Tenzing Acquisition has agreed to acquire Reviva Pharmaceuticals, a California-based clinical-stage pharma company, focused on developing therapies for addressing unmet medical needs in the areas of central nervous system, metabolic, cardiovascular, and inflammatory diseases.
According to the British Virgin Islands-incorporated special purpose acquisition company, the equity value of the combined company post its merger with the US drug developer of around $119 million.
Laxminarayan Bhat – Founder, President, and CEO of Reviva Pharmaceuticals said: “The execution of the Merger Agreement presents an important milestone and represents a unique opportunity to finance and advance the clinical development of Reviva’s innovative therapies, which may improve treatment options for neuropsychiatric and respiratory diseases with high unmet medical needs.”
Reviva Pharmaceuticals is mainly focusing on RP5063 (brilaroxazine), its lead product candidate which is being developed for the treatment of schizophrenia, bipolar disorder, and also major depressive disorder.
The clinical-stage pharma company is also looking to develop the multimodal neuromodulator for the treatment of pulmonary arterial hypertension (PAH) and idiopathic pulmonary fibrosis (IPF).
According to Reviva Pharmaceuticals, RP5063 is a serotonin, dopamine, and nicotinic receptor active compound. The multimodal neuromodulator has wrapped up a global phase 2 clinical trial in which it has demonstrated clinical efficacy and safety for both schizophrenia and schizoaffective disorder.
Recently, RP5063 was granted orphan drug designation from the US Food and Drug Administration (FDA) for the treatment of pulmonary arterial hypertension and idiopathic pulmonary fibrosis.
Parag Saxena – Chairman of the Board of Directors of Tenzing Acquisition said: “We believe Brilaroxazine (RP5063), which demonstrated efficacy and safety in a global phase 2 clinical study for schizophrenia and schizoaffective disorders, is a compelling asset which we expect will become a cornerstone therapy for treating many diseases in the central nervous system (CNS) area.
“Brilaroxazine also showed efficacy for pulmonary arterial hypertension and idiopathic pulmonary fibrosis compared to the approved drugs in proven translational models. Brilaroxazine is ready for Phase 3 clinical study in Schizophrenia, and Phase 2 studies in PAH and IPF.”