Reviva Pharmaceuticals, Inc., a Santa Clara, CA-based clinical stage pharmaceutical company, completed a $4.8m convertible note bridge financing.
Existing investors led this bridge finance and included the participation of new investors — family offices and high-net-worth individuals. In conjunction with the funding, Purav Patel, the Founder and Managing Partner of Buena Vista Fund I, as well as a Serial Entrepreneur with 10+ years in active advisory, board, and fund-raising roles for 15+ privately held companies in various stages in healthcare and other fields, joined the company’s board of directors.
He is an investor in Reviva since 2009.
Led by Laxminarayan Bhat, PhD, Founder, President and Chief Executive Officer, Reviva is a clinical stage pharmaceutical company developing a portfolio of internally discovered therapies that address medical needs in the areas of central nervous system (CNS), metabolic, and cardiopulmonary diseases. Reviva has a patent portfolio and multiple programs in the pipeline at various stages of development. Its lead product candidate, RP5063, is to enter pivotal phase 3 clinical trials for schizophrenia (acute and maintenance). A multimodal modulator of dopamine and serotonin receptors, RP5063 offers the potential to treat other neuropsychiatric disorders such as bipolar, major depression [MDD], ADHD, behavioral, and psychological symptoms in Alzheimer’s and Parkinson’s patients. Furthermore, RP5063 has gained an Orphan Designation from the FDA for treating pulmonary arterial hypertension (PAH).
Reviva anticipates to start a phase 2 study for RP5063 in this indication in 2H-2017.