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GENEVA, SWITZERLAND / ACCESSWIRE / August 31, 2020 / RELIEF THERAPEUTICS Holding SA (SIX: RLF, OTCQB: RLFTF) ("Relief" or the "Company"), a biopharmaceutical company with its lead compound Aviptadil in advanced clinical development to treat severe COVID-19 patients, today announced their successful up-listing from OTC Pink to OTCQB, effective as of the open of trading on August 31, 2020 and a capital increase pursuant to drawdowns in the context of its Share Subscription Facility in place with the Company's main shareholder GEM Global Yield Fund LLC SCS.
As part of the Company's growth and evolution strategy, Relief successfully met all qualifications to up-list from OTC Pink to OTCQB. This will allow a broader range of investors to invest in Relief Stock. The OTCQB is operated by the OTC Markets Group, Inc. and is designed for early-stage and developing companies located both in the United States and abroad. To be eligible for quotation on the OTCQB, companies must be current in their reporting and undergo an annual verification and management certification process. Companies must also meet a minimum bid price test and be solvent. The OTCQB is recognized by the Securities and Exchange Commission as an established public market and provides current public information to investors that need to analyze, value, and trade securities. Relief intends to seek a future presence on a regulated exchange such as the NASDAQ or NYSE MKT.
In addition, Relief raised funds from the Share Subscription Facility bringing the total amount of shares outstanding to 2,534,168,581. As of August 31, 2020, Relief has an available cash balance of approximately CHF 32,000,000, which will be used primarily to fund the ongoing Fast Track FDA trial of RLF-100 (Aviptadil) in COVID-19 acute respiratory distress syndrome (NCT04311697) as well as to run a phase 3 study in Europe.
"We are proud to meet the enhanced public company requirements to be an OTCQB listed company and thank all share purchasers who are contributing to this fundraising effort. The proceeds from these efforts will enable us to progress the clinical trial of Aviptadil and reach our next milestone on schedule to bring this potentially life-saving drug to patients as fast as possible," said Dr. Raghuram Selvaraju, Chairman of the Board of Directors of Relief.
About Relief
Relief focuses primarily on clinical-stage projects based on molecules of natural origin (peptides and proteins) with a history of clinical testing and use in human patients or a strong scientific rationale. Currently, Relief is concentrating its efforts on developing new treatments for respiratory disease indications. Its lead drug candidate Aviptadil, alias vasoactive intestinal peptide, is tested in two phase 2/3 trials on COVID-19 induced ARDS, plus an expanded access program (compassionate use). Aviptadil is the first COVID-19 therapeutic to demonstrate the ability to block replication of the SARS-CoV-2 virus in human lung cells and monocytes, while also preventing synthesis of cytokines in the lung. Aviptadil was granted FDA Fast Track Designation and emergency use IND authorization.