Relief Therapeutics Provides Update on Potential Transaction with Renexxion
Relief Therapeutics provided an update on its potential reverse merger with Renexxion, a private U.S. clinical-stage biotech company focused on gastrointestinal disorders therapies. Following their earlier non-binding letter of intent, both companies have made significant progress in transaction structuring and integration planning. The parties expect to sign a definitive merger agreement in Q1 2025.
Dr. Raghuram Selvaraju, Relief's board chairman, emphasized their focus on leveraging complementary strengths to maximize shareholder value. However, the company noted that there's no assurance of reaching a definitive agreement or completing the proposed transaction as planned.
Relief Therapeutics ha fornito un aggiornamento sulla sua potenziale fusione inversa con Renexxion, un'azienda biotecnologica statunitense in fase clinica privati, concentrata sulle terapie per i disturbi gastrointestinali. Dopo la loro precedente lettera d'intenti non vincolante, entrambe le aziende hanno compiuto significativi progressi nella strutturazione della transazione e nella pianificazione dell'integrazione. Le parti si aspettano di firmare un accordo di fusione definitivo nel Q1 2025.
Il Dr. Raghuram Selvaraju, presidente del consiglio di amministrazione di Relief, ha sottolineato la loro attenzione nel sfruttare le forze complementari per massimizzare il valore per gli azionisti. Tuttavia, l'azienda ha notato che non c'è alcuna garanzia di raggiungere un accordo definitivo o di completare la transazione proposta come pianificato.
Relief Therapeutics proporcionó una actualización sobre su potencial fusión inversa con Renexxion, una empresa biotecnológica estadounidense en etapa clínica enfocada en terapias para trastornos gastrointestinales. Tras su anterior carta de intención no vinculante, ambas compañías han avanzado significativamente en la estructuración de la transacción y la planificación de la integración. Las partes esperan firmar un acuerdo de fusión definitivo en Q1 2025.
El Dr. Raghuram Selvaraju, presidente de la junta de Relief, enfatizó su enfoque en aprovechar las fortalezas complementarias para maximizar el valor para los accionistas. Sin embargo, la compañía señaló que no hay garantía de alcanzar un acuerdo definitivo o de completar la transacción propuesta según lo planeado.
Relief Therapeutics는 위장 장애 치료에 초점을 맞춘 미국의 임상 단계 바이오텍 기업 Renexxion과의 잠재적인 역합병에 대한 업데이트를 제공했습니다. 양사가 이전의 비구속(intent) 서신 이후, 거래 구조와 통합 계획에서 상당한 진전을 이뤘습니다. 양측은 2025년 1분기에 최종 합병 계약을 체결할 것으로 예상하고 있습니다.
Relief의 이사회 의장인 Dr. Raghuram Selvaraju는 주주 가치를 극대화하기 위해 상호 보완적인 강점을 활용하는 데 초점을 맞추고 있다고 강조했습니다. 그러나 회사는 최종 합의에 도달하거나 계획대로 제안된 거래를 완료할 수 있다는 보장이 없음을 언급했습니다.
Relief Therapeutics a fourni une mise à jour concernant sa potentielle fusion inversée avec Renexxion, une entreprise biopharmaceutique privée en phase clinique aux États-Unis, spécialisée dans les thérapies pour les troubles gastro-intestinaux. Suite à leur lettre d'intention précédente non contraignante, les deux sociétés ont réalisé des progrès significatifs dans la structuration de la transaction et la planification de l'intégration. Les parties s'attendent à signer un accord de fusion définitif au Q1 2025.
Le Dr Raghuram Selvaraju, président du conseil d'administration de Relief, a souligné leur objectif de tirer parti des forces complémentaires pour maximiser la valeur pour les actionnaires. Cependant, l'entreprise a noté qu'il n'y a aucune garantie d'atteindre un accord définitif ou de mener à bien la transaction proposée comme prévu.
Relief Therapeutics hat ein Update zu seiner potenziellen Umkehrfusion mit Renexxion, einem privaten US-biotechnologischen Unternehmen in der klinischen Phase, das sich auf Therapien für gastrointestinale Störungen konzentriert, bereitgestellt. Nach ihrem früheren unverbindlichen Absichtsschreiben haben beide Unternehmen bedeutende Fortschritte in der Strukturierung der Transaktion und der Integrationsplanung erzielt. Die Parteien erwarten, im Q1 2025 eine endgültige Fusionsvereinbarung zu unterzeichnen.
Dr. Raghuram Selvaraju, der Vorsitzende des Vorstands von Relief, betonte ihren Fokus darauf, komplementäre Stärken zu nutzen, um den Wert für die Aktionäre zu maximieren. Das Unternehmen stellte jedoch fest, dass es keine Garantie dafür gibt, dass ein endgültiger Vertrag zustande kommt oder die vorgeschlagene Transaktion wie geplant abgeschlossen wird.
- Progress made towards reverse merger completion
- Expected definitive merger agreement signing in Q1 2025
- Potential synergies from complementary business strengths
- No guarantee of transaction completion
- Extended timeline for merger finalization
GENEVA, SWITZERLAND / ACCESSWIRE / December 27, 2024 / RELIEF THERAPEUTICS Holding SA(SIX:RLF)(OTCQB:RLFTF)(OTCQB:RLFTY) (Relief, or the Company), a biopharmaceutical company committed to delivering innovative treatment options for select specialty, unmet and rare diseases, today provided an update on the potential reverse merger with Renexxion, Inc. (Renexxion), a privately-held U.S.-based clinical-stage biotechnology company specializing in gastrointestinal disorders therapies.
Following the announcement of the non-binding letter of intent earlier this year, Relief and Renexxion have made significant progress in advancing their transformative partnership and both companies are working closely to ensure the transaction is structured for long-term success. Efforts have concentrated on transaction structuring and integration planning to support the combined entity's future growth. On this foundation, the parties now anticipate signing a definitive merger agreement in Q1 2025.
"As we continue discussions with Renexxion, we are focused on leveraging the complementary strengths of both companies to maximize value for our shareholders and stakeholders," commented Dr. Raghuram Selvaraju, chairman of the board of directors of Relief. "At the same time, we are building on the recent advancements in Relief's core development programs, with critical milestones expected in the coming year."
While discussions and planning are progressing positively, there can be no assurance that a definitive agreement will be reached or that the proposed transaction will be completed as planned. Completion of the transaction remains subject to customary conditions.
ABOUT RELIEF
Relief is a commercial-stage biopharmaceutical company committed to advancing treatment paradigms and delivering improvements in efficacy, safety, and convenience to benefit the lives of patients living with select specialty and rare diseases. Relief's portfolio offers a balanced mix of marketed, revenue-generating products, proprietary, globally patented TEHCLO™ and Physiomimic™ platform technologies and a targeted clinical development pipeline consisting of risk-mitigated assets focused in three core therapeutic areas: rare skin diseases, rare metabolic disorders, and rare respiratory diseases. In addition, Relief is commercializing several legacy products via licensing and distribution partners. Headquartered in Geneva, Relief is listed on the SIX Swiss Exchange under the symbol RLF and quoted in the U.S. on OTCQB under the symbols RLFTF and RLFTY. For more information, visit www.relieftherapeutics.com.
ABOUT RENEXXION
Renexxion, Inc. is a clinical-stage biopharmaceutical company pioneering therapies for gastrointestinal (GI) disorders. Renexxion's lead compound, naronapride, is a potential best-in-class, highly selective dual-action 5-HT4 agonist/D2-antagonist prokinetic agent designed to enhance GI motility with minimal systemic absorption. Naronapride is currently being studied in a Phase 2 clinical trial for gastroparesis in collaboration with Renexxion's strategic European partner, a leader in GI therapeutics. Additionally, Renexxion has received FDA IND clearance for naronapride as a potential treatment for proton pump inhibitor non-responsive symptomatic gastroesophageal reflux disease (PPI-nrsGERD). Through strategic partnerships, scientific advancements, and a commitment to addressing patients with high-unmet need, Renexxion aims to redefine GI healthcare and deliver transformative solutions for millions of patients worldwide. For more information, visit www.renexxion.com.
CONTACT:
RELIEF THERAPEUTICS Holding SA
Jeremy Meinen
Chief Financial Officer
contact@relieftherapeutics.com
DISCLAIMER
This press release contains forward-looking statements, which may be identified by words such as "believe," "assume," "expect," "intend," "may," "could," "will," or similar expressions. These statements are based on current plans and assumptions and are subject to risks and uncertainties that could cause actual results, financial condition, performance, or achievements to differ materially from those expressed or implied. Such factors include, but are not limited to, changes in economic conditions, market developments, regulatory changes, competitive dynamics, and other risks or changes in circumstances. This communication is provided as of the date hereof, and Relief undertakes no obligation to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
Participants in the Solicitation: Relief and Renexxion and their respective directors and officers and other members of management and employees may be deemed participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Relief's and Renexxion's shareholders in connection with the proposed business transaction will be included in the definitive proxy statement/prospectus that Relief, Renexxion or a combined company intends to file with relevant regulatory authorities.
No Offer or Solicitation: This press release does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to buy any security of Renexxion, Relief or any of their respective affiliates. There shall not be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the laws of such other jurisdiction. No offering of securities in the United States shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
SOURCE: Relief Therapeutics Holding SA
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FAQ
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