30 April 2019
RELIEF THERAPEUTICS Holding SA (“Relief”, the “Company”) published its annual report for the year 2018 on 30 April 2019.
The tripartite collaboration for the development of hypoallergenic milk has been successfully launched in September 2018 following the Sublicensing and Collaboration Agreement signed with the Health and Happiness Group (H&H) and the Service Agreement executed with Genclis SA.
The University of Freiburg is preparing the initiation of the clinical trial aiming at testing the therapeutic efficacy of aviptadil in Sarcoidosis patients while the option agreement for the UK-based company Seren Clinical to in-license aviptadil for Sarcoidosis and Pulmonary Hypertension has been extended until the end of 2019.
A Letter of Intent has been recently executed with the privately held French company Enterosys to explore new fields of indication where Atexakin alfa could demonstrate therapeutic benefits.
Capital has been injected into the Company throughout 2018 to support operations. Different routes were followed, including investment from Relief’s main investor and shareholder Global Emerging Market (GEM) as well as proceeds from the sublicensing Agreement finalized with H&H.
Relief generated in 2018 a positive revenue of kCHF 565 via sublicensing of the hypoallergenic milk compared with kCHF 0 in 2017. The corresponding EBITDA of the Group therefore improved from minus kCHF 1’733 in 2017 to minus kCHF 483 in 2018. The total comprehensive income for the period improved from minus kCHF 2’275 for 2017 to minus kCHF 429 for 2018.
In addition, the Group slightly increased its total assets in 2018 compared to 2017 from kCHF 30’971 to kCHF 35’576 thanks to the acquisition of the two Genclis programs.
At the Holding Standalone level, the net result was minus kCHF 6’228 on 31 December 2018 compared to a net result of minus kCHF 1’745 in 2017. This larger loss compared with previous year principally results from the recognition of a significant impairment on the investment in the subsidiary Relief Therapeutics SA, whose value is mainly driven by its asset atexakin alfa. The impairment, which resulted from an independent external asset valuation, represents an amount of minus kCHF 5’183.
As announced on April 27th, Mr. Hedou and Mr. Dreano have resigned from their position of CEO and CFO, respectively and will remain active until the completion of the 2019 Annual General Meeting (AGM). Both will continue their support to the Company in its current projects and ensure a smooth transition with a new management team that the Board of Directors is constituting.
In addition, GEM has provided on the 30th of April a new financial support to the Company by wiring kCHF 300 to support the Company’s operation at least until the end of the AGM.
Raghuram Selvaraju, Chairman of the Board of Directors, comments: “The 2018 Annual Report reflects the change in the strategy that the Company has initiated in 2017. We want to thank the resigning executives who helped achieve this goal and we remain, together with our main investor GEM, committed to pursue the route initiated and support ongoing projects for the benefit of patients and shareholders.”
The full Annual Report of Relief Therapeutics Holding SA will be available here on Tuesday, the 30th of April 2019.
RELIEF THERAPEUTICS Holding SA is a clinical stage biotechnology company with a portfolio of drug candidates derived from natural human origins. Its two most promising drug candidates are Aviptadil for the treatment of sarcoidosis (already in Phase III) and low dose interleukin-6 (Atexakin Alfa) for the treatment of peripheral diabetic neuropathy (already in Phase II). Aviptadil development in sarcoidosis focuses the drug on an orphan disease market, in which European regulators have indicated that a single pivotal Phase III trial would be sufficient to support approval. Atexakin Alfa is the subject of an exclusive worldwide development and commercialization agreement with Merck KGaA, and has been the subject of multiple clinical trials. Based on its unique mechanism of action, Atexakin Alfa could become the first regenerative therapeutic for peripheral neuropathy. The peripheral diabetic neuropathy market is estimated to reach $4.1 billion in 2019, according to Datamonitor.
RELIEF THERAPEUTICS Holding SA is listed on the SIX Swiss Exchange under the symbol RLF and is headquartered in Geneva, Switzerland.
This communication expressly or implicitly contains certain forward-looking statements concerning Relief Therapeutics Holding SA and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, 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 does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.