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Revelation Biosciences Inc is joining Petra Acquisition Inc (NASDAQ: PAIC) to create a NASDAQ-listed company with an enterprise value of $128 million.
The merger is expected to close in Q4 2021, and the combined company will be listed on NASDAQ under the ticker symbol REVB.
Revelation will pocket $73 million through the merger and use the money to advance REVTx-99, a nasal drop formulation designed to stimulate the innate immune system via TLR4-TRIF pathway agonism.
In a 48-subject phase 1 trial, Revelation linked REVTx-99 to increased intranasal levels of the cytokine IP-10.
Revelation identified IP-10 as the key cytokine of interest because it is upregulated in response to respiratory viral infection and linked to clinical efficacy in challenge studies.
With phase 1 proof-of-principle data in hand, Revelation is now gearing up for further development.
A 60-subject phase 2 influenza viral challenge study is slated to start in Q1 of 2022.
REVTx-99 is also in development to treat chronic nasal congestion, with a phase 1 trial set to start this year.
The same platform has generated a second, earlier-stage candidate, REVTx-200. Revelation sees the follow-up prospect as a way to improve the immune response to intramuscular vaccines.
Price Action: PAIC stock is up 0.05% at $10.06 during the market session on the last check Monday.
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