Relief Therapeutics is preparing a reverse merger with NeuroX, the successor to MindMaze
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The merger must take the form of an exchange of all NeuroX shares for newly issued shares in Relief. The transaction, which is expected to be finalised before the end of the year, would value the Geneva-based company at CHF 100 million and its future partner at CHF 1 billion.
The Geneva-based pharmaceutical company Relief Therapeutics is planning a reverse merger with NeuroX, the successor to the Vaud-based developer of the MindMaze digital neurological rehabilitation platform. The latter avoided bankruptcy in mid-May by transferring part of its activities and most of its 60 or so employees to NeuroX.
The envisaged combination aims to create a publicly listed, AI-based therapeutics platform integrating software-delivered, disease-modifying clinical interventions with pharmacological treatments and a comprehensive brain health platform to improve the quality of life of patients, caregivers and families. NeuroX will contribute a clinically validated, risk-mitigated portfolio supported by multiple milestones achieved across technological development, regulatory approvals, and market access, as well as a solid network of pharmaceutical partners.
Dr. Raghuram Selvaraju, chairman of the board of directors of Relief, commented: “By entering into this transaction, we intend to bring a global pioneer in digital neurotherapeutics to the public markets through the Relief ecosystem. NeuroX, which now operates the MindMaze platform, has a compelling business model, an established track record of innovation, and a distinctive technology that integrates neuroscience and digital therapeutics to address some of the most pressing challenges in neurology. We believe this combination has the potential to create significant value for patients, clinicians, and shareholders. Importantly, it offers existing Relief shareholders the opportunity to participate in the growth of a scalable enterprise with potential to become a multi-billion-dollar company.”
Alexandre Capet, head of corporate development of NeuroX, commented: “The business combination with Relief presents a timely opportunity to build on the vision and ambition set by MindMaze on a global scale, accelerating our market presence and next phase of growth. Over the past decade, we have built a robust portfolio of clinically validated digital neurotherapeutics and invested heavily in commercial infrastructure, AI technology, and R&D. With increased visibility and a solid foundation in place, we believe this transaction comes at a pivotal inflection point in our journey. It positions us to scale more effectively as a publicly listed company and expand the reach of our breakthrough therapies.”
NeuroX and MindMaze Overview
NeuroX is a Swiss-based, commercial-stage company. In 2025, NeuroX acquired the operations and intellectual property of the legacy MindMaze group (“MindMaze”), including the MindMaze®brand.
MindMaze has developed first-of-its-kind neurotherapeutics that provide disease-modifying motor and cognitive treatments for neurological diseases and brain disorders. These neurotherapeutics are delivered through proprietary software and hardware, underpinned by an advanced brain technology platform that integrates wearables and sensors, and provides digital assessments as well as telehealth services. The unique suite of MindMaze solutions is delivered globally across the continuum-of-care, both in-clinic and in patients’ home, to successfully address some of neurology’s major unmet needs. NeuroX has already partnered with leading pharmaceutical companies that use its proprietary technology across multiple clinical trials.
Over the last decade, MindMaze has invested more than USD 350 million to establish clinical evidence, demonstrate significant medico-economic outcomes, and market MindMaze’s disease-modifying therapeutic platform across neurological diseases, including stroke, Parkinson’s disease, and at-risk aging. In the United States, MindMaze has received a unique reimbursement code (CAT-3) to support the delivery of its home-based neurotherapeutic training. Its R&D pipeline focuses on adjacent neurological diseases, such as spinal cord injury, multiple sclerosis, traumatic brain injury, and Alzheimer’s disease/dementia.
Moved by the mission to accelerate the brain’s ability to recover, the MindMaze platform innovates by combining software-delivered behavioral treatments, drugs, devices, data, and AI to establish a new paradigm of precision medicine in neurology and neural repair.
Transaction Overview
Under the terms of the term sheet, NeuroX shareholders will exchange at closing all outstanding shares of NeuroX for newly issued shares of Relief. The transaction is based on agreed equity valuations of CHF 100 million for Relief, representing a significant premium to its current market capitalization, and CHF 1 billion for NeuroX. Post-closing, Relief shareholders are expected to own approximately 9% of the combined entity on a fully diluted basis, with NeuroX shareholders holding the remaining 91%. The combined entity’s shares will continue trading on the SIX Swiss Exchange.
The term sheet provides for full exclusivity during the negotiation and finalization of a definitive agreement, as well as a customary break fee, reflecting the commitment of both parties to advance the transaction. It also includes a one-year post-closing reset mechanism to adjust the ownership ratio within certain parameters based on the combined entity’s market value at that time.
The transaction remains subject, among other customary conditions, to the negotiation and execution of a definitive agreement, completion of satisfactory due diligence, approval by the shareholders of both companies, completion of concurrent financing by NeuroX, filing of regulatory documentation with the applicable securities authorities, and receipt of regulatory and stock exchange approvals. There can be no assurance that the transaction will be completed on the terms described herein or at all.
The parties expect to finalize the definitive transaction agreement in Q3 2025, with closing anticipated in Q4 2025.
About Relief
Relief is a commercial-stage biopharmaceutical company dedicated to advancing treatment paradigms and improving the lives of patients with rare and debilitating diseases. With core expertise in drug delivery systems and drug repurposing, Relief’s clinical pipeline includes innovative treatments designed to address critical unmet medical needs in rare dermatological, metabolic and respiratory conditions. The Company has also successfully brought several approved products to market through licensing and distribution partnerships. 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. The Company has access to a CHF 50 million equity commitment in the form of a share subscription facility with its largest shareholder, Global Emerging Markets (GEM).
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