Relief Therapeutics Launches Level 1 ADR Program in the United States
GENEVA, SWITZERLAND / ACCESSWIRE / November 18, 2021 / RELIEF THERAPEUTICS Holding SA (SIX:RLF, OTCQB:RLFTF) (" Relief "), announced today that its Form F-6 registration statement has become effective, and that Relief has launched its Level 1 American Depositary Receipt ("ADR") program in the United States ("U.S."). It is expected that Relief's ADRs will begin trading on the over-the-counter ("OTC") market today, November 18, 2021, under the trading symbol ("RLFTY"). Relief's ADR program will complement its existing primary listing of ordinary shares on the SIX Swiss Exchange ("SIX"). J.P. Morgan has been appointed as the depositary bank for the Level 1 ADR program.
An ADR is a negotiable receipt, resembling a stock certificate, that is issued by a U.S. depositary bank appointed by a company to evidence one or more American Depositary Shares ("ADSs"). In the case of Relief's ADRs, each ADS will represent one hundred and fifty (150) of Relief's ordinary shares. ADRs allow U.S. investors to buy shares in foreign companies without the need for cross-border or cross-currency transactions. They are priced in U.S. dollars and can be traded like shares of U.S.-based companies listed on the OTC market.
Under the program, the owners and holders of ADSs will have the same rights to dividends and distributions and voting powers as the holders of Relief's ordinary shares subject, however, to enforcement procedures provided in the deposit agreement entered into by and among Relief, J.P. Morgan, as the depositary, and the owners and holders of ADSs.
The establishment of the program by Relief is not a new offering of securities, and the ADRs will be based on the Relief ordinary shares currently in issue. Therefore, Relief will receive no proceeds from the establishment of the program. However, Relief's goal is to take the necessary steps in the future to transition from a Level 1 ADR program to a Level 2 or a Level 3 ADR program, with the ultimate goal of listing its ADRs on the Nasdaq Stock Market during the first half of 2022. There can be no assurance that Relief will be successful in those efforts.
Instructions for converting Relief ordinary shares into ADRs are posted on Relief's website at https://www.relieftherapeutics.com/investor-relations or CLICK HERE .
Relief focuses primarily on clinical-stage programs based on molecules with a history of clinical testing and use in human patients or a strong scientific rationale. Relief's drug candidate, RLF-100(TM) (aviptadil), a synthetic form of Vasoactive Intestinal Peptide ("VIP"), is in late-stage clinical testing in the U.S. for the treatment of respiratory deficiency due to COVID-19. As part of its pipeline diversification strategy, in March 2021, Relief entered into a Collaboration and License Agreement with Acer Therapeutics for the worldwide development and commercialization of ACER-001. ACER-001 is a taste-masked and immediate release proprietary powder formulation of sodium phenylbutyrate (NaPB) for the treatment of Urea Cycle Disorders and Maple Syrup Urine Disease. In addition, Relief's recently completed acquisitions of APR Applied Pharma Research SA and AdVita Lifescience GmbH, bring to Relief a diverse pipeline of marketed and development-stage programs.
RELIEF THERAPEUTICS Holding SA is listed on the SIX Swiss Exchange under the symbol RLF and quoted in the U.S. on OTCQB under the symbol RLFTF. For more information, visit www.relieftherapeutics.com . Follow us on LinkedIn.
RELIEF THERAPEUTICS Holding SA
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Disclaimer: This communication expressly or implicitly contains certain forward-looking statements concerning RELIEF THERAPEUTICS Holding SA. Such statements involve certain known and unknown risks, uncertainties and other factors, including (i) whether a market will develop for Relief's ADRs, (ii) whether, if Relief's ADRs are traded in the U.S., they will become eligible to be listed on the NASDAQ Stock Market, and the timing of any such listing, and (iii) those risks discussed in RELIEF THERAPEUTICS Holding SA's press releases and filings with the SIX, which could cause the actual results, financial condition, performance or achievements of RELIEF THERAPEUTICS Holding SA to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. RELIEF THERAPEUTICS Holding SA is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
SOURCE: Relief Therapeutics Holdings AG
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