Select recent milestones
include:
Select
potential milestones expected in the coming
months:
TEL-AVIV, Israel, May 03, 2017
(GLOBE NEWSWIRE) -- RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv
Stock Exchange:RDHL) ("RedHill" or the "Company"), a specialty
biopharmaceutical company primarily focused on the development and
commercialization of late clinical-stage, proprietary,
orally-administered, small molecule drugs for gastrointestinal and
inflammatory diseases and cancer, today reported its financial
results for the quarter ended March 31, 2017.
The Company will host a conference
call on Wednesday, May 3, 2017, at 9:00
am EDT to review the financial results and business
highlights. Dial-in details are included below.
Financial
highlights for the quarter ended March 31, 20174
Research and Development
Expenses for the first quarter of 2017 were $8.1
million, up 74% compared to the first quarter of 2016 and up 9%
compared to the fourth quarter of 2016. The increase was mainly due
to the ongoing Phase III and Phase II studies with
BEKINDA® (RHB-102)5 for
gastroenteritis and diarrhea-predominant irritable bowel syndrome
(IBS-D), respectively, the ongoing Phase III study with RHB-104 for
Crohn's disease, ongoing studies with YELIVA® (ABC294640)6 for
multiple indications and preparations for the upcoming confirmatory
Phase III study with RHB-105 for H.
pylori infection.
Selling, Marketing and Business Development
Expenses for the first quarter of 2017 were $0.6
million, up 94% compared to the first quarter of 2016. The increase
was mainly due to activities related to the Company's U.S.
commercial operations.
General and Administrative
Expenses for the first quarter of 2017 were $1.3
million, up 44% compared to the first quarter of 2016 and up 12%
compared to the fourth quarter of 2016. The increase was mainly due
to expanded operations.
Operating Loss for the first quarter
of 2017 was $10.1 million, up 71% compared to the first quarter of
2016 and up 12% compared to the fourth quarter of 2016. The
increase was mainly due to an increase in Research and Development
Expenses, as detailed above.
Financial Income, net for the first quarter
of 2017 was $1.5 million, compared to $379 thousand in the first
quarter of 2016. The increase was mainly due to a fair value gain
on derivative financial instruments related to investors' warrants
from the December 2016 financing.
Net Cash Used in Operating
Activities for the first quarter of 2017 was $10.3
million, up 107% compared to the first quarter of 2016 and up 1%
compared to the fourth quarter of 2016. The increase was mainly due
to the increase in Operating Loss, as detailed above.
Net Cash Used in Investment
Activities for the first quarter of 2017 was $18.6
million, compared to $4.6 million in the first quarter of 2016. The
increase was mainly due to investments of the cash in bank deposits
and purchase of marketable securities.
Net Cash Provided by Financing
Activities for the first quarter of 2017 was $4.5
million compared to an immaterial amount for the first quarter of
2016. The increase was mainly due to proceeds from the exercise of
warrants and options into ordinary shares.
Cash Balance as of March 31, 2017
was $61 million, a decrease of $5 million, compared to $66 million
as of December 31, 2016. The decrease was a result of cash used in
operating activities and investment activities, offset by cash
provided by financing activities, as described above.
Micha Ben
Chorin, RedHill's CFO, said: "We are pleased with the
achievements in the first quarter of 2017, which included securing
rights for two commercial GI products in the U.S. as part of
RedHill's strategic plan of becoming a revenue-generating,
gastrointestinal-focused, specialty pharmaceutical company in the
U.S. and setting the stage for our late clinical-stage pipeline
drugs, if approved. Our cash position of $61 million at the end of
the first quarter should allow us to continue to execute our
strategic plans for 2017 and diligently advance our late-stage
clinical programs. We look forward to important events expected in
the coming months, including top-line results from the Phase III
GUARD study with BEKINDA® for
gastroenteritis, initiation of the confirmatory Phase III study
with RHB-105 for H.
pylori infection, a second independent DSMB meeting for
the ongoing Phase III MAP US study with RHB-104 for Crohn's disease
and the initiation of promotional activities in the U.S. with
Donnatal® and
EnteraGam®."
Conference
Call and Webcast Information:
The Company will host a conference
call on Wednesday, May 3, 2017, at 9:00
am EDT to review the financial results and business
highlights.
To participate in the conference
call, please dial the following numbers 15 minutes prior to the
start of the call: United States:
+1-877-280-2342; International: +1-212-444-0896; and Israel:
+972-3-763-0147. The access code for the call is
1922788.
The
conference call will be broadcasted live and available for replay
on the Company's
website, http://ir.redhillbio.com/events.cfm, for 30
days. Please access the Company's website at least 15 minutes ahead
of the conference to register, download, and install any necessary
audio software.
Recent
operational highlights:
- On January 3, 2017, RedHill announced the signing
of an exclusive co-promotion agreement with a subsidiary7 of
Concordia International Corp. (NASDAQ:CXRX) (TSX:CXR)
("Concordia"), granting RedHill certain U.S. promotion rights for
Donnatal®8, a
prescription oral drug used with other drugs for the treatment of
irritable bowel syndrome (irritable colon, spastic colon, mucous
colitis) and acute enterocolitis (inflammation of the small bowel).
Under the terms of the agreement, RedHill and Concordia will share
the revenues generated from the promotion of Donnatal® by
RedHill, based on an agreed upon split.
- On January 5, 2017, RedHill announced the signing
of a new collaboration agreement with the Department of Molecular
Biology and Genetics of Denmark-based Aarhus University for the
evaluation of RedHill's Phase II-stage oncology drug candidate,
MESUPRON (upamostat). The new research collaboration follows
previous non-clinical studies conducted with Denmark's Aarhus
University and is designed to identify additional high affinity
molecular targets of MESUPRON. A Phase I/II study with MESUPRON in
pancreatic cancer is planned to be initiated in the second half of
2017.
- On January 10, 2017, RedHill announced first
dosing in a three-way crossover pharmacokinetic (PK) study with
RHB-105 in 18 subjects (healthy volunteers), intended to evaluate
the bioavailability of RHB-105 actives versus the comparator in the
planned confirmatory Phase III study (dual therapy of amoxicillin
and omeprazole) and a food-effect study with RHB-105. The
confirmatory Phase III study with RHB-105 for H. pylori infection is planned to be initiated in
the second quarter of 2017. Subject to a successful outcome, the
confirmatory Phase III study and the supportive PK program are
expected to complete the package required for a U.S. NDA for
RHB-105.
- On January 11, 2017, RedHill announced that
RHB-104 had been granted Qualified Infectious Disease Product
(QIDP) designation by the FDA for the treatment of nontuberculous
mycobacteria (NTM) infections. The QIDP designation was granted
under the FDA's Generating Antibiotic Incentives Now (GAIN) Act,
which is intended to encourage development of new antibiotic drugs
for the treatment of serious or life-threatening infections. Under
the FDA's GAIN Act, QIDP designation allows for Fast-Track status
and Priority Review, potentially leading to a shorter NDA review
time by the FDA, and, if approved, an additional five years of U.S.
market exclusivity on top of the standard exclusivity period.
RedHill plans to consult with the FDA regarding the RHB-104
development program for NTM infections.
- On February 21, 2017, RedHill announced that the
last patient enrolled in the randomized, double-blind,
placebo-controlled Phase III clinical study with BEKINDA® 24 mg in
the U.S. for the treatment of acute gastroenteritis and gastritis
(the GUARD study) had completed the treatment course and
observation period for the primary endpoint evaluation. The GUARD
study treated 321 adults and children over the age of 12 in 29 U.S.
clinical sites. Top-line results are expected in the second quarter
of 2017. Furthermore, on April 18, 2017, RedHill announced that it
had received notices of allowance from the United States Patent and
Trademark Office (USPTO) for two new patents covering
BEKINDA®. Once
granted, the patents are expected to be valid until at least
2034.
- On March 21, 2017, RedHill announced dosing of
the first patient in the open-label extension study to the Phase
III study with RHB-104 for the treatment of Crohn's disease (the
MAP US study). The open-label extension study (the MAP US2 study)
is intended to assess the safety and efficacy of RHB-104 in
patients who have completed 26 weeks of treatment in the ongoing
MAP US study and remain with active Crohn's disease (CDAI>150);
these patients have the opportunity to receive treatment with
RHB-104 for a 52-week period in the open-label extension
study.
- On April 4, 2017, RedHill announced that the FDA
had granted YELIVA® (ABC294640)
Orphan Drug designation for the treatment of cholangiocarcinoma.
Orphan Drug designation allows RedHill to benefit from a seven-year
marketing exclusivity period for the indication, if approved for
marketing, as well as other development incentives to develop
YELIVA® for
cholangiocarcinoma. A Phase IIa clinical study with
YELIVA® in
patients with advanced, unresectable, intrahepatic and extrahepatic
cholangiocarcinoma is planned to be initiated in the third quarter
of 2017.
- On April 5, 2017, RedHill announced the signing
of an exclusive license agreement with Entera Health Inc. ("Entera
Health"), granting RedHill the exclusive U.S. rights to
EnteraGam®9, a
commercially-available medical food intended for the dietary
management of chronic diarrhea and loose stools which must be
administered under medical supervision. Under the terms of the
agreement, RedHill will pay Entera Health royalties based on net
sales generated from the sale of EnteraGam® by
RedHill.
- On April 13, 2017, RedHill, together with
IntelGenx Corp. (TSX-V:IGX) (OTCQX:IGXT) ("IntelGenx"), announced
that the Ministry of Health of Luxembourg had granted national
marketing authorization for RIZAPORT® (5 mg
and 10 mg). The national marketing authorization was granted in
Luxembourg on the basis of the European Decentralized Procedure
(DCP), in which Luxembourg served as the Concerned Member State.
The approval in Luxembourg marks the completion of the current
marketing approval process for RIZAPORT® under
the European DCP.
- On April, 24, 2017, RedHill announced enrollment
of the last patient in the Phase II study with BEKINDA® 12 mg
for the treatment of IBS-D. The randomized, double-blind,
placebo-controlled Phase II study is evaluating the safety and
efficacy of BEKINDA® 12 mg in
127 U.S. patients with IBS-D. Top-line results are expected in the
third quarter of 2017.
About
Donnatal®:
Donnatal® (Phenobarbital, Hyoscyamine
Sulfate, Atropine Sulfate, Scopolamine Hydrobromide), a
prescription drug, is classified as possibly effective as an
adjunctive therapy in the treatment of irritable bowel syndrome
(irritable colon, spastic colon, mucous colitis) and acute
enterocolitis. Donnatal® slows
the natural movements of the gut by relaxing the muscles in the
stomach and intestines and acts on the brain to produce a calming
effect. Donnatal® comes in
two formulations: immediate release Donnatal® Tablets
and immediate release Donnatal® Elixir,
a fast-acting liquid.
Important
Safety Information about Donnatal®:
Donnatal® is
contraindicated in patients who have glaucoma, obstructive
uropathy, obstructive disease of the gastrointestinal tract,
paralytic ileus, unstable cardiovascular status, severe ulcerative
colitis, myasthenia gravis, hiatal hernia with reflux esophagitis,
or known hypersensitivity to any of the ingredients. Patients who
are pregnant or breast-feeding or who have autonomic neuropathy,
hepatic or renal disease, hyperthyroidism, coronary heart disease,
congestive heart failure, cardiac arrhythmias, tachycardia or
hypertension should notify their doctor before taking
Donnatal®. Side effects
may include: dryness of the mouth, urinary retention, blurred
vision, dilation of pupils, rapid heartbeat, loss of sense of
taste, headache, nervousness, drowsiness, weakness, dizziness,
insomnia, nausea, vomiting and allergic reactions which may be
severe.
Further information, including
prescribing information, can be found on www.donnatal.com.
Please see the following website
for complete important safety information about Donnatal®:
http://www.donnatal.com/professionals/important-safety-information/
About
EnteraGam®:
EnteraGam® (a
serum-derived bovine immunoglobulin/protein isolate, SBI) is a
medical food product intended for the dietary management of chronic
diarrhea and loose stools. EnteraGam® must be
administered under medical supervision. EnteraGam® binds
microbial components10, such as
toxic substances released by bacteria, that upset the intestinal
environment. This helps prevent them from penetrating the lining of
the intestine, which may contribute to chronic diarrhea and loose
stools in people who have specific intestinal disorders11 12.
Safety
Information about EnteraGam®:
EnteraGam® contains
beef protein; therefore, patients who have an allergy to beef or
any other component of EnteraGam® should
not take this product. EnteraGam® has not
been studied in pregnant women, in women during labor and delivery,
or in nursing mothers. The choice to administer
EnteraGam® during
pregnancy, labor and delivery, or to nursing mothers is at the
clinical discretion of the prescribing physician.
EnteraGam® does not
contain any milk-derived ingredients such as lactose, casein, or
whey. EnteraGam® is
gluten-free, dye-free and soy-free.
Please see full Product
Information.
To report suspected adverse
reactions, contact Entera Health, Inc. at 1-855-4ENTERA
(1-855-436-8372), or the FDA at 1-800-FDA-1088 (1-800-332-1088)
or www.fda.gov/medwatch.
About
RedHill Biopharma Ltd.:
RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock Exchange:RDHL)
is a specialty biopharmaceutical company headquartered in Israel,
primarily focused on the development and commercialization of late
clinical-stage, proprietary, orally-administered, small molecule
drugs for the treatment of gastrointestinal and inflammatory
diseases and cancer. RedHill has a U.S. co-promotion agreement with
Concordia for Donnatal®, a
prescription oral adjunctive drug used in the treatment of IBS and
acute enterocolitis, as well as an exclusive license agreement with
Entera Health for EnteraGam®, a
medical food intended for the dietary management, under medical
supervision, of chronic diarrhea and loose stools. RedHill's
clinical-stage pipeline includes: (i) RHB-105 - an oral combination therapy for the
treatment of Helicobacter
pylori infection with successful results from a first
Phase III study; (ii) RHB-104 - an oral combination therapy for the
treatment of Crohn's disease with an ongoing first Phase III study,
a completed proof-of-concept Phase IIa study for multiple sclerosis
and QIDP status for nontuberculous mycobacteria (NTM) infections;
(iii) BEKINDA® (RHB-102) - a
once-daily oral pill formulation of ondansetron with an ongoing
Phase III study for acute gastroenteritis and gastritis and an
ongoing Phase II study for IBS-D; (iv) RHB-106 - an encapsulated bowel preparation licensed
to Salix Pharmaceuticals, Ltd.; (v) YELIVA® (ABC294640) - a
Phase II-stage, orally-administered, first-in-class SK2 selective
inhibitor targeting multiple oncology, inflammatory and
gastrointestinal indications; (vi) MESUPRON - a Phase II-stage first-in-class,
orally-administered protease inhibitor, targeting pancreatic cancer
and other solid tumors and (vii) RIZAPORT® (RHB-103)
- an oral thin film formulation of rizatriptan for
acute migraines, with a U.S. NDA currently under discussion with
the FDA and marketing authorization received in two EU member
states under the European Decentralized Procedure (DCP). More
information about the Company is available
at: www.redhillbio.com.
This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
statements may be preceded by the words "intends," "may," "will,"
"plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential" or similar
words. Forward-looking statements are based on certain assumptions
and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, risks and uncertainties associated with (i) the
initiation, timing, progress and results of the Company's research,
manufacturing, preclinical studies, clinical trials, and other
therapeutic candidate development efforts; (ii) the Company's
ability to advance its therapeutic candidates into clinical trials
or to successfully complete its preclinical studies or clinical
trials; (iii) the extent and number of additional studies that the
Company may be required to conduct and the Company's receipt of
regulatory approvals for its therapeutic candidates, and the timing
of other regulatory filings, approvals and feedback; (iv) the
manufacturing, clinical development, commercialization, and market
acceptance of the Company's therapeutic candidates; (v) the
Company's ability to successfully market Donnatal® and
EnteraGam®, (vi) the
Company's ability to establish and maintain corporate
collaborations; (vii) the Company's ability to acquire products
approved for marketing in the U.S. that achieve commercial success
and build its own marketing and commercialization capabilities;
(viii) the interpretation of the properties and characteristics of
the Company's therapeutic candidates and of the results obtained
with its therapeutic candidates in research, preclinical studies or
clinical trials; (ix) the implementation of the Company's business
model, strategic plans for its business and therapeutic candidates;
(x) the scope of protection the Company is able to establish and
maintain for intellectual property rights covering its therapeutic
candidates and its ability to operate its business without
infringing the intellectual property rights of others; (xi) parties
from whom the Company licenses its intellectual property defaulting
in their obligations to the Company; and (xii) estimates of the
Company's expenses, future revenues capital requirements and the
Company's needs for additional financing; (xiii) competitive
companies and technologies within the Company's industry. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company's filings with the Securities and Exchange
Commission (SEC), including the Company's Annual Report on Form
20-F filed with the SEC on February 23,
2017. All forward-looking statements included in this Press Release
are made only as of the date of this Press Release. We assume no
obligation to update any written or oral forward-looking statement
unless required by law.
1 Including
cash and short-term investments.
2 Donnatal® (Phenobarbital,
Hyoscyamine Sulfate, Atropine Sulfate, Scopolamine Hydrobromide) is
a prescription drug, classified as possibly effective as an
adjunctive therapy in the treatment of irritable bowel syndrome
(irritable colon, spastic colon, mucous colitis) and acute
enterocolitis. For more information, please see the
prescribing
information: http://www.donnatal.com/wp-content/uploads/2015/02/2015-02-18-Risk-Benefit-information-DTC-REV.-SE.pdf.
3 EnteraGam® (a
serum-derived bovine immunoglobulin/protein isolate, SBI) is a
commercially-available medical food, intended for the dietary
management of chronic diarrhea and loose stools due to specific
intestinal disorders, which must be administered under medical
supervision.
4 All
financial highlights are approximate and are rounded to the nearest
hundreds of thousands.
5 BEKINDA® is
an investigational new drug, not available for commercial
distribution.
6 YELIVA® is
an investigational new drug, not available for commercial
distribution.
7 Concordia
Pharmaceuticals Inc.
8 Donnatal® (Phenobarbital,
Hyoscyamine Sulfate, Atropine Sulfate, Scopolamine Hydrobromide) is
a prescription drug, classified as possibly effective as an
adjunctive therapy in the treatment of irritable bowel syndrome
(irritable colon, spastic colon, mucous colitis) and acute
enterocolitis. For more information, please see the
prescribing
information: http://www.donnatal.com/wp-content/uploads/2015/02/2015-02-18-Risk-Benefit-information-DTC-REV.-SE.pdf.
9 EnteraGam® (a
serum-derived bovine immunoglobulin/protein isolate, SBI) is a
commercially-available medical food, intended for the dietary
management of chronic diarrhea and loose stools due to specific
intestinal disorders, which must be administered under medical
supervision.
10 Horgan
A, Maas K, Henderson A, Detzel C, Weaver E. Serum-derived bovine
immunoglobulin/protein isolate binds to pathogen-associated
molecular patterns. Poster presented at: Federation of American
Societies for Experimental Biology; April 26-30, 2014; San Diego,
CA.
11 Petschow
BW, Burnett B, Shaw AL, Weaver EM, Klein GL. Serum-derived bovine
immunoglobulin/protein isolate: postulated mechanism of action for
management of enteropathy. Clin Exp Gastroenterol.
2014;7:181-190.
12 Gasbarrini
A, Lauritano EC, Garcovich M, Sparano L, Gasbarrini G. New insights
into the pathophysiology of IBS: intestinal microflora, gas
production and gut motility. Eur Rev Med Pharmacol Sci. 2008;12
Suppl 1:111-117.
REDHILL
BIOPHARMA LTD. |
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE
LOSS |
(Unaudited) |
|
|
|
Three months ended |
|
|
|
March 31, |
|
|
|
2017 |
|
2016 |
|
|
|
U.S. dollars in thousands |
|
RESEARCH
AND DEVELOPMENT EXPENSES, net |
|
8,137 |
|
4,676 |
|
SELLING,
MARKETING AND BUSINESS DEVELOPMENT EXPENSES |
|
605 |
|
*312 |
|
GENERAL
AND ADMINISTRATIVE EXPENSES |
|
1,315 |
|
*915 |
|
OTHER
EXPENSES |
|
45 |
|
- |
|
OPERATING LOSS |
|
10,102 |
|
5,903 |
|
FINANCIAL INCOME |
|
1,556 |
|
380 |
|
FINANCIAL EXPENSES |
|
50 |
|
1 |
|
FINANCIAL INCOME, net |
|
1,506 |
|
379 |
|
LOSS AND
COMPREHENSIVE LOSS FOR THE PERIOD |
|
8,596 |
|
5,524 |
|
LOSS PER
ORDINARY SHARE, basic and diluted (U.S.
dollars) |
|
0.05 |
|
0.04 |
|
WEIGHTED
AVERAGE OF ORDINARY SHARES (in thousands) |
|
170,072 |
|
127,129 |
|
|
|
|
|
|
|
*Reclassified |
|
|
|
|
|
REDHILL
BIOPHARMA LTD. |
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF FINANCIAL
POSITION |
(Unaudited) |
|
|
|
March 31, |
|
December 31, |
|
|
|
2017 |
|
2016 |
|
|
|
U.S. dollars in thousands |
|
CURRENT
ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
|
29,624 |
|
|
53,786 |
|
|
Bank deposits |
|
15,609 |
|
|
55 |
|
|
Financial assets at fair value
through profit or loss |
|
15,351 |
|
|
12,313 |
|
|
Prepaid expenses and
receivables |
|
2,675 |
|
|
1,661 |
|
|
|
|
63,259 |
|
|
67,815 |
|
|
NON-CURRENT ASSETS: |
|
|
|
|
|
Bank deposits |
|
145 |
|
|
137 |
|
|
Fixed assets |
|
151 |
|
|
165 |
|
|
Intangible assets |
|
6,050 |
|
|
6,095 |
|
|
|
|
6,346 |
|
|
6,397 |
|
|
TOTAL
ASSETS |
|
69,605 |
|
|
74,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
Accounts payable and accrued
expenses |
|
3,786 |
|
|
3,356 |
|
|
Payable in respect of
intangible asset purchase |
|
2,000 |
|
|
2,000 |
|
|
|
|
5,786 |
|
|
5,356 |
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
Derivative financial
instruments |
|
4,873 |
|
|
6,155 |
|
|
TOTAL
LIABILITIES |
|
10,659 |
|
|
11,511 |
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
Ordinary shares |
|
455 |
|
|
441 |
|
|
Additional paid-in
capital |
|
156,415 |
|
|
150,838 |
|
|
Warrants |
|
- |
|
|
1,057 |
|
|
Accumulated deficit |
|
(97,924 |
) |
|
(89,635 |
) |
|
TOTAL
EQUITY |
|
58,946 |
|
|
62,701 |
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY |
|
69,605 |
|
|
74,212 |
|
|
REDHILL
BIOPHARMA LTD. |
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH
FLOWS |
(Unaudited) |
|
|
|
Three months ended |
|
|
|
March 31, |
|
|
|
2017 |
|
2016 |
|
|
|
U.S. dollars in thousands |
|
OPERATING ACTIVITIES: |
|
|
|
|
|
Comprehensive loss |
|
(8,596 |
) |
|
(5,524 |
) |
|
Adjustments in respect of
income and expenses not involving cash flow: |
|
|
|
|
|
Share-based compensation to
employees and service providers |
|
307 |
|
|
374 |
|
|
Depreciation |
|
14 |
|
|
10 |
|
|
Write-off of intangible
assets |
|
45 |
|
|
- |
|
|
Unrealized gains on derivative
financial instruments |
|
(1,262 |
) |
|
(201 |
) |
|
Fair value loses (gains) on
financial assets at fair value through profit or loss |
|
15 |
|
|
(8 |
) |
|
Revaluation of bank
deposits |
|
(18 |
) |
|
(58 |
) |
|
Exchange differences in
respect of cash and cash equivalents |
|
(242 |
) |
|
(82 |
) |
|
|
|
(1,141 |
) |
|
35 |
|
|
Changes in assets and
liability items: |
|
|
|
|
|
Decrease (increase) in prepaid
expenses and receivables |
|
(1,014 |
) |
|
440 |
|
|
Increase in accounts payable
and accrued expenses |
|
430 |
|
|
68 |
|
|
|
|
(584 |
) |
|
543 |
|
|
Net cash used in operating
activities |
|
(10,321 |
) |
|
(4,981 |
) |
|
INVESTING ACTIVITIES: |
|
|
|
|
|
Purchase of fixed assets |
|
- |
|
|
(29 |
) |
|
Change in investment in
current bank deposits |
|
(15,544 |
) |
|
2,000 |
|
|
Purchase of non-current bank
deposit |
|
- |
|
|
- |
|
|
Purchase of financial assets
at fair value through profit or loss |
|
(3,453 |
) |
|
(6,572 |
) |
|
Proceeds from sale of
financial assets at fair value through profit or loss |
|
400 |
|
|
- |
|
|
Net cash used in investing
activities |
|
(18,597 |
) |
|
(4,601 |
) |
|
FINANCING ACTIVITIES: |
|
|
|
|
|
Proceeds from issuance of
ordinary shares, net of expenses |
|
1,282 |
|
|
- |
|
|
Exercise of warrants and
options into ordinary shares |
|
3,232 |
|
|
10 |
|
|
Net cash provided by financing
activities |
|
4,514 |
|
|
10 |
|
|
DECREASE
IN CASH AND CASH EQUIVALENTS |
|
(24,404 |
) |
|
(9,572 |
) |
|
EXCHANGE
DIFFERENCES ON CASH AND CASH EQUIVALENTS |
|
242 |
|
|
82 |
|
|
BALANCE
OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
53,786 |
|
|
21,516 |
|
|
BALANCE
OF CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
29,624 |
|
|
12,026 |
|
|
SUPPLEMENTARY INFORMATION ON INTEREST RECEIVED IN
CASH |
|
71 |
|
|
94 |
|
|
Company contact:
Adi Frish
Senior VP Business Development &
Licensing
RedHill Biopharma
+972-54-6543-112
adi@redhillbio.com
IR contact (U.S.):
Marcy Nanus
Senior Vice President
The Trout Group
+1-646-378-2927
Mnanus@troutgroup.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: RedHill Biopharma Ltd. via Globenewswire
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