In a news release, Revive Therapeutics Ltd. (RVV:TSX.V; RVVTF:OTCMKTS) announced that it has "signed a Memorandum of Understanding (MOU) with Attwill Medical Solutions Sterilflow L.P. (AMS) to establish AMS as a resource for clinical packaging and distribution for the company's Phase 3 clinical trial to evaluate the safety and efficacy of Bucillamine in patients with mild-moderate COVID-19."
The company's CEO Michael Frank commented, "We are pleased to engage in formal discussions with Attwill Medical to assist us in the clinical packaging and distribution for our Phase 3 clinical study in COVID-19, as they have the resources and capabilities to execute on a number of activities that are critical to large-scale clinical studies."
The firm pointed out that "AMS is one of the largest contract Lyophilization services facilities in the U.S. and recently announced a MOU with Vaxart Inc. (VXRT:NASDAQ) affirming the parties' intent to establish AMS as a resource for lyophilization development and large scale manufacturing including tableting and enteric coating for Vaxart's oral COVID-19 vaccine."
The company advised that the scope of work specified in the MOU calls for the two firms to collaborate in the area of clinical packaging. Revive indicated that in the Phase 3 COVID-19 clinical study, AMS may be contracted to assist in analytical and stability studies, clinical supply chain management, storage, distribution and project management.
The company disclosed that the agreement is classified as a "related party transaction" as defined under Multilateral Instrument 61-101—Protection of Minority Security Holders in Special Transactions since Revive Director Bill Jackson is also an AMS insider. The firm noted though that as the fair market value of the consideration to be paid to AMS will not exceed 25% of Revive's market cap, the transaction with AMS is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101.
Revive Therapeutics additionally announced that it has initiated the process to have its common shares upgraded and quoted on the U.S. OTCQB Market exchange. The company stated that one benefit of moving to the OTCQB in the U.S. is that it will help introduce the company to a wider range of retail and institutional investors.
Revive Therapeutics Ltd. is a life sciences company based in Toronto, Ont., Canada that focuses on developing therapeutics for rare disorders and infectious diseases. The firm stated that at this time "it is not making any express or implied claims that its product has the ability to eliminate or cure COVID-19 (SARS-2 Coronavirus)."
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