinoids, psychedelics and infectious diseases programs. 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 management's discussion and analysis for the three and six months ended December 31, 2024 ("MD&A"), dated February 24, 2025, which is available on the Company's profile at www.sedarplus.ca.
