Respiratory Viral Infections-Focused Revelation Biosciences Turns To SPAC Deal For NASDAQ Debut

  • Revelation Biosciences Inc is joining Petra Acquisition Inc (NASDAQ: PAIC) to create a NASDAQ-listed company with an enterprise value of $128 million
  • The merger is expected to close in Q4 2021, and the combined company will be listed on NASDAQ under the ticker symbol REVB.
  • Revelation will pocket $73 million through the merger and use the money to advance REVTx-99, a nasal drop formulation designed to stimulate the innate immune system via TLR4-TRIF pathway agonism. 
  • In a 48-subject phase 1 trial, Revelation linked REVTx-99 to increased intranasal levels of the cytokine IP-10. 
  • Revelation identified IP-10 as the key cytokine of interest because it is upregulated in response to respiratory viral infection and linked to clinical efficacy in challenge studies. 
  • With phase 1 proof-of-principle data in hand, Revelation is now gearing up for further development. 
  • A 60-subject phase 2 influenza viral challenge study is slated to start in Q1 of 2022. 
  • REVTx-99 is also in development to treat chronic nasal congestion, with a phase 1 trial set to start this year.
  • The same platform has generated a second, earlier-stage candidate, REVTx-200. Revelation sees the follow-up prospect as a way to improve the immune response to intramuscular vaccines. 
  • Price Action: PAIC stock is up 0.05% at $10.06 during the market session on the last check Monday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: BiotechNewsHealth CareFinancingOfferingsIPOsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!