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Reviva PHARMACEUTICALS Reviva Pharmaceuticals Holdings , Inc. Reports Second Quarter 2021 Financial Results and Recent Business Highlights -Closed Underwritten Public Offering of Common Stock and Warrants Resulting in Gross Proceeds of $ 34.5 Million -Expected to Initiate Pivotal Phase 3 Clinical Trial in Schizophrenia in Q4'21 - $ 35.8 Million in Cash as of June 30 , 2021 CUPERTINO , Calif . , Aug. 16 , 2021 ( GLOBE NEWSWIRE ) -- Reviva Pharmaceuticals Holdings , Inc. ( NASDAQ : RVPH ) ( " Reviva " or the " Company " ) , a clinical - stage pharmaceutical company developing therapies that seek to address unmet medical needs in the areas of central nervous system ( CNS ) , cardiovascular , metabolic , and inflammatory diseases , today reported financial results for the second quarter of 2021 and summarized recent business highlights . " We believe the recent closing of our successful public offering , resulting in gross proceeds of $ 34.5 million , supported by institutional investors , provides the capital resources to proceed with a pivotal Phase 3 trial of brilaroxazine in patients with schizophrenia , " said Laxminarayan Bhat , Ph.D. , Founder , President , and CEO of Reviva . " Brilaroxazine demonstrated clinical benefit across the hallmark symptoms of schizophrenia and we expect to initiate our upcoming Phase 3 trial in Q4-2021 . " Recent Business Highlights Reviva Closed Public Offering Resulting in Gross Proceeds of $ 34.5 Million In May , Reviva announced the closing of a successful public offering of $ 34.5 million in gross proceeds from the financing activities . The transaction was led by well known healthcare institutional investors . The funds will be used primarily to proceed with a pivotal Phase 3 study of brilaroxazine ( RP5063 ) for the treatment of acute and maintenance schizophrenia , and for working capital and other general corporate purposes . Reviva Added to Russell MicrocapⓇ Index In June , Reviva announced it has joined the broad - market Russell Microcap® Index at the conclusion of the Russell U.S. Indexes annual reconstitution , which has raised awareness among the investment community at an opportune time , as the Company plans to initiate its pivotal Phase 3 trial in Schizophrenia . Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies . Approximately $ 9 trillion in assets are benchmarked against Russell's U.S. indexes . Russell indexes are part of FTSE Russell , a leading global index provider . Anticipated Events and Targeted Milestones for 2021 • Initiate a pivotal , double - blind Phase 3 study in acute schizophrenia • Regulatory submissions to the U.S. Food and Drug Administration ( FDA ) for initiating Phase 2 studies in pulmonary arterial hypertension ( PAH ) and idiopathic pulmonary fibrosis ( IPF ) • Pursue partnership opportunities for the development of our pipeline Evaluate grant and other non - dilutive financing opportunities for our product candidates from relevant Federal and State Agencies and Foundations Second Quarter 2021 Financial Results