Revelation Biosciences, Inc. announced the closing of its previously announced public offering, generating approximately $4 million in gross proceeds. The offering included 3,640,000 shares of common stock, or common stock equivalents, along with warrants to purchase up to 14,560,000 shares. The offering price to the public was $1.10 per share and associated warrant.
The warrants issued in this offering have an exercise price of $1.10 per share and will expire five years following their initial exercise date. Roth Capital Partners served as the sole placement agent for the transaction. The net proceeds from this offering are intended to further the development of the company's product candidates.
Specifically, the funds will be allocated towards completing the ongoing Phase 1b clinical study, manufacturing clinical drug supply, conducting additional preclinical work for multiple indications, and developing other products and therapies. Any remaining amounts will be used for working capital and general corporate purposes, providing crucial capital for the company's operations.
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