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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Relief Reports Half-Year 2021 Results -2-

09/24/2021 | 01:01am EST

Management and Board Additions . As part of the acquisition of APR, Paolo Galfetti, Chief Executive Officer of APR, has also assumed theposition of President, 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. (Relief's Chairman of the Board), Tom Plitz, Ph.D. and Paolo Galfetti to round out Relief'srelevant life sciences Board level expertise. . Taneli Jouhikainen, M.D. was appointed to the newly created position of Chief Operating Officer.

Financial Highlights for the Six Months Ended June 30, 2021 . The operating loss amounted to CHF 14.5 million with operating expenses of CHF 15.4 million and aone-time gain of CHF 0.9 million following a third-party debt write-off. . The period is marked by a significant growth in operating and administrative expenses. Service expensesof CHF 8.3 million (HY2020: CHF 2.9 million) were mainly driven by development activities for RLF-100 and ACER-001.Personnel expenses increased to CHF 3.4 million (HY2020: CHF 0.2 million) as the conduct and oversight ofdevelopment and administrative projects required additional skilled professionals. Legal and administrativeservices reached CHF 3.2 million (HY2020: CHF 0.4 million), reflecting the company's need of legal and professionalservices in relation to its business activities, including the acquisition of APR and AdVita. . Cash used in operating activities has ramped up to CHF 17.7 million from CHF 3.2 million over the sameperiod last year. . Net loss for the period was 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. Thesellers are also entitled to receive contingent milestone payments of up to CHF 35 million in a combination of cashand Relief shares upon completion of pre-agreed milestones. APR was consolidated in the balance sheet of the groupon June 30, 2021, and will contribute to the group's income statement in the second semester 2021.

Jack Weinstein, Chief Financial Officer and Treasurer of Relief noted: "Relief remains well funded and, based on current programs, we believe we have sufficient reserves to support multiple clinical programs through key value inflection points. Since the beginning of the year to June 30, we bolstered our balance sheet with CHF 30 million in equity financings. We have also been able to take advantage of the flexibility provided by our additional share listing, giving the company, as of September 24, an available cash position of CHF 40 million."

Post Reporting Period . On July 26, 2021, Relief announced that it had entered into a definitive agreement with two U.S.institutional investors to purchase in a private placement an aggregate of 71,428,572 shares of Relief common stockat a purchase price of CHF 0.21 per share, raising aggregate gross proceeds of CHF 15 million. . On July 27, 2021, the company issued and listed an additional 1 billion common shares. Relief used atotal of 413,956,419 shares comprising 135,741,063, 206,786,784 and 71,428,572 shares, respectively, to meet itsobligations to the AdVita sellers, the APR sellers and the provision of shares for the CHF 15 million privateplacement. 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 of EUR 25 million in Relief shares and possiblefuture contingent payments of EUR 20 million payable in cash.

Further details are available in Relief's Half Year 2021 Report, which is available for download at https:// relieftherapeutics.com/investor-relations



Relief focuses primarily on clinical-stage programs based on molecules with a history of clinical testing and use in human patients or a strong scientific rationale. Relief's lead drug candidate, RLF-100^TM (aviptadil), a synthetic form of Vasoactive Intestinal Peptide (VIP), is in late-stage clinical testing in the U.S. for the treatment of respiratory deficiency 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 worldwide development and commercialization of ACER-001. ACER-001 is a taste-masked and immediate release proprietary powder formulation of sodium phenylbutyrate (NaPB) for the treatment of Urea Cycle Disorders and Maple Syrup Urine Disease. In addition, Relief's recently completed acquisition of APR Applied Pharma Research SA brings a diverse pipeline of marketed and development-stage programs.

RELIEF THERAPEUTICS Holding SA is listed on the SIX Swiss Exchange under the symbol RLF and quoted in the U.S. on 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 
contact@relieftherapeutics.com         mmiller@rxir.com 

Disclaimer: This communication expressly or implicitly contains certain forward-looking statements concerning RELIEF THERAPEUTICS Holding SA. Such statements involve certain known and unknown risks, uncertainties and other factors, including (i) whether NeuroRx will provide RELIEF THERAPEUTICS Holding SA with the data from its phase 2b/3 trial needed to seek 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 be granted EUA in the United States, (iv) whether the pending disputes between Relief and its U.S. collaboration partner can be resolved, (v) whether inhaled aviptadil will ever be approved by the EU and/or the U.S. for the treatment of sarcoidosis or for any other indications, or (vi) those risks discussed in RELIEF THERAPEUTICS Holding SA's filings with the SIX, which could cause the actual results, financial condition, performance or achievements of RELIEF THERAPEUTICS Holding SA to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. RELIEF THERAPEUTICS Holding SA is providing this communication as of this date and do not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.


End of ad hoc announcement


Language:     English 
Company:      RELIEF THERAPEUTICS Holding AG 
              Avenue de Sécheron 15 
              1202 Genève 
E-mail:       contact@relieftherapeutics.com 
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

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1235723&application_name=news

(END) Dow Jones Newswires

September 24, 2021 01:00 ET (05:00 GMT)

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More news
Sales 2021 1,00 M 1,08 M 1,08 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 256 M 277 M 277 M
Capi. / Sales 2021 256x
Capi. / Sales 2022 12,8x
Nbr of Employees 10
Free-Float 63,1%
Duration : Period :
Relief Therapeutics Holding AG Technical Analysis Chart | MarketScreener
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Technical analysis trends RELIEF THERAPEUTICS HOLDING AG
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Mean consensus BUY
Number of Analysts 0
Last Close Price 0,06 CHF
Average target price 0,52 CHF
Spread / Average Target 797%
Managers and Directors
Jack M. Weinstein Chief Financial Officer & Treasurer
Raghuram Selvaraju Chairman
Gilles Della Corte Chief Medical Officer
Taneli Jouhikainen Chief Operating Officer
Jeremy Meinen Vice President-Finance & Administration
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