FINANCIAL TIMES ---> Geneva, Switzerland, September 28, 2020 - RELIEF THERAPEUTICS Holding SA (SIX: RLF, OTCQB: RLFTF) ("Relief" or the "Company"), a biopharmaceutical company with its lead compound RLF-100 (aviptadil) in advanced clinical development to treat severe COVID-19 patients, today announced a capital increase pursuant to a drawdown of its Share Subscription Facility (SSF) with the Company's main shareholder GEM Global Yield Fund LLC SCS ("GEM").
Funds raised amount to CHF 17,949,600. The available cash on the balance sheet of the Company, after receipt of the funds, will be approximately CHF 48,000,000 and will be used primarily to fund the ongoing Fast Track FDA trial of RLF-100 (IV) in COVID-19 acute respiratory distress syndrome (NCT04311697) and the RLF-100 (inhaled) trial for the treatment of non-acute lung injury in COVID-19 (NCT04360096) as well as to run a phase 3 study in Europe. Relief believes that with the conclusion of this raise, its capital resources will be sufficient to support its planned operations through 2022, without taking into account potential revenues generated from sales of RLF-100. Execution of the SSF, together with the latest exercises of stock options, will bring the total amount of shares outstanding to 2,580,068,581.
Relief and GEM have agreed on an amendment to the SSF to increase the remaining balance by CHF 6,000,000 before the conclusion of this tranche. This action concludes the existing SSF and Relief has no plans to put a new one in place.
"We are now well funded to progress all ongoing and planned RLF-100 trials for COVID-19 indications and are on course to reach our next milestones. In the midst of the largest health crisis of our time, we remain committed to doing our part to ensure that as many patients as possible can quickly benefit from this potentially life-saving therapeutic option," said Raghuram (Ram) Selvaraju, Chairman of the Board of Relief.