NeuroX, successor to MindMaze, joins Relief Therapeutics to form SIX-listed company

NeuroX’s clinically validated digital neurotherapeutic suite is currently deployed in over 250 clinics and rehabilitation centers globally. Its solutions are supported by a unique U.S. Category III reimbursement code (CAT-3), enabling scalable and recurring revenue generation.

Over the past decade, more than USD 350 million has been invested to build this data-rich therapeutic platform, supported by strong evidence of improved clinical and medico-economic outcomes in stroke, Parkinson’s disease, and at-risk aging. Additional R&D initiatives target multiple sclerosis, spinal cord injury, traumatic brain injury, and Alzheimer’s/dementia.

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. For the first half year 2025, the company reported sales was CHF 1.22 million. Net loss was CHF 4.48 million.

Transaction Terms

Under the terms of the agreement, NeuroX shareholders shall contribute all their NeuroX shares to Relief in exchange for newly issued SIX-listed Relief shares, at a fixed exchange ratio of 140 Relief shares per NeuroX share. Based on this exchange ratio and reflecting an agreed relative valuation of 10-to-1 on a fully diluted basis in favor of NeuroX, Relief will issue 140,000,000 new ordinary shares to acquire NeuroX. Following completion, Relief expects to have 152,584,419 ordinary shares outstanding, excluding 1,500,398 treasury shares and subject to adjustments for any outstanding options exercised prior to closing.

The transaction has been approved by the boards of directors of both companies and is expected to close in December 2025. Completion remains subject, inter alia, to approval of the transaction by Relief’s shareholders and to the admission of the newly issued Relief shares for listing and trading on the SIX Swiss Exchange. Upon closing, Relief will be renamed MindMaze Therapeutics Holding SA.

NeuroX is in advanced discussions to secure a new CHF 200 million equity commitment through a share subscription facility with Relief’s shareholder Global Emerging Markets (GEM), in addition to an existing equity commitment to be contributed by Relief representing an additional CHF 50 million.

Leadership and Governance

Upon completion of the transaction, the combined company will be guided by Tej Tadi, founder of MindMaze, supported by NeuroX’s current executive leadership team and additional key hires underway. Relief’s chief financial officer will continue in that role. Other members of Relief’s current executive committee will assume management positions, focusing on Relief’s existing business and supporting the NeuroX platform.

At an upcoming extraordinary general meeting, Relief’s board of directors will propose the election of four new members. Gregory Van Beek, the sole incumbent director, will continue to serve on the board of directors to ensure continuity and support the integration of the two companies.

(Press release / SK)