EQS-News Relief Reports 2020 Financial Results and Provides Business Update - Seite 2
- To match the fast pace at which the Company is developing, Relief strengthened its management team during 2020 and early 2021 with the additions of Jack Weinstein as Chief Financial Officer and Treasurer, Chris L.J.J. Stijnen as Chief Commercial Officer, Gilles Della Corte, M.D. as Chief Medical Officer, J. Paul Waymack, M.D., Sc.D. as development and regulatory consultant and J.J. Scherpbier of Sonsbeek Pharma Consultancy B.V. as manufacturing and supply chain consultant.
- To strengthen and expand its pipeline, in March 2021, Relief signed a Collaboration and License Agreement with Acer Therapeutics for the worldwide development and commercialization of ACER-001 for the treatment of Urea Cycle Disorders (UCDs) and Maple Syrup Urine Disease (MSUD).
- Relief reported a strong financial position with CHF 43.1 million in cash on its balance sheet as of December 31, 2020 (CHF 0.1 million at year end 2019).
- Service expenses were CHF 13.7 million (2019: CHF 0.1 million), primarily for services provided by collaboration partner NeuroRx, Inc. and other third parties related to RLF-100 clinical trials.
- Personnel expenses were CHF 2.6 million (2019: CHF 0.3 million), as additional human resources were essential to oversee clinical trial activities with RLF-100 and to strengthen Relief's organization.
- Other administrative expenses were CHF 3.0 million (2019: CHF 0.6 million), as requirements for legal, consulting and marketing services increased in conjunction with the Company's activities.
- Relief recognized a one-time disposal gain of CHF 3.4 million following the divestment of its former subsidiary holding the atexakin alpha compound.
- EBITDA for 2020 was a loss of CHF 20.3 million (2019: loss of CHF 0.9 million).
- Net loss in 2020 was CHF 7.8 million (2019: CHF 7.5 million).
- In July 2020, Relief entered into a binding agreement with Gem Global Yield LLC (GEM) for the redemption of the outstanding CHF 1.7 million debt position in exchange for newly issued Relief shares.
- Through 2020, Relief successfully closed several capital increases in the amount of CHF 49.2 million pursuant to drawdowns from its Share Subscription Facility ("SSF") in place with GEM.
- Financing activities throughout 2020 resulted in the raising of a total of CHF 58 million in new equity financing.
Post reporting period