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BRIEF-Relief Therapeutics Holding announces new round of financing, management changes
February 20, 2017 / 6:05 AM / 7 months ago

BRIEF-Relief Therapeutics Holding announces new round of financing, management changes

Feb 20 (Reuters) - Relief Therapeutics Holding AG:

* Has signed a term sheet securing 500,000 Swiss francs ($498,505) of financing by issuing new shares of its common stock. Proceeds are expected to be received in coming days

* Will take new cost cutting measures by reducing and optimizing certain elements of its fixed overhead structure

* Raffaele Petrone and Antonino Amato have resigned from board of directors

* In addition to resigning from his position on board of directors, Petrone has also resigned from his role as chief executive

* Gael Hedou, until now company’s chief operating officer, will assume role of interim-CEO effective immediately

* Timothy Snyder has served notice that he will be relinquishing his duties as CFO as of August 31, 2017, but will ensure a smooth and seamless transition of company’s finance function

* Under terms of this new round of financing, Gem Global Yield Fund Llc SCS ("GEM"), currently a major shareholder, will subscribe to 50 million new Relief shares at a price of 0.01 francs Source text: bit.ly/2kY3L8E Further company coverage: ($1 = 1.0030 Swiss francs) (Gdynia Newsroom)

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