Swiss drug developer Relief Therapeutics upsizes proposed offering to $25M

Andrey Tolkachev

Swiss biopharma Relief Therapeutics (RLFT) (OTCQB:RLFTF) (RLFTD) has disclosed terms for an upsized $25M offering and Nasdaq uplisting.

The drug developer said in a filing that it is looking at offering 4.2M units priced between $5.50 and $6.50, which would raise around $25M if priced at the midpoint. Each unit would consist of one American Depositary Share plus one warrant to buy 0.75 of one ADS. Each ADS would represent 200 ordinary shares.

H.C. Wainwright & Co. is serving as bookrunner.

Relief's ordinary shares are currently traded OTC under the symbol RLFTF, while its ADSs are traded OTC under the symbol RLFTD. Shares are also traded on the SIX Swiss Exchange under RLF. The company hopes to uplist its ADSs to Nasdaq under the symbol RLFT.

Relief Therapeutics markets specialty treatments for conditions such as chronic wounds, migraine, COVID-19 and Phenylketonuria. It's also working on therapies for urea cycle disorders and certain lung conditions.

The company first filed for the offering and uplisting in August, seeking around $20M.