Antiviral nasal drop maker does the Nasdaq shuffle as part of minor SPAC reverse merger

James Rolke

Revelation Biosciences, a San Diego biotech working on antiviral nasal drops, will go public as part of a reverse merger with the Petra Acquisitions SPAC announced Tuesday.

The deal is for $73 million and comes after Revelation closed a $4.4 million Series A-1 in February. Once the transaction is completed, the newco valuation will be around $128 million. Revelation’s existing stockholders will own more than half — 54% — of the company. Revelation’s current CEO James Rolke will continue to lead the company, when the deal closes in Q4 of 2021. In a press release, he said:

We believe innovations like REVTx?99 will enable a return to normalcy, alleviating concerns about exposure to severe respiratory infections. The mechanism of REVTx?99, which activates the innate immune system, has the potential to reduce the exposure risks associated with travel, medical care and normal daily interactions…
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