Revelation Biosciences Inc. (Revelation), a clinical-stage life
sciences company that is focused on the development of
immunologic‑based therapies and diagnostics for the prevention and
treatment of disease, announced today that it has engaged MedWorld
Advisors to optimize the value of Revelation’s diagnostic tool,
REVID™.
REVID is a rapid, point-of-care
immunologic diagnostic device that can be used for the detection of
upper respiratory viral infection. The device may offer a broad
detection of various viral infections, such as influenza A & B,
Rhinovirus, RSV, and SARS-CoV-2, irrespective of their type and/or
variant. As a universal screening tool, REVID is designed to
facilitate both mass and at-home testing for multiple viral
infections, without using any specialized instrumentation or
complex sample collection. Results are based on detection of the
innate immune response, which is immediately activated upon viral
invasion, regardless of pathogen type.
“As we look to a future where transmission of
respiratory viruses continue to increase, it’s more clear than ever
that the world needs easy-to-use, dependable, and accurate
diagnostic tools,” said James Rolke, Chief Executive Officer of
Revelation. “The team at MedWorld Advisors has the deep experience
and global network needed to optimize value for REVID, and the
passion to help companies like Revelation provide solutions to the
people who need it.”
David Sheppard, Managing Director and Co-founder of MedWorld
Advisors added, “A diagnostic device like REVID could potentially
bring a strong market position: large addressable market,
cost-effective solution, reduced burden on testing infrastructure,
and accuracy and reliability. Our team looks forward to helping the
Revelation Biosciences team move further along the
commercialization journey in order to get REVID to the global
population.”
For more information on Revelation, please visit
www.RevBiosciences.com.
About REVID
REVID™ is a point-of-care immunologic diagnostic device that can
be used for detection of upper respiratory viral infection. It
offers a broad application across various viral infections, such as
Influenza A & B, Parainfluenza, RSV, and SARS-CoV-2,
irrespective of their type and/or variant. REVID is based on
detection of the innate immune response which is immediately
activated upon viral invasion, regardless of pathogen type. A
sample is collected via a swab from the lower nostril to detect a
key cytokine that is upregulated in nasal and oral secretions at
the onset of respiratory viral infection. The testing device is
easy-to-use and provides accurate result in less than 15
minutes.
REVID™ is being developed as a universal screening tool,
designed to facilitate both mass testing as well as at-home testing
by individuals for a range of viral infections without using any
specialized instrumentation or complex sample collection. The
simplicity of use and rapidity in obtaining results allows
individuals to diagnose and monitor themselves and make informed
decisions regarding their healthcare treatment. The Company is on
track for planned regulatory submission in second half of 2022.
About Revelation Biosciences Inc.
Revelation Biosciences, Inc. is a clinical stage
life sciences company focused on the development of
immunologic-based therapies for the prevention and treatment of
disease. Revelation has several product candidates in development.
REVTx-99, the lead therapeutic candidate, is an intranasal
immunomodulator to prevent or treat infections caused by various
respiratory viruses such as SARS-CoV-2 including its variants,
influenza A and B, parainfluenza, rhinovirus, and RSV. REVTx-99 is
also being developed for other indications such as: allergic
rhinitis and chronic nasal congestion. REVTx-200 is an intranasal
immunomodulator adjunct to be used in combination with an
intramuscular vaccination for more complete immunity. REVTx-200 is
based on the same technology used in REVTx-99. In addition to
Revelation’s therapeutic pipeline, Revelation is also developing
REVDx-501 (REVID™), a rapid home use diagnostic that can be used to
detect any respiratory viral infection, regardless of virus type or
strain, without the need for specialized instrumentation.
Revelation recently announced that it has
entered into a definitive merger agreement (Merger Agreement) with
Petra Acquisition, Inc. (NASDAQ: PAICU, PAIC, & PAICW), a
special purpose acquisition company, for a business combination
that will result in Revelation becoming a publicly traded company
(Business Combination). The merger is expected to close in Q4 2021.
After the close of the merger the combined company will be listed
on NASDAQ under the ticker symbol “REVB.”
For more information on Revelation, please visit
www.RevBiosciences.com.
About MedWorld Advisors,
Inc.
MedWorld Advisors (MWA) is an international boutique mergers and
acquisition Advisory firm based in Andover, Massachusetts, USA. MWA
specializes in helping small to medium size companies in Medical
Device, MedTech, BioTech, Dental, Life Sciences, Digital Health,
Medical and Dental Practice, and anything HealthCare to reach their
goals.
Their M&A advisory experts create value growth for
Mid-Market companies and help them take their businesses to the
next stage. MWA’s advisor’s Fortune 500 experience from working on
both sides of the table allows them the opportunity to best
position their clients with all types of buyers on a global basis.
With years of long-lasting relationships in these markets and a
truly global footprint as a healthcare mergers and acquisitions
firm, MWA has recently been rated as top 20 middle market M&A
specialists by Axial.
About Petra Acquisition, Inc.
Petra Acquisition, Inc. (NASDAQ: PAICU, PAIC,
& PAICW) is a blank check company organized for the purpose of
effecting a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization, or other similar
business combination with one or more businesses or entities, with
an initial focus on target businesses in the healthcare or a
healthcare-related industry.
Forward-Looking Statements
This press release contains forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995, as amended, including statements regarding the
anticipated benefits of the transaction, the anticipated timing of
the transaction, the future business and financial condition of the
company post-closing and expected financial impacts of the
transaction, the satisfaction of closing conditions to the
transaction, the level of redemptions of Petra’s public
stockholders; the market opportunities for Revelation’s product
candidates; and the potential for regulatory approval for
Revelation’s product candidates. These forward-looking statements
are generally identified by the words "anticipate", "believe",
"expect", "estimate", "plan", "outlook", and "project" and other
similar expressions. Forward-looking statements are statements that
are not historical facts. We caution investors that forward-looking
statements are based on management’s expectations and are subject
to various risks and uncertainties. As a result, caution must be
exercised in relying on forward-looking statements, which speak
only as of the date they were made. The following factors, among
others, could cause actual results to differ materially from those
described in these forward-looking statements: risks relating to
regulatory submission date of REVIDTM; delay or failure to receive
regulatory approval of our product candidates including REVIDTM;
the results of the engagement with MWA for REVIDTM; the occurrence
of any event, change, or other circumstances that could give rise
to an amendment or termination of the Merger Agreement and the
proposed transaction contemplated thereby; the inability to
complete the transactions contemplated by the Merger Agreement due
to the failure to obtain approval of the stockholders of Petra or
Revelation or other conditions to closing in the Merger Agreement;
the inability to project with any certainty the amount of cash
proceeds remaining in the Petra trust account at the closing of the
transaction; the uncertainty relative to the cash made available to
Revelation at the closing should any material redemption requests
be made by the Petra stockholders (since the sources of cash
projected in this press release assume that no redemptions will be
requested by Petra stockholders); the inability of the company
post-closing to obtain or maintain the listing of its securities on
Nasdaq following the Business Combination; the amount of costs
related to the Business Combination; Revelation’s ability to yield
sufficient cash proceeds from the transaction to support its
short-term operations and research and development efforts since
the Merger Agreement requires no minimum level of funding in the
trust fund to close the transaction; the outcome of any legal
proceedings that may be instituted against the parties following
the announcement of the Business Combination; changes in applicable
laws or regulations; the ability of Revelation to meet its
post-closing financial and strategic goals, due to, among other
things, competition; the ability of the company post-closing to
grow and manage growth profitability and retain its key employees;
the possibility that the company post-closing may be adversely
affected by other economic, business, and/or competitive factors;
risks relating to the successful development of Revelation’s
product candidates; the clinical utility of an increase in
intranasal IP-10 levels as a biomarker of viral infections; the
ability to complete planned clinical studies of REVTx‑99; expected
initiation of the clinical studies, the timing of clinical data;
the outcome of the clinical data, including whether the results of
such study is positive or whether it can be replicated; the outcome
of data collected, including whether the results of such data
and/or correlation can be replicated; the timing, costs, conduct,
and outcome of our other clinical studies; the anticipated
treatment of future clinical data by the FDA, the EMA, or other
regulatory authorities, including whether such data will be
sufficient for approval; the success of future development
activities for REVTx‑99 and expanded indications, REVTx‑200,
REVDx‑501, or any other product candidates; potential indications
for which product candidates may be developed; the potential impact
that COVID‑19 may have on Revelation’s suppliers, vendors,
regulatory agencies, employees, and the global economy as a whole;
the expected duration over which Revelation’s balances will fund
its operations; and other risks and uncertainties described herein,
as well as those risks and uncertainties discussed from time to
time in other reports and other public filings with the SEC by
Petra.
No Offer or Solicitation
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any states or
jurisdictions in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act, or an exemption
therefrom.
Important Information and Where to Find
It
In connection with the proposed Business
Combination described herein, Petra has filed relevant materials
with the SEC, including a Registration Statement on Form S-4, that
includes a preliminary proxy statement/prospectus, and when
available, will file a definitive proxy statement and final
prospectus. Promptly after filing its definitive proxy statement
with the SEC, Petra will mail the definitive proxy statement and a
proxy card to each stockholder entitled to vote at the Special
Meeting relating to the transaction. INVESTORS AND STOCKHOLDERS OF
PETRA ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS
OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN
CONNECTION WITH THE TRANSACTION THAT PETRA WILL FILE WITH THE SEC
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT PETRA, REVELATION AND THE BUSINESS COMBINATION.
The definitive proxy statement, the preliminary proxy statement and
other relevant materials in connection with the transaction (when
they become available), and any other documents filed by Petra with
the SEC, may be obtained free of charge at the SEC’s website
(www.sec.gov).
Participants in the
Solicitation
Petra and its directors and executive officers
may be deemed participants in the solicitation of proxies from
Petra’s stockholders with respect to the Business Combination. A
list of the names of those directors and executive officers and a
description of their interests in Petra will be included in the
proxy statement for the proposed Business Combination and be
available at www.sec.gov. Additional information regarding the
interests of such participants will be contained in the proxy
statement for the proposed Business Combination when available.
Information about Petra’s directors and executive officers and
their ownership of Petra common stock is set forth in Petra’s
prospectus, dated October 7, 2020, as modified or supplemented by
any Form 3 or Form 4 filed with the SEC since the date of such
filing. Other information regarding the interests of the
participants in the proxy solicitation will be included in the
proxy statement pertaining to the proposed Business Combination
when it becomes available. These documents can be obtained free of
charge at the SEC’s website (www.sec.gov).
Revelation and its directors and executive
officers may also be deemed to be participants in the solicitation
of proxies from the stockholders of Petra in connection with the
proposed Business Combination. A list of the names of such
directors and executive officers and information regarding their
interests in the proposed Business Combination will be included in
the proxy statement for the proposed Business Combination.
Company Contacts
Sandra VedrickVice President, Investor Relations & Human
ResourcesRevelation Biosciences Inc. Email:
svedrick@revbiosciences.com
and
Chester Zygmont, IIIChief Financial OfficerRevelation
Biosciences Inc. Email: czygmont@revbiosciences.com
Media contact: Kristin Faulder kristin@heurisay.com
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