Page 1

Reviva PHARMACEUTICALS Reviva Pharmaceuticals Holdings , Inc. Reports Third Quarter 2021 Financial Results and Recent Business Highlights - Initiation of a pivotal Phase 3 trial evaluating the efficacy and safety of brilaroxazine for the treatment of schizophrenia expected by year - end- - Additional Phase 3 trial evaluating the long - term safety of brilaroxazine in adult patients with schizophrenia expected to begin by year - end - - $ 33.5 Million in Cash as of September 30 , 2021 - CUPERTINO , Calif . , Nov. 15 , 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 third quarter of 2021 and summarized recent business highlights . " We look forward to initiating two Phase 3 trials evaluating both the efficacy and safety , as well as long - term safety of brilaroxazine in adults with schizophrenia by year - end , " said Laxminarayan Bhat , Ph.D. , Founder , President , and CEO of Reviva . " We are highly encouraged by the therapeutic potential brilaroxazine demonstrated in our successful Phase 2 trial for the treatment of schizophrenia and expect to begin regulatory submissions to the FDA for pulmonary indications including IPF and PAH by the end of the first quarter of 2022. " Recent Business Highlights , Anticipated Milestones and Events for 2021 and 2022 Engaged a clinical research organization to lead recruitment and trial services of its pivotal Phase 3 trials in patients with schizophrenia • Initiation of both a pivotal Phase 3 trial evaluating the efficacy and safety , and an additional long - term safety trial of brilaroxazine for the treatment of schizophrenia expected by year - end 2021 • 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 ) now expected by the end of Q1 2022 Participation in H.C. Wainwright 23rd Annual Global Investment Conference and Benzinga Healthcare Small Cap Conference • Pursue partnership opportunities for the development of our pipeline • Evaluate grant and other non - dilutive financing opportunities for our product candidates from Federal and State Healthcare Agencies and Foundations Third Quarter 2021 Financial Results The Company reported a net loss of approximately $ 2.28 million , or $ 0.12 per share , for the three months ended September 30 , 2021 , compared to a net loss of approximately $ 0.66 million , or $ 0.24 per share , for the same period in 2020 . As of September 30 , 2021 , the Company's cash totaled approximately $ 33.5 million compared to approximately $ 0.35 million for the quarter ended September 30 , 2020 . Reviva believes that based on the current operating plan and financial resources , the Company's cash and cash