Relief Therapeutics about to go public

Last December, THERAMetrics Holding AG and RELIEF THERAPEUTICS SA announced that they had signed a binding agreement to combine their businesses by way of an exchange of RELIEF's shares for new THERAMetrics shares. The combination is subject to shareholder approval and other customary conditions.

Yesterday at the Annual General Meeting 2016 of THERAMetrics, the shareholders approved all agenda items as proposed by the Board of Directors with large majority of the represented votes. The shareholders approved the share capital increase and the change of the company's name into Relief Therapeutics Holding AG and the transfer of the corporate headquarters from Stans to Zurich.

The shareholders elected Antonino Amato, Dr. Raghuram Selvaraju, Dr. Michel Dreano (COO Relief Therapeutics), and Peter de Svastich as new members of the Board of Directors for a one-year term. Dr. Raghuram Selvaraju was elected as new Chairman of the Board of Directors for a term of office until the end of the next annual general meeting.

On Tuesday THERAMetrics already announced that the company had executed an agreement for the sale of its CRO business.

In conjunction with the business combination, THERAMetrics and GEM Global Yield Fund LLC SCS, the future main shareholder of RELIEF, have entered into a share subscription facility whereby GEM undertakes to invest up to CHF 25 million. In accordance with the terms of the share subscription facility, THERAMetrics will have the right to issue and sell shares in the amount of CHF 25 million to GEM during a period of up to 36 months.

Initial tranche of funding
This Tuesday GEM had announced the completion of an initial tranche of funding into and Relief Therapeutics SA (“Relief”) as part of a planned total €2.5 million Series A round, aimed at planning clinical development activities for its lead drug candidate atexakin alfa.

Atexakin alfa is an experimental drug ready to enter clinical testing in patients addressing an unmet medical need in diabetic neuropathy (“DN”). Currently, no similar drugs are approved, while the market for DN-related drugs is expected to increase to USD 4.1 billion by 2019. Existing treatments only address symptoms of DN, Relief’s atexakin alfa, instead, addresses physical regeneration, which could lead to quality-of-life improvement in 40-60% of the >300 million diabetics suffering DN worldwide.

(SK)