Relief Therapeutics, a Swiss biopharma commercializing a portfolio of drugs targeting rare diseases, withdrew its plans for an initial public offering on Tuesday. It had filed to raise $25 million by offering 4.2 million units at a price range of $5.50 to $6.50, with each unit consisting of one ADS and one warrant to purchase three-quarters of an ADS, exercisable at 120% of the IPO price. The company is currently listed on the SIX Swiss Exchange (RLF) and the OTC (RLFTD). It had not updated its prospectus since December 2022.
Because the company had planned to offer units with warrants attached, Relief Therapeutics will be excluded from Renaissance Capital's 2023 IPO stats.
Relief Therapeutics is focused on identifying, developing, and commercializing novel, patent protected products in selected specialty, rare, and ultra-rare disease areas on a global basis. The company currently focuses on three therapeutic areas: Rare Metabolic Disorders, Rare Skin Diseases, and Rare Respiratory Diseases. Relief's diversified portfolio comprises a rare disease product that is commercialized in the EU and was launched in the US in the 4Q22, as well as a pipeline of products at various stages of development.
The Genève, Switzerland-based company was founded in 2007 and booked $9 million in revenue for the 12 months ended June 30, 2022. It had planned to list on the Nasdaq under the symbol RLFT. H.C. Wainwright was set to be the sole bookrunner on the deal.
