Relief Therapeutics Holding AG (OTCQB:RLFTF) has been in the news over the past months owing to his work with regards to a coronavirus medicine. Over the past three weeks, the stock has gained considerable momentum and rallied by as much as 30%. At the end of September, there was a major development that resulted in the further uptick.
On September 30, it emerged that Relief reached an agreement with NeuroRx with regards to supply chains and a substantial order of the medicine RLF 100. The medicine is then going to be used to provide treatment to up to 1 million people in the event of the continuation of the coronavirus pandemic.
In this regard, it is necessary to note that RLF 100 is currently in the Phase 2b/3 of the clinical trials that have been approved by the United States Food and Drug Administration.
A report from the Data Monitoring Committee could be published this month. At the same time, Relief is also preparing for trials in Europe and it is expected to start at some point in the first quarter of 2021.
While the collaboration between the two companies is a vital one, Relief and NeuroRx have also approached Bachem Americas for the purpose of creating the substance RLF 100. Bachem has a proven track record in the manufacturing process of RLF 100 and has been involved in it for the past two decades.
In addition to that, the two companies have also decided to contract the services of a well-known logistics company in the United States. This collaboration will ensure that RLF 100 can be supplied overnight to hospitals in the United States who need it.
Relief Therapeutics also announced its financial results for the first of the year so far back in mid-September. As of June 30, 2020, the company had cash and cash equivalents of as much as TCHF 1688 in its books.
However, it needs to be added that the company managed to boost its cash pile to TCHF 32000 as of August 31 on the back of the Share Subscription Facility. On the other hand, the company also made a profit of TCHF 8251 in the six month period that ended on June 30.
In the corresponding period in 2019, Relief had made a loss of THCF 556. The profit was generated primarily due to the reversal of a single impairment charge incurred by the company.