Revelation Biosciences Inc., a Menlo Park, Calif.-based clinical stage life sciences company focused on the development of immunologic-based therapies for the prevention and treatment of disease, closed a private placement financing, raising gross proceeds of $4.4m.
National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NASDAQ:NHLD) acted as the exclusive placement agent and financial adviser for the completion of the Series A-1 Preferred Stock financing.
The company sold 684,444 shares of Series A-1 Preferred Stock at a purchase price of $6.36 per share. To date Revelation Biosciences has raised gross proceeds of $14.5m (including the $9.1m Series A financing recently announced.)
The company intends to use the net proceeds of the offering for general working capital purposes and the development of REVTx-99 and REVDx-501.
REVTx-99 is being developed as a therapy for the treatment of a wide range of respiratory viral infections, including COVID-19.
REVDx-501 is a diagnostic being developed to test for upper respiratory viral infections including COVID-19.
The funding will also facilitate investigation into potential additional indications for REVTx-99, and general and administrative operations.