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Relief Therapeutics (OTCQB:RLFTY) has announced a significant business combination with NeuroX, the successor company to MindMaze, through a binding term sheet. The transaction values Relief at CHF 100 million and NeuroX at CHF 1 billion. Post-merger, Relief shareholders will own approximately 9% of the combined entity, while NeuroX shareholders will hold 91%.
NeuroX, which recently acquired MindMaze’s assets and operations, brings a clinically validated portfolio of AI-based digital neurotherapeutics for treating neurological diseases and brain disorders. The company has invested over $350 million in developing its platform, which combines software-delivered behavioral treatments with drugs, devices, and AI technology.
The transaction is expected to close in Q4 2025, subject to customary conditions including shareholder approvals, due diligence, and regulatory clearances.
Relief Therapeutics (OTCQB:RLFTY) ha annunciato una significativa fusione con NeuroX, la società successore di MindMaze, tramite un accordo vincolante. La transazione valuta Relief a 100 milioni di CHF e NeuroX a 1 miliardo di CHF. Dopo la fusione, gli azionisti di Relief deterranno circa il 9% della nuova entità combinata, mentre quelli di NeuroX il 91%.
NeuroX, che ha recentemente acquisito le attività e le operazioni di MindMaze, porta con sé un portafoglio clinicamente validato di neuroterapeutici digitali basati sull’IA per il trattamento di malattie neurologiche e disturbi cerebrali. L’azienda ha investito oltre 350 milioni di dollari nello sviluppo della sua piattaforma, che combina trattamenti comportamentali erogati tramite software con farmaci, dispositivi e tecnologia IA.
La chiusura della transazione è prevista per il quarto trimestre del 2025, subordinata a condizioni consuete come l’approvazione degli azionisti, la due diligence e le autorizzazioni regolatorie.
Relief Therapeutics (OTCQB:RLFTY) ha anunciado una importante combinación empresarial con NeuroX, la compañía sucesora de MindMaze, mediante un acuerdo vinculante. La transacción valora a Relief en 100 millones de CHF y a NeuroX en 1.000 millones de CHF. Tras la fusión, los accionistas de Relief poseerán aproximadamente el 9% de la entidad combinada, mientras que los accionistas de NeuroX tendrán el 91%.
NeuroX, que recientemente adquirió los activos y operaciones de MindMaze, aporta un portafolio clínicamente validado de neuroterapéuticos digitales basados en IA para tratar enfermedades neurológicas y trastornos cerebrales. La empresa ha invertido más de 350 millones de dólares en desarrollar su plataforma, que combina tratamientos conductuales entregados por software con medicamentos, dispositivos y tecnología de IA.
Se espera que la transacción se cierre en el cuarto trimestre de 2025, sujeta a condiciones habituales como la aprobación de los accionistas, la diligencia debida y las autorizaciones regulatorias.
Relief Therapeutics (OTCQB:RLFTY)는 MindMaze의 후속 회사인 NeuroX와 구속력 있는 조건서에 따라 중요한 사업 합병을 발표했습니다. 이번 거래는 Relief의 가치를 1억 스위스 프랑(CHF), NeuroX의 가치를 10억 스위스 프랑(CHF)으로 평가합니다. 합병 후 Relief 주주는 통합 법인의 약 9%를 보유하게 되며, NeuroX 주주가 91%를 보유하게 됩니다.
NeuroX는 최근 MindMaze의 자산과 운영을 인수했으며, 신경계 질환 및 뇌 장애 치료를 위한 AI 기반 디지털 신경치료제의 임상적으로 검증된 포트폴리오를 보유하고 있습니다. 이 회사는 소프트웨어 기반 행동 치료와 약물, 장치, AI 기술을 결합한 플랫폼 개발에 3억 5천만 달러 이상을 투자했습니다.
이번 거래는 주주 승인, 실사, 규제 승인 등 일반적인 조건을 충족하는 것을 전제로 2025년 4분기에 완료될 예정입니다.
Relief Therapeutics (OTCQB:RLFTY) a annoncé une importante opération de fusion avec NeuroX, la société successeur de MindMaze, via une lettre d’intention contraignante. La transaction valorise Relief à 100 millions de CHF et NeuroX à 1 milliard de CHF. Après la fusion, les actionnaires de Relief détiendront environ 9% de l’entité combinée, tandis que les actionnaires de NeuroX en détiendront 91%.
NeuroX, qui a récemment acquis les actifs et opérations de MindMaze, apporte un portefeuille cliniquement validé de neurothérapeutiques numériques basées sur l’IA pour le traitement des maladies neurologiques et des troubles cérébraux. La société a investi plus de 350 millions de dollars dans le développement de sa plateforme, qui combine des traitements comportementaux délivrés par logiciel avec des médicaments, des dispositifs et la technologie IA.
La clôture de la transaction est prévue pour le quatrième trimestre 2025, sous réserve des conditions habituelles telles que l’approbation des actionnaires, la due diligence et les autorisations réglementaires.
Relief Therapeutics (OTCQB:RLFTY) hat eine bedeutende Unternehmenszusammenführung mit NeuroX angekündigt, dem Nachfolgeunternehmen von MindMaze, basierend auf einem verbindlichen Term Sheet. Die Transaktion bewertet Relief mit 100 Millionen CHF und NeuroX mit 1 Milliarde CHF. Nach der Fusion werden die Aktionäre von Relief etwa 9% des kombinierten Unternehmens besitzen, während die Aktionäre von NeuroX 91% halten.
NeuroX, das kürzlich die Vermögenswerte und den Betrieb von MindMaze übernommen hat, bringt ein klinisch validiertes Portfolio von KI-basierten digitalen Neurotherapeutika zur Behandlung neurologischer Erkrankungen und Hirnstörungen mit. Das Unternehmen hat über 350 Millionen US-Dollar in die Entwicklung seiner Plattform investiert, die softwaregestützte Verhaltenstherapien mit Medikamenten, Geräten und KI-Technologie kombiniert.
Der Abschluss der Transaktion wird für das 4. Quartal 2025 erwartet, vorbehaltlich üblicher Bedingungen wie Aktionärszustimmungen, Due Diligence und behördlicher Genehmigungen.
Positive
- Creation of an expanded, SIX-listed commercial-stage AI-driven health tech company
- NeuroX brings established partnerships with leading pharmaceutical companies
- Unique reimbursement code (CAT-3) already secured in the United States
- Significant premium valuation for Relief shareholders compared to current market cap
- One-year post-closing reset mechanism to adjust ownership ratios based on market performance
Negative
- Substantial dilution for existing Relief shareholders (91% ownership transfer to NeuroX)
- High execution risk due to complex integration of different therapeutic approaches
- Transaction completion subject to multiple conditions and approvals
07/29/2025 – 01:20 AM
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NeuroX recently acquired the assets and operations of MindMaze, a world-renowned leader in evidence-based neurotherapeutic solutions for neurological diseases and brain disorders
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Business combination to create an expanded, SIX-listed, commercial-stage, AI-driven, scalable health tech company
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Binding term sheet signed; transaction subject to customary conditions and approvals
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Closing expected in Q4 2025
GENEVA, SWITZERLAND – In a bold move poised to reshape the landscape of digital neurotherapeutics, Relief Therapeutics (OTCQB:RLFTY) has inked a binding term sheet with NeuroX Group SA, the dynamic successor to MindMaze. According to the agreement, Relief will merge with NeuroX in a deal valuing the companies at CHF 100 million and CHF 1 billion, respectively. The Street will be watching closely as, post-merger, Relief shareholders are slated to retain a mere 9% stake in the combined entity, while NeuroX shareholders snag a commanding 91%.
NeuroX, fresh off its acquisition of MindMaze’s assets, brings to the table a clinically validated arsenal of AI-powered digital neurotherapeutics targeting an array of neurological diseases and brain disorders. Sources close to the deal suggest that NeuroX has pumped over $350 million into developing its cutting-edge platform – an integrated approach that melds software-driven behavioral therapies with pharmaceuticals, devices, and, crucially, artificial intelligence.
The transaction, subject to the usual closing conditions – shareholder green lights, due diligence deep dives and regulatory nods – is anticipated to close in Q4 2025. The details, however, are already generating buzz among analysts. Will this merger unlock significant synergies, or will the significant dilution of Relief’s existing shareholders raise concerns about long-term value? Only time, and the markets, will tell.
The combined entity 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.
For more information, visit www.mindmaze.com .
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). For more information, visit www.relieftherapeutics.com.
CONTACT
RELIEF THERAPEUTICS Holding SA
Jeremy Meinen
Chief Financial Officer
[email protected]
DISCLAIMER
This press release contains forward-looking statements, which may be identified by words such as “believe,” “assume,” “expect,” “intend,” “may,” “could,” “will,” or similar expressions. These statements are based on current plans and assumptions and are subject to risks and uncertainties that could cause actual results, financial condition, performance, or achievements to differ materially from those expressed or implied. Such factors include, but are not limited to, changes in economic conditions, market developments, regulatory changes, competitive dynamics, and other risks or changes in circumstances. This communication is provided as of the date hereof, and Relief undertakes no obligation to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
The information provided on NeuroX and MindMaze within this press release is provided by NeuroX. Relief makes no representation or warranty as to the accuracy, completeness, or reliability of such information and disclaims any obligation or liability in connection with it.
No offer or solicitation: This press release does not constitute (i) a prospectus within the meaning of the Swiss Financial Services Act or under any other applicable laws, (ii) a solicitation of proxy, consent or authorization with respect to any securities or in respect of the proposed business combination or (iii) an offer to sell, a solicitation of an offer to buy, or a recommendation to buy any security of Relief, NeuroX, or any of their respective affiliates. There shall not be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the laws of such other jurisdiction. This press release should not be treated as offering material of any sort and is for information purposes only.
SOURCE: Relief Therapeutics Holding SA
View the original press release on ACCESS Newswire
FAQ
What is the value of the Relief Therapeutics and NeuroX business combination?
The transaction values Relief Therapeutics at CHF 100 million and NeuroX at CHF 1 billion, with Relief shareholders owning 9% of the combined entity.
When is the Relief Therapeutics and NeuroX merger expected to close?
The merger is expected to close in Q4 2025, following the finalization of the definitive agreement in Q3 2025.
What technologies does NeuroX bring to the Relief Therapeutics merger?
NeuroX brings MindMaze’s digital neurotherapeutics platform that combines AI-driven software treatments, drugs, devices, and data for treating neurological diseases and brain disorders.
How much has been invested in developing MindMaze’s technology platform?
Over $350 million has been invested in establishing clinical evidence and developing MindMaze’s disease-modifying therapeutic platform.
What conditions need to be met for the Relief-NeuroX merger to complete?
The merger requires shareholder approval from both companies, completion of due diligence, concurrent NeuroX financing, regulatory approvals, and stock exchange clearances.
