Why Revelation Biosciences Is Trading 40% Lower Thursday

Revelation Biosciences Inc REVB shares are trading lower by 41.98% Thursday afternoon. The company priced a 3.225 million share offering for gross proceeds of $15.6 million.

What Else?

The company intends to use the net proceeds from this offering to further the development of REVTx-100 and REVTx-300 including the:

• (i) manufacturing of clinical supply of our drug product,
• (ii) to conduct, a combined Phase 1a clinical study for REVTx-100 and REVTx-300,
• (iii) to conduct, a Phase 1b clinical study for REVTx-100 for the prevention of surgical site infection in colorectal surgery,
• (iv) to conduct, a Phase 1b clinical study for REVTx-300 for the prevention and treatment of AKI due to cardiac surgery,
• (v) necessary preclinical work for REVTx-100 and REVTx-300, (iv) continue to develop other products and therapies, and
• (vi) fund working capital and general corporate purposes using any remaining amounts.

The closing of the offering is expected to occur on or about February 13, subject to the satisfaction of customary closing conditions.

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According to data from Benzinga Pro, REVB has a 52-week high of $100.80 and a 52-week low of $3.00.