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Relief Therapeutics

Relief Therapeutics secures up to $11 Million

08.08.2024
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Relief Therapeutics, a biopharmaceutical company committed to delivering innovative treatment options for select specialities, unmet and rare diseases, announced the signing and closing of a definitive agreement with SWK Funding LLC (SWK).

 

 

The transaction provides the Campus Biotech-based company with non-dilutive funding to advance its pipeline, including the clinical development of its patent-protected hypochlorous acid topical spray, RLF-TD011, for treating epidermolysis bullosa. The funding will also be used for working capital and general corporate purposes.

Under the terms of the agreement, Relief received $5.75 Million from SWK and may receive an additional $5.25 Million contingent on the achievement of near-term milestones. These include $3.25 Million if OLPRUVA’s quarterly net sales reach $1.5 Million by the end of the third quarter of 2025, and $2 Million if Zevra Therapeutics Inc. (Zevra) secures this year NDA approval from the U.S. FDA for arimoclomol to treat Niemann-Pick Disease Type C (NPC).

The FDA Genetic Metabolic Diseases Advisory Committee recently voted in favour of arimoclomol’s effectiveness for treating NPC; their recommendation will be considered in the FDA’s decision expected on September 21, 2024.

SWK acquired all future OLPRUVA royalties from Relief’s August 2023 agreement with Acer Therapeutics Inc. (Acer), a wholly-owned subsidiary of Zevra. Neither SWK nor Relief are entitled to any future royalties associated with arimoclomol from Acer. Additionally, SWK acquired all future royalties and milestone payments from the March 2024 license agreement with Eton Pharmaceuticals Inc. for the commercialisation of the GOLIKE product family in the United States.

Relief retains significant upside potential, with SWK returning to Relief 80% of OLPRUVA royalties over $2.25 Million annually and all royalties over $4.5 Million. For GOLIKE, SWK will return 80% of GOLIKE royalties over $1.32 Million annually and all royalties over $1.98 Million. In any case, the agreement will terminate, and all royalties will revert to Relief once SWK has received 2.75 times its invested capital.

 

 

Source: press release