TEL AVIV, Israel and
RALEIGH, N.C., Jan. 11, 2021 /PRNewswire/ -- RedHill
Biopharma Ltd. (Nasdaq: RDHL) ("RedHill" or the "Company"), a
specialty biopharmaceutical company, today announced that it has
entered into an underwriting agreement with H.C. Wainwright &
Co., LLC under which the underwriter has agreed to purchase on a
firm commitment basis 1,275,510 American Depositary Shares (ADSs)
of the Company, at a price to the public of $ $7.84 per ADS, less underwriting discounts and
commissions. Each ADS represents ten ordinary shares, par value
NIS 0.01 per share, of the Company.
The closing of the offering is expected to occur on or about
January 14, 2021, subject to
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the sole book-running
manager for the offering.
The Company also has granted to the underwriter a 30-day option
to purchase up to additional 191,326 ADSs at the public offering
price, less underwriting discounts and commissions.
The gross proceeds to RedHill, before deducting underwriting
discounts and commissions and offering expenses and assuming no
exercise of the underwriter's option to purchase additional ADSs,
are expected to be approximately $10
million. The Company intends to use the net proceeds from
this offering to fund its clinical development programs,
commercialization activities and for acquisitions and general
corporate purposes.
The securities described above are being offered by RedHill
pursuant to a "shelf" registration statement on Form F-3 (File No.
333-226278) previously filed with the Securities and Exchange
Commission (the "SEC") on July 23,
2018 and declared effective by the SEC on July 31, 2018. The offering of the securities is
being made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A preliminary prospectus supplement and accompanying prospectus
relating to the securities being offered will be filed with the
SEC. Electronic copies of the preliminary prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC's website at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor,
New York, NY 10022, by phone at
(646) 975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About RedHill Biopharma
RedHill Biopharma Ltd. (Nasdaq: RDHL) is a specialty
biopharmaceutical company primarily focused on gastrointestinal and
infectious diseases. RedHill promotes the gastrointestinal drugs,
Movantik® for opioid-induced constipation in
adults[1], Talicia® for the
treatment of Helicobacter pylori (H. pylori) infection in
adults[2], and Aemcolo® for
the treatment of travelers' diarrhea in
adults[3]. RedHill's key clinical late-stage
development programs include: (i) RHB-204, with an
ongoing Phase 3 study for pulmonary nontuberculous mycobacteria
(NTM) disease; (ii) opaganib (Yeliva®), a
first-in-class SK2 selective inhibitor targeting
multiple indications with a Phase 2/3 program for COVID-19 and
Phase 2 studies for prostate cancer and cholangiocarcinoma ongoing;
(iii) RHB-104, with positive results from a first Phase 3
study for Crohn's disease; (iv) RHB-102
(Bekinda®), with positive results from a Phase 3
study for acute gastroenteritis and gastritis and positive results
from a Phase 2 study for IBS-D; (v) RHB-107
(upamostat), a Phase 2-stage serine protease inhibitor with
a planned Phase 2/3 study in symptomatic COVID-19 and targeting
multiple other cancer and inflammatory gastrointestinal diseases;
and (vi) RHB-106, an encapsulated bowel preparation.
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 include statements
regarding: the completion of the offering, the satisfaction of
customary closing conditions related to the offering and the
intended use of net proceeds from the offering. 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; market
and other conditions and the satisfaction of customary closing
conditions related to the offering; the risk that the Company will
not succeed to complete the patient recruitment; the risk that the
Company will not receive the relevant data required for benefiting
from the Fast Track designation; the risk that the U.S. Phase 3
clinical study evaluating RHB-204 will not be successful or, if
successful, will not suffice for regulatory marketing approval
without the need for additional clinical and/or other studies; as
well as risks and uncertainties associated with (i) the initiation,
timing, progress and results of the Company's research,
manufacturing, pre-clinical studies, clinical trials, and other
therapeutic candidate development efforts, and the timing of the
commercial launch of its commercial products and ones it may
acquire or develop in the future; (ii) the Company's ability to
advance its therapeutic candidates into clinical trials or to
successfully complete its pre-clinical studies or clinical trials
or the development of a commercial companion diagnostic for the
detection of MAP; (iii) the extent and number and type 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 and Talicia®; (v) the Company's
ability to successfully commercialize and promote
Talicia®, and Aemcolo® and
Movantik®; (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 the results obtained with its therapeutic candidates
in research, pre-clinical 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; (xii) estimates of the Company's
expenses, future revenues, capital requirements and needs for
additional financing; (xiii) the effect of patients suffering
adverse experiences using investigative drugs under the Company's
Expanded Access Program; (xiv) competition from other companies and
technologies within the Company's industry; and (xv) the hiring and
employment commencement date of executive managers. 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 March 4, 2020.
All forward-looking statements included in this press release are
made only as of the date of this press release. The Company assumes
no obligation to update any written or oral forward-looking
statement, whether as a result of new information, future events or
otherwise unless required by law.
1. Full prescribing information for
Movantik® (naloxegol) is available at:
www.Movantik.com.
2. Full prescribing information for
Talicia® (omeprazole magnesium, amoxicillin and
rifabutin) is available at: www.Talicia.com.
3. Full prescribing information for
Aemcolo® (rifamycin) is available at:
www.Aemcolo.com.
Logo -
https://mma.prnewswire.com/media/1334141/RedHill_Biopharma_Logo.jpg
Company contact:
Adi
Frish
Chief Corporate & Business Development Officer
RedHill Biopharma
+972-54-6543-112
adi@redhillbio.com
Media contact (U.S.):
Bryan Gibbs
Vice President
Finn Partners
+1-212-529-2236
bryan.gibbs@finnpartners.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/redhill-biopharma-announces-10-million-bought-deal-offering-301205668.html
SOURCE RedHill Biopharma Ltd.