Additions to management and board of directors. In connection with the acquisition of APR, Paolo Galfetti, CEO of APR, also assumed the role of President of Relief Europe, with overall responsibility for Relief’s activities in the EU and UK. . The Board of Directors was expanded with the appointment of Patrice Jean, Ph.D., joining Raghuram (Ram) Selvaraju, MBA, Ph.D. (Chairman of the Board of Relief), Tom Plitz, Ph.D. and Paolo Galfetti to complement Relief’s expertise at the life sciences board level. . Taneli Jouhikainen, MD has been appointed to the newly created position of Chief Operating Officer.
Financial highlights for the semester ended June 30, 2021. The operating loss amounted to CHF 14.5 million with operating expenses of CHF 15.4 million and a one-time gain of CHF 0.9 million following the cancellation of a debt by a third party. . The period was marked by significant growth in operating and administrative expenses. Service expenses of CHF 8.3 million (HY2020: CHF 2.9 million) were mainly driven by development activities for RLF-100 and ACER-001. need additional qualified professionals. Legal and administrative services reached CHF 3.2 million (HY2020: CHF 0.4 million), reflecting the company’s needs for legal and professional services related to its business activities, including the acquisition of APR and AdVita. . Cash used in operating activities increased to CHF 17.7 million from CHF 3.2 million in the same period last year. . The net loss for the period amounted to CHF 14.7 million (HY2020: CHF 8.3 million profit). Relief acquired APR in exchange for CHF 21.5 million in cash and CHF 45 million in Relief shares. Sellers are also entitled to receive conditional milestone payments of up to CHF 35 million in the form of a combination of cash relief actions upon completion of agreed milestones. APR has been consolidated in the group’s balance sheet at June 30, 2021, and will contribute to the group’s income statement in the second half of 2021.
Jack Weinstein, Chief Financial Officer and Treasurer of Relief, said: “Relief remains well funded and, based on current programs, we believe we have sufficient reserves to support several clinical programs through key value inflection points. From the start of the year until June 30, we strengthened our balance sheet with CHF 30 million in equity financing. We were also able to take advantage of the flexibility offered by our additional listing, giving the company, as of September 24 , available cash of CHF 40 million. ”
Subsequent reporting period. On July 26, 2021, Relief announced that it had entered into a definitive agreement with two US institutional investors to purchase in a private placement a total of 71,428,572 common shares of Relief at a purchase price of 0.21. CHF per share, raising total gross proceeds of CHF 15 million. . On July 27, 2021, the company issued and listed an additional 1 billion ordinary shares. Relief used a total of 413,956,419 shares comprising 135,741,063, 206,786,784 and 71,428,572 shares, respectively, to fulfill its obligations to the AdVita sellers, the APR sellers and the provision of shares for private placement. of CHF 15 million. The remaining shares can be used to support Relief’s current and future business development activities and to provide additional working capital. . On July 27, 2021, Relief acquired AdVita in exchange for € 25 million of Relief shares and possible future contingent payments of € 20 million payable in cash.
Further details are available in Relief’s 2021 half-year report, which can be downloaded at https://relieftherapeutics.com/investor-relations
Relief primarily focuses on clinical stage programs based on molecules with a history of clinical trials and use in human patients or strong scientific rationale. Relief’s lead drug candidate, RLF-100 ^ TM (aviptadil), a synthetic form of vasoactive intestinal peptide (VIP), is in advanced clinical testing in the United States for the treatment of respiratory impairment due to COVID-19 . As part of its pipeline diversification strategy, in March 2021, Relief entered into a collaboration and license agreement with Acer Therapeutics for the global development and commercialization of ACER-001. ACER-001 is a patented, taste-masked, immediate-release powder formulation of sodium phenylbutyrate (NaPB) for the treatment of urea cycle disorders and maple syrup disease. In addition, Relief’s recent acquisition of APR Applied Pharma Research SA brings a diverse pipeline of commercialized and development-phase programs.
RELIEF THERAPEUTICS Holding SA is listed on the SIX Swiss Exchange under the symbol RLF and listed in the United States on the OTCQB under the symbol RLFTF. For more information, visit www.relieftherapeutics.com. Follow us on LinkedIn.
CONTACT: FOR MEDIA/INVESTOR INQUIRIES: RELIEF THERAPEUTICS Holding SA Rx Communications Group, LLC Jack Weinstein Michael Miller Chief Financial Officer and Treasurer +1-917-633-6086 [email protected] [email protected]
Disclaimer: This communication expressly or implicitly contains certain forward-looking statements regarding RELIEF THERAPEUTICS Holding SA. Such statements involve certain risks, uncertainties and other known and unknown factors, including (i) whether NeuroRx will provide RELIEF THERAPEUTICS Holding SA with the data from its Phase 2b / 3 trial necessary to obtain approval of RLF-100 in the EU and UK, (ii) whether the phase 2 trial evaluating inhaled aviptadil for the treatment of sarcoidosis will be successful, (iii) whether RLF-100 will receive EUA in the US, (iv) whether the ongoing disputes between Relief and its US collaborative partner can be resolved, (v) whether inhaled aviptadil will ever be approved by the EU and / or US for the treatment of sarcoidosis or for any other indication, or (vi) the risks discussed in the files of RELIEF THERAPEUTICS Holding SA with SIX, which could cause the actual results, financial situation, performance or achievements of RELIEF THERAPEUTICS Holding SA to be materially different from all results future ats, performance or achievements expressed or implied by these futures contracts ok statements. RELIEF THERAPEUTICS Holding SA is providing this communication on this date and does not undertake to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
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Language: English Company: RELIEF THERAPEUTICS Holding AG Avenue de Sécheron 15 1202 Genève Switzerland E-mail: [email protected] Internet: https://relieftherapeutics.com ISIN: CH0100191136 Listed: SIX Swiss Exchange EQS News ID: 1235723 End of Announcement EQS Group News Service =------------
1235723 24-Sep-2021 CET / CEST
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September 24, 2021 at 1:00 a.m.ET (05:00 GMT)