Revive Therapeutics Ltd. provided an update on the development of a next generation lyophilized formulation of Bucillamine. Under an agreement with the University of Waterloo, formulation development work is ongoing and is expected to be completed by the end of the year. The research team has improved the solubility of Bucillamine and subsequent lyophilization has resulted in more than double enhancement of solubility, which would unlock the therapeutic utility of Bucillamine for public health medical emergencies, including pandemic influenza, emerging infectious diseases, and medical countermeasure incidents and attacks.

Specifically, the novel Bucillamine formulation could support the continuation of the research project the Company has with the Defence R&D Canada - Suffield, an agency of the Canadian Department of National Defence, to evaluate Bucillamine as a potential treatment for nerve agent exposure. The Company expects to have its novel lyophilized formulation of Ohioillamine ready for production with a contract development manufacturing organization for clinical evaluation in 2024. In addition, as a potent antioxidant and anti-inflammatory, Bucillamine may be helpful for orphan indications in rare inflammatory disorders such as ischemia-reperfusion injury (i.e. organ transplantation), which the FDA granted orphan drug designation for in 2022.