THERAMetrics holding AG (SIX:TMX) (“THERAMetrics”) and RELIEF THERAPEUTICS SA (“Relief”), announced that they have signed a binding agreement to combine their businesses by way of an exchange of Relief’s shares for new THERAMetrics shares, subject to shareholder approval and other customary conditions.
THERAMetrics is listed on the main segment of the Swiss Stock Exchange (SIX Swiss Exchange) while Relief is a privately-held company based in Geneva. The combined entity will continue to operate under the name THERAMetrics holding AG with Relief as a wholly-owned subsidiary.
Concurrently, THERAMetrics announced that it is in advanced discussions for the spin-off of its entire Contract Research Organization (“CRO”) and expects that transaction to be completed during H1 2016.
As a result of the combination with Relief and the spin-off of the CRO business, THERAMetrics’ shareholders will have ownership in a promising biopharmaceutical company with a pipeline of several promising medicinal product candidates (“MPCs”).
The main MPC of Relief is Low Dose Interleukin-6 (“IL-6”). The rights to the intellectual property and its global commercialization have been secured by Relief from Merck Serono in an exclusive, worldwide licensing agreement signed in August of this year. Prior to the sale of the IL-6 intellectual property and commercialization rights to Relief, Merck Serono had already invested significantly in the development of this promising product candidate. Low Dose IL-6 is a neuroprotective MPC ready to enter clinical testing in patients addressing an unmet medical need in diabetic neuropathy (“DN”). Currently, there are no regulatory approved drugs of this kind available, and the market for DN-related drugs is expected to be USD 4.1 billion by 2019. Existing treatments such as Pfizer’s Lyrica address only peripheral neuropathy symptomatically. Relief’s Low Dose IL-6, by comparison, addresses physical regeneration, which would lead to quality-of-life improvement in 40-60% of the >300 million diabetics worldwide who suffer from diabetic neuropathy. This program will constitute one of the main pillars of the newly formed company.
The main product candidate of THERAMetrics is Aviptadil for the treatment of various indications, including Sarcoidosis, Acute Lung Injury, Chronic Obstructive Pulmonary Disease, Chronic Thromboembolic, and Chronic Lung Diseases associated Pulmonary Hypertension. For the development and commercialization of Aviptadil for the treatment of Sarcoidosis, THERAMetrics has signed a collaboration and licensing agreement with Centurion Pharma for Turkey and other neighboring markets. Issued patents for all indications (and for the rare diseases adopted orphan medicinal drug designations) are in place. Due to the CHF 25 million committed Share Subscription Facility (the “SSF”) granted by GEM Global Yield Fund LLC SCS (“GEM”) concurrently with the business combination with Relief, THERAMetrics will be in a position to resume Phase III clinical trials for the use of Aviptadil in selected indications in H1 2016…
Source: THERAMetrics