TORONTO, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Revive Therapeutics Ltd. (“Revive” or the “Company”) (OTCQB: RVVTF) (CSE: RVV) (FRANKFURT:31R), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, newly-formed subsidiary, Revive Diagnostics Inc., today announced that it has entered into a license agreement with Lawson Health Research Institute for the worldwide exclusive rights to novel blood biomarkers that characterize long COVID. The discovery of the biomarkers identified by a research team at Lawson, led by Dr. Douglas Fraser, was recently published in the journal, Molecular Medicine1.
“We are very excited to commercialize a potential world-first patented diagnostic solution for long COVID, which may have the ability to help millions of people globally in being correctly diagnosed so that appropriate medical interventions and treatments can be offered to improve quality of life and reduce the economic burden experienced by countries,” said Michael Frank, CEO of Revive.
Currently, there is no FDA-approved clinical diagnosis of long COVID and it is estimated to occur in at least 10% of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) infections. More than 200 symptoms have been identified with impacts on multiple organ systems2 — including fatigue, brain fog, difficulty breathing, and cardiovascular symptoms ranging from chest pain and arrhythmias to sudden cardiac death—but it remains a diagnosis of exclusion with an unknown biological basis3.
The CDC estimates that 7.5 percent of U.S. adults have long COVID symptoms4. David Cutler, PhD, a professor of economics at Harvard University, estimates in a recent research disclosure that the total economic cost of long COVID could be as much as $3.7 trillion5.
Revive Therapeutics and Lawson will work together in completing the development of a qELISA laboratory test kit and a lateral flow assay point of care device for rapid testing of long COVID. In addition, Revive Therapeutics will evaluate the potential of the long COVID test as a companion to Bucillamine – a potential treatment for long COVID disease.
“Currently, long COVID is diagnosed based on a previous diagnosis of COVID-19 and a clinical assessment that includes a health history and a physical examination. The development of a rapid long COVID diagnostic test is crucial for not only identification and treatment, but also to reduce unnecessary medical testing and health care expenditures,” said Dr. Douglas Fraser, Lawson Scientist, Critical Care Physician at London Health Sciences Centre, and Professor at Western University’s Schulich School of Medicine & Dentistry.
Under the terms of the agreement, Revive Diagnostics Inc., a subsidiary of Revive Therapeutics, has gained exclusive worldwide rights to intellectual property for the development and commercialization of novel blood biomarkers that characterize long COVID disease. The intellectual property includes PCT/CA2023/050145 entitled “Blood Biomarkers in Long-COVID19”; PCT/CA2023/051292 entitled “Biomarkers in Long-COVID19”; and US Provisional Patent Application No. 63/433,425 entitled “Diagnosis and Treatment of Long-COVID”. The intellectual property is managed by WORLDiscoveries, the joint commercialization office of Lawson and Western University.
About Lawson Health Research Institute
Lawson Health Research Institute is one of Canada’s top hospital-based research institutes, tackling the most pressing challenges in health care. As the research institute of London Health Sciences Centre and St. Joseph’s Health Care London, our innovation happens where care is delivered. Lawson research teams are at the leading-edge of science with the goal of improving health and the delivery of care for patients. Working in partnership with Western University, our researchers are encouraged to pursue their curiosity, collaborate often and share their discoveries widely. Research conducted through Lawson makes a difference in the lives of patients, families, and communities around the world. To learn more, visit www.lawsonresearch.ca.
About Revive Therapeutics Ltd.
Revive Therapeutics is a life sciences company focused on the research and development of therapeutics and diagnostics for infectious diseases and rare disorders, and it is prioritizing drug development efforts to take advantage of several regulatory incentives awarded by the FDA such as Emergency Use Authorization, Orphan Drug, Fast Track, and Breakthrough Therapy designations. Currently, the Company is exploring the use of Bucillamine for the potential treatment of public health medical emergencies and rare inflammatory disorders. Revive is also advancing the development of Psilocybin-based therapeutics through various programs. For more information, visit www.ReviveThera.com.
For more information, please contact:
Michael Frank
Chief Executive Officer
Revive Therapeutics Ltd.
Tel: 1 888 901 0036
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.revivethera.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement
This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “may”, “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Revive’s current belief or assumptions as to the outcome and timing of such future events. Forward looking information in this press release includes information with respect to the Company’s cannabinoids, psychedelics and infectious diseases programs. Forward-looking information is based on reasonable assumptions that have been made by Revive at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Revive is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Reference is made to the risk factors disclosed under the heading “Risk Factors” in the Company’s annual MD&A for the fiscal year ended June 30, 2023, which has been filed on SEDAR and is available under the Company’s profile at www.sedarplus.ca.
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| Market Cap: | C$2.090M |
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