News Column

Relmada Therapeutics Successfully Completes Offerings Totaling $28 Million In Connection With Going Public Transaction

June 30, 2014



By a News Reporter-Staff News Editor at Pain & Central Nervous System Week -- Camp Nine, Inc. (the "Company"), which conducts its operations through Relmada Therapeutics Inc. ("Relmada") (OTCBB: CMPE), a clinical-stage company developing novel therapies for the treatment of chronic pain, announced that it has completed equity capital raises totaling gross proceeds of $28MM associated with a going-public transaction. The Company intends to change its name to Relmada Therapeutics, Inc. to better reflect its business operations. The funding was accomplished through two separate offerings; the first offering was consummated by Relmada and closed on May 15, 2014 for aggregate gross proceeds of approximately $15 million and the second offering was consummated by the Company after the acquisition of Relmada and closed on June 10, 2014 for aggregate gross proceeds of approximately $10.7 million. Laidlaw & Company (UK) Ltd. acted as the exclusive placement agent in both financings (see also Relmada Therapeutics Inc.).

Relmada went public via a reverse merger with the Company pursuant to a share exchange agreement dated May 20, 2014 whereby the Company acquired approximately 94% of the outstanding shares of Relmada. As a result of the share exchange, former shareholders of Relmada became the controlling shareholders of the Company. The Company's common stock will continue trade under the name "Camp Nine Inc." and the ticker symbol "CMPE" until such time as the intended name change to "Relmada Therapeutics, Inc." and related ticker symbol change takes effect.

Prior to the closing of the share exchange, Camp Nine raised in a private placement $2 million from the sale of its equity securities. As a result of the three offerings described above, the aggregate gross proceeds available to Relmada and Camp Nine is approximately $28 million.

The net proceeds from the offerings described above will be used primarily for advancing the clinical development of LevoCap ER, d-methadone, BuTab ER and MepiGel, the four leading programs in Relmada's drug development portfolio. "The completing of the financings and the going public transaction are indeed transformational events for Relmada, as the strong balance sheet will enable us to achieve important milestones and aggressively continue our development plans, while access to public markets provides liquidity for our investors who helped us to reach this stage in the clinical development of our drug candidates. These fundings also represent a key step ahead in the process of up-listing to a major stock exchange as soon as it is feasible," said Sergio Traversa, CEO of the Company.

"Relmada has one of the most compelling pipelines in chronic pain, a condition affecting millions of patients with significant medical needs. The proceeds from these capital raises will enable us to achieve clinical proof of concept for d-methadone and BuTab ER, prepare for the phase III for LevoCap ER, complete our phase I programs and initiate phase II for MepiGel. Each of these milestones has the potential of becoming a significant inflection point in the search for improved treatment for pain conditions," added Eliseo Salinas, MD, MSc, President and Chief Scientific Officer of the Company.

Keywords for this news article include: Relmada Therapeutics Inc.

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Source: Pain & Central Nervous System Week


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