TEL AVIV, Israel, Sept. 29, 2016 /PRNewswire/ -- Galmed
Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a
clinical-stage biopharmaceutical company focused on the development
of a once-daily, oral therapy for the treatment of liver diseases,
announced today that, to date, it has raised approximately
$5.0 million under the Company's
At-The-Market financing executed by Cantor Fitzgerald (the
"ATM"). In total, to date the Company has issued 933,160
ordinary shares under the ATM at an average sale price of
$5.11 per share.
This news release does not and shall not constitute an offer to
sell or a solicitation of an offer to buy any of these securities,
nor shall there be any sale of the securities in any state or other
jurisdiction in which such offer, solicitation or sale is unlawful
prior to registration or qualification under the securities laws of
any such state or other jurisdiction.
The ordinary shares are being sold pursuant to an effective
Registration Statement on Form F-3, filed with the Securities and
Exchange Commission on March 31,
2015. Copies of the final prospectus supplement and the
accompanying prospectus relating to these securities may be
obtained by contacting Cantor Fitzgerald & Co., Attention:
Equity Capital Markets, 110 East 59th Street, New York, New York 10022, telephone:
212-829-7122.
About Nonalcoholic Fatty Liver Disease and Nonalcoholic
Steatohepatitis:
Nonalcoholic fatty liver disease (NAFLD) is
the most common cause of chronic liver disease in the United States and it affects almost 30% of
adults in Western countries. With climbing obesity rates and more
sedentary patient populations, the prevalence of NAFLD is
increasing worldwide and is becoming the predominant cause of
chronic liver disease in parts of the world. NAFLD represents a
spectrum of diseases ranging from simple excess liver fat, or
steatosis, to nonalcoholic steatohepatitis (NASH). NASH is the
progressive form of fatty liver disease that can lead to
cardiovascular disease, cirrhosis and liver-related mortality in
persons who drink little or no alcohol. NASH represents the more
severe end of this spectrum and is characterized by steatosis,
ballooning degeneration and lobular inflammation with or without
fibrosis. Long-term risks of NASH include cardiovascular disease,
cirrhosis, hepatocellular carcinoma and end stage liver disease
requiring liver transplantation.
About Galmed Pharmaceuticals Ltd.:
Galmed is a
clinical-stage biopharmaceutical company focused on the development
of a novel, once-daily, oral therapy for the treatment of liver
diseases utilizing its proprietary first-in-class family of
synthetic fatty-acid/bile-acid conjugates, or FABACs. Galmed
believes that its product candidate, Aramchol™, has the potential
to be a disease modifying treatment for fatty liver disorders,
including NASH, which is a chronic disease that Galmed believes
constitutes a large unmet medical need. Galmed is currently
conducting the ARREST Study, a multicenter, randomized, double
blind, placebo-controlled Phase IIb clinical study designed to
evaluate the efficacy and safety of Aramchol™ in subjects with
NASH, who are overweight or obese, and who are pre-diabetic or
type-II-diabetic. More information about the ARREST Study may be
found on ClinicalTrials.gov identifier: NCT02279524.
Forward-Looking Statements:
This press release may
include forward-looking statements. Forward-looking
statements may include, but are not limited to, statements relating
to Galmed's objectives, plans and strategies, as well as
statements, other than historical facts, that address activities,
events or developments that Galmed intends, expects, projects,
believes or anticipates will or may occur in the future.
These statements are often characterized by terminology such as
"believes," "hopes," "may," "anticipates," "should," "intends,"
"plans," "will," "expects," "estimates," "projects," "positioned,"
"strategy" and similar expressions and are based on assumptions and
assessments made in light of management's experience and perception
of historical trends, current conditions, expected future
developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in
such statements. Applicable risks and uncertainties include
risks and uncertainties associated with the initiation,
timing, progress and results of the Company's research,
preclinical studies and clinical trials as well as risks and
uncertainties identified under the heading "Risk Factors" included
in Galmed's most recent Annual Report on Form 20-F filed with the
Securities and Exchange Commission, or the SEC, on March 22, 2016, and in other filings that Galmed
has made and may make with the SEC in the future. The
forward-looking statements contained in this press release are made
as of the date of this press release and reflect Galmed's current
views with respect to future events, and Galmed does not undertake
and specifically disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Galmed Pharmaceuticals Ltd.