TEL AVIV, Israel and
RALEIGH, N.C., March 18, 2021 /PRNewswire/ --
Financials:
Full year 2020 net revenues of
approximately $64 million, with gross
profit of approximately $27.5
million
Solid cash balance of
approximately $100 million as of
March 4, 2021
Planned commercial operational
breakeven by the end of 2021
Commercial Highlights:
Talicia: Consistent
month-over-month prescription growth despite pandemic conditions,
with 52% new prescription growth in Q4/2020 compared to
Q3/2020
Movantik: Market leadership
position holding strong and well-positioned for further growth in
2021
R&D Highlights:
Two advanced programs at the
forefront of global COVID-19 novel therapeutics
development:
- Opaganib: Ongoing global Phase 2/3 study in hospitalized
patients approximately two thirds enrolled, data expected Q2/2021;
Positive U.S. Phase 2 data reported
- RHB-107: Ongoing U.S. Phase 2/3 study in symptomatic
non-hospitalized patients
RHB-204: Ongoing Phase 3
study for pulmonary NTM disease as oral first-line
treatment
Management to host webcast today, at
8:30 a.m. EDT
RedHill Biopharma Ltd. (Nasdaq: RDHL) ("RedHill" or the
"Company"), a specialty biopharmaceutical company, today reported
its financial results and operational highlights for the year ended
December 31, 2020.
Dror Ben-Asher, RedHill's
Chief Executive Officer, said: "2020 was a year that our team
looks back on with a sense of immense achievement. While navigating
the challenging conditions caused by the pandemic, we have
delivered broad commercial growth culminating in a very strong end
to 2020 for both Movantik and Talicia". Mr. Ben-Asher
continued: "At the same time, we have rapidly progressed two
novel oral COVID-19 therapies to Phase 3 stage development,
covering both hospitalized and non-hospitalized patients and have
reported positive clinical and preclinical data, positioning
RedHill at the forefront of novel COVID-19 therapeutics development
worldwide. With strong momentum across both commercial and R&D
operations, we expect 2021 to be a breakout year."
Micha Ben Chorin, Chief
Financial Officer at RedHill, added: "RedHill is delivering on
a clear strategy designed to enable us to achieve fast growth and
increased profit margin. We have been diligent in maintaining a
solid balance sheet and we expect to achieve commercial operational
breakeven by the end of this year."
Financial highlights for the year ended December 31, 2020
Net Revenues were approximately $64 million for the year ended December 31, 2020, an increase of $58 million compared to the year ended
December 31, 2019, attributed to
revenues generated from the commercialization of Movantik and
Talicia initiated in 2020. Net revenues for the fourth quarter of
2020 were approximately $21.5
million, an increase of $0.5
million compared to the third quarter of 2020, with a 12%
increase in product delivery.
Gross Profit was approximately $27.5 million for the year ended December 31, 2020, an increase of $23.5 million compared to the year ended
December 31, 2019, primarily due to
the increase in net revenues.
Research and Development Expenses were
approximately $16.5 million for the
year ended December 31, 2020, mainly
attributable to the development of our COVID-19 therapeutics and
the Phase 3 study of RHB-204 for pulmonary NTM disease, and were,
in total, lower than the research and development expenses for the
year ended December 31, 2019.
Selling, Marketing and Business Development
Expenses were approximately
$49 million for the year ended December 31, 2020, compared to approximately
$18 million for the year ended
December 31, 2019. The increase was
attributable to the expansion of our U.S. sales force and marketing
activities, in support of the launch of Talicia and
post-acquisition commercialization of Movantik.
General and Administrative Expenses were
approximately $25 million for the
year ended December 31, 2020,
compared to approximately $11 million
for the year ended December 31, 2019.
The increase was mainly attributable to the expansion of
commercialization activities related to the Talicia launch and the
Movantik acquisition from AstraZeneca.
Operating Loss was approximately $64 million for the year ended December 31, 2020, compared to approximately
$43 million for the year ended
December 31, 2019. The increase was
attributable to the expansion of our commercial operations.
Net Loss was approximately $76 million for the year ended December 31, 2020, compared to approximately
$42 million for the year ended
December 31, 2019. The increase was
attributable to factors mentioned above, as well as interest
expenses mainly related to the royalty and debt financing in the
first quarter of 2020.
Net Cash Used in Operating Activities was
approximately $49 million for the
year ended December 31, 2020,
compared to approximately $41 million
for the year ended December 31, 2019.
The increase was attributable to the increase in operating loss, as
described above.
Net Cash Used in Investing Activities was
approximately $36 million for the
year ended December 31, 2020,
primarily related to the $52.5
million upfront payment to AstraZeneca for the acquisition
of Movantik, partially offset by inflow from current bank deposits
and financial assets at fair value through profit or
loss.
Net Cash Provided by Financing Activities was
approximately $84 million for the
year ended December 31, 2020,
comprised primarily from financing inflow of approximately
$102 million, mainly in debt and
equity, partially offset by $16
million classified as restricted cash.
Liquidity and Capital Resources
Cash Balance[1] as of
December 31, 2020, was approximately
$46 million. Cash balance as of
March 4, 2021 was approximately
$100 million.
Commercial Highlights
Movantik®
(naloxegol)[2]
The Company has completed three
full quarters of Movantik promotion following its acquisition from
AstraZeneca, achieving: A reversal of the trend of declining new
prescriptions prior to the acquisition, maintaining Movantik's
position as a segment-leading brand and ending 2020 strongly
recording the second highest monthly new prescription volume of
2020 in December.
RedHill acquired the global rights to Movantik from
AstraZeneca, excluding Europe and
Canada, subsequently adding
Israel rights, and replaced a
co-commercialization agreement with Daiichi Sankyo (assigned under
the agreement with AstraZeneca), with a new royalty-bearing
agreement that resulted in RedHill assuming full control over brand
strategy and commercialization activities for Movantik in the U.S.
and increasing gross margin.
Talicia® (omeprazole magnesium, amoxicillin and
rifabutin)[3]
Despite the challenging
pandemic environment, the Company has persisted in its efforts to
support the launch and rapid growth of Talicia, in particular in
expanding the prescriber base. This has resulted in the strong
accumulation of new Talicia prescribers in the second half of 2020
and consistent month-over-month prescription growth despite
pandemic conditions. Talicia ended 2020 strongly, with 52% new
prescription growth in the fourth quarter of 2020, as compared to
the previous quarter, and achieving its highest weekly new
prescription volume in December.
This growth is supported by the addition of Talicia as a
preferred brand on leading national formularies, approaching 70%
U.S. commercial coverage in the fourth quarter, with further
formulary additions expected to add to the previously announced
listings of Talicia on the national formularies of Prime
Therapeutics, EnvisionRx, and Express Scripts.
Aemcolo®
(rifamycin)[4]
The Company has implemented
plans to support, and build on, the initial momentum that Aemcolo
was generating pre-COVID-19 travel restrictions. The Company
expects that these plans will drive a resurgence of interest in
Aemcolo once travel restrictions are lifted and international
travel from the U.S. returns to significant levels.
R&D Highlights
COVID-19 Program: Opaganib (ABC294640,
Yeliva®)[5]
The late-stage development program for novel, orally-administered,
opaganib in patients with severe COVID-19 pneumonia is progressing
rapidly. Opaganib has demonstrated dual anti-inflammatory and
antiviral activity, targeting a human cell component involved in
viral replication and therefore expected to be effective against
emerging viral strains with mutations in the spike protein.
The global Phase 2/3 randomized, double-blind, parallel-arm,
placebo-controlled study of opaganib in patients with severe
COVID-19 pneumonia requiring hospitalization and treatment with
supplemental oxygen (NCT04467840), is rapidly advancing in a total
of 8 countries and approximately 40 recruiting sites, with
additional expansion ongoing. The study has passed three Data
Safety Monitoring Board reviews, including a futility review, which
is suggestive that the study is progressing as expected. The
464-patient study has already enrolled approximately two thirds of
the patients and is expected to deliver top-line data in the second
quarter of 2021.
In December 2020, the Company
reported positive top-line safety and efficacy data from the U.S.
Phase 2 study with opaganib in patients with COVID-19 pneumonia, in
which opaganib demonstrated greater improvement in reducing oxygen
requirement by end of treatment on Day 14, on top of
standard-of-care. The Phase 2 data also showed no material safety
differences between the opaganib and placebo treatment arms -
further adding to the growing opaganib safety database.
In September 2020, RedHill
announced that opaganib demonstrated potent inhibition of
SARS-CoV-2, achieving complete blockage of viral replication, as
measured after three days incubation, in an in vitro model
of human bronchial tissue, comparing favorably with remdesivir, the
positive control in the study. Furthermore, treatment of cells
infected with SARS-CoV-2 with opaganib did not compromise cell
membrane integrity, a measure of cell viability and drug safety,
further demonstrating opaganib's promising potential for treating
patients with COVID-19. On top of its anti-inflammatory mechanism,
opaganib is also one of very few orally available broad-spectrum
antivirals in advanced clinical evaluation for treating
COVID-19.
The Company also signed collaborations with several U.S.,
European and Canadian suppliers, including with Cosmo
Pharmaceuticals NV (SIX: COPN) for large-scale ramp-up of opaganib
manufacturing, further strengthening manufacturing capabilities and
capacity for opaganib.
The Company continues its discussions with U.S. and other
government agencies and non-governmental organizations around
potential funding to support the rapid advancement of opaganib
toward potential emergency use applications and manufacturing
scale-up.
COVID-19 Program: RHB-107
(upamostat)[6]
In February 2021, RedHill announced dosing of the
first patient in the U.S. Phase 2/3 COVID-19 outpatient study with
novel, orally-administered, RHB-107 (upamostat). The study with
once-daily RHB-107 is evaluating treatment of patients with
symptomatic COVID-19 who do not require hospitalization - the vast
majority of COVID-19 patients. The study allows patients to remain
in the comfort of their home yet be monitored at a level previously
possible only in a hospital setting, enabling increased compliance
and retention rates.
RHB-107 is a novel, orally-administered, serine protease
inhibitor targeting human cell factors involved in viral entry and
is therefore expected to be effective against emerging viral
variants with mutations in the spike protein. In previously
announced in vitro results, RHB-107 strongly inhibited
SARS-CoV-2 viral replication.
RHB-204[7] - Pulmonary
Nontuberculous Mycobacteria (NTM)
Disease
In November 2020, RedHill commenced its U.S. Phase 3
study to evaluate the efficacy and safety of RHB-204 in adults with
pulmonary NTM disease caused by Mycobacterium
avium Complex (MAC) infection.
The FDA also granted Fast Track designation for RHB-204 in
January 2021, providing early and
frequent communications and a rolling review of any New Drug
Application (NDA). Having already been granted Qualified Infectious
Disease Product (QIDP) designation, RHB-204 is also eligible for
NDA Priority Review and Accelerated Approval.
In October 2020, the Company
announced that RHB-204 had been granted FDA Orphan Drug
Designation. This, along with the previously granted QIDP
designation, extends U.S. market exclusivity for RHB-204 to a
potential total of 12 years upon FDA approval.
Opaganib - Cholangiocarcinoma and Prostate Cancer
The
Phase 2a study evaluating the activity of opaganib in advanced
cholangiocarcinoma (bile duct cancer) is ongoing. Enrollment has
been completed for the first cohort of 39 patients, evaluating the
activity of orally-administered opaganib as a stand-alone
treatment. Preliminary data from this cohort indicated a signal of
activity in a number of subjects with advanced cholangiocarcinoma.
Enrollment is ongoing for a second cohort, evaluating opaganib in
combination with hydroxychloroquine, an anti-autophagy agent.
In light of preclinical findings demonstrating tumor regression
following combination treatment with opaganib and RHB-107
(upamostat), RedHill plans to add an additional cohort to the
ongoing Phase 2a study, evaluating opaganib in combination with
RHB-107, subject to discussions with the FDA. Opaganib has been
granted FDA Orphan Drug Designation for the treatment of
cholangiocarcinoma.
An additional Phase 2 study with opaganib in prostate cancer is
ongoing at the Medical University of South
Carolina (MUSC). The study is supported by a National Cancer
Institute grant awarded to MUSC with additional support from
RedHill.
COVID-19 Impact Update
RedHill's primary concern during the COVID-19 pandemic continues
to be the safety and health of its employees, patients, colleagues,
and the communities to which we belong.
Operationally, the actions the Company took to mitigate the
impact of the COVID-19 pandemic continue to serve us well, with
minimal effect on our ongoing operational and supply chain
activities. Promotional activity has now been largely re-instated,
where safe to do so, and in adherence to social distancing and
other public health guidelines. RedHill will continue to assess the
potential impact of COVID-19 on its business and operations.
Conference Call and Webcast Information:
The Company will host a conference call and live webcast today,
Thursday, March 18, 2021, at
8:30 a.m. EDT to present the
fourth quarter and full year 2020 financial results and operational
highlights.
The webcast and slides will be broadcast live on the Company's
website, https://ir.redhillbio.com/events, and will
be available for replay for 30
days.
To participate in the conference call, please dial one of the
following numbers 15 minutes prior to the start of the call:
United States: +1-877-870-9135;
International: +1-646-741-3167 and Israel:
+972-3-530-8845; the access code for the call is: 1830718.
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, Talicia® for the treatment of
Helicobacter pylori (H. pylori) infection in adults, and
Aemcolo® for the treatment of travelers' diarrhea
in adults. 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®, ABC294640), 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-107 (upamostat), a serine protease
inhibitor in a U.S. Phase 2/3 study as treatment for symptomatic
COVID-19, and targeting multiple other cancer and inflammatory
gastrointestinal diseases; (iv) RHB-104, with positive
results from a first Phase 3 study for Crohn's disease; (v)
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; and (vi)
RHB-106, an encapsulated bowel preparation. More
information about the Company is available at www.redhillbio.com /
https://twitter.com/RedHillBio.
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 planned commercial operational breakeven by the end of
2021 and regarding achieving fast growth and increased profit
margin. 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; the risk that the Company will not successfully
commercialize its products; 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.
Company
contact:
Adi Frish
Chief Corporate and
Business Development
Officer
RedHill
Biopharma
+972-54-6543-112
adi@redhillbio.com
|
Media
contacts:
U.S.: Bryan
Gibbs, Finn Partners
+1 212 529
2236
bryan.gibbs@finnpartners.com
UK: Amber
Fennell, Consilium
+44 (0) 7739 658 783
fennell@consilium-comms.com
|
REDHILL BIOPHARMA
LTD.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
2020
|
|
2019
|
|
2018
|
|
|
|
|
|
U.S. dollars in thousands
|
NET
REVENUES
|
|
|
|
|
64,359
|
|
6,291
|
|
8,360
|
COST OF
REVENUES
|
|
|
|
|
36,892
|
|
2,259
|
|
2,837
|
GROSS
PROFIT
|
|
|
|
|
27,467
|
|
4,032
|
|
5,523
|
RESEARCH AND
DEVELOPMENT EXPENSES
|
|
|
|
|
16,491
|
|
17,419
|
|
24,862
|
SELLING, MARKETING
AND BUSINESS DEVELOPMENT EXPENSES
|
|
|
|
|
49,285
|
|
18,333
|
|
12,486
|
GENERAL AND
ADMINISTRATIVE EXPENSES
|
|
|
|
|
25,375
|
|
11,481
|
|
7,506
|
OPERATING
LOSS
|
|
|
|
|
63,684
|
|
43,201
|
|
39,331
|
FINANCIAL
INCOME
|
|
|
|
|
270
|
|
1,335
|
|
678
|
FINANCIAL
EXPENSES
|
|
|
|
|
12,759
|
|
438
|
|
167
|
FINANCIAL EXPENSES
(INCOME), net
|
|
|
|
|
12,489
|
|
(897)
|
|
(511)
|
LOSS AND
COMPREHENSIVE LOSS FOR THE YEAR
|
|
|
|
|
76,173
|
|
42,304
|
|
38,820
|
|
|
|
|
|
|
|
|
|
|
REDHILL BIOPHARMA
LTD.
|
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
|
December 31,
|
|
2020
|
|
2019
|
|
U.S. dollars in thousands
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
29,295
|
|
29,023
|
Bank
deposits
|
17
|
|
10,349
|
Financial assets at
fair value through profit or loss
|
481
|
|
8,500
|
Trade
receivables
|
28,655
|
|
1,216
|
Prepaid expenses and
other receivables
|
5,521
|
|
2,244
|
Inventory
|
6,526
|
|
1,882
|
|
70,495
|
|
53,214
|
NON-CURRENT
ASSETS:
|
|
|
|
Restricted
cash
|
16,164
|
|
152
|
Fixed assets
|
511
|
|
228
|
Right-of-use
assets
|
5,192
|
|
3,578
|
Intangible
assets
|
87,879
|
|
16,927
|
|
109,746
|
|
20,885
|
TOTAL
ASSETS
|
180,241
|
|
74,099
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
11,553
|
|
4,184
|
Lease
liabilities
|
1,710
|
|
834
|
Allowance for
deductions from revenue
|
18,343
|
|
1,267
|
Accrued expenses and
other current liabilities
|
24,082
|
|
4,331
|
Payable in respect of
intangible assets purchase
|
17,547
|
|
—
|
|
73,235
|
|
10,616
|
|
|
|
|
NON-CURRENT
LIABILITIES:
|
|
|
|
Borrowing
|
81,386
|
|
—
|
Payable in respect of
intangible assets purchase
|
7,199
|
|
—
|
Lease
liabilities
|
3,807
|
|
2,981
|
Royalty
obligation
|
750
|
|
500
|
|
93,142
|
|
3,481
|
TOTAL
LIABILITIES
|
166,377
|
|
14,097
|
|
|
|
|
EQUITY:
|
|
|
|
Ordinary
shares
|
1,054
|
|
962
|
Additional paid-in
capital
|
293,144
|
|
267,403
|
Accumulated
deficit
|
(280,334)
|
|
(208,363)
|
TOTAL
EQUITY
|
13,864
|
|
60,002
|
TOTAL LIABILITIES
AND EQUITY
|
180,241
|
|
74,099
|
REDHILL BIOPHARMA
LTD.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2019
|
|
2018
|
|
|
U.S. dollars in thousands
|
OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
Comprehensive
loss
|
|
(76,173)
|
|
(42,304)
|
|
(38,820)
|
Adjustments in respect
of income and expenses not involving cash flow:
|
|
|
|
|
|
|
Share-based
compensation to employees and service providers
|
|
4,202
|
|
3,027
|
|
2,678
|
Depreciation
|
|
1,710
|
|
997
|
|
90
|
Amortization and
impairment of intangible assets
|
|
7,035
|
|
216
|
|
—
|
Non-cash interest
expenses related to borrowing and payable in respect of intangible
assets purchase and royalty obligation
|
|
6,032
|
|
—
|
|
—
|
Fair value adjustments
on derivative financial instruments
|
|
—
|
|
(344)
|
|
(104)
|
Fair value losses
(gains) on financial assets at fair value through profit or
loss
|
|
94
|
|
(27)
|
|
137
|
Exchange differences
and revaluation of bank deposits
|
|
101
|
|
24
|
|
138
|
|
|
19,174
|
|
3,893
|
|
2,939
|
Changes in assets and
liability items:
|
|
|
|
|
|
|
Decrease (increase) in
trade receivables
|
|
(27,439)
|
|
(258)
|
|
570
|
Decrease (increase) in
prepaid expenses and other receivables
|
|
(3,277)
|
|
(368)
|
|
1,414
|
Increase in
inventories
|
|
(4,644)
|
|
(1,113)
|
|
(116)
|
Increase (decrease) in
accounts payable
|
|
7,369
|
|
860
|
|
(1,481)
|
Increase (decrease) in
accrued expenses and other liabilities
|
|
19,335
|
|
(2,726)
|
|
722
|
Increase in allowance
for deductions from revenue
|
|
17,076
|
|
1,267
|
|
310
|
|
|
8,420
|
|
(2,338)
|
|
1,419
|
Net cash used in
operating activities
|
|
(48,579)
|
|
(40,749)
|
|
(34,462)
|
INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
Purchase of fixed
assets
|
|
(406)
|
|
(168)
|
|
(23)
|
Purchase of intangible
assets
|
|
(53,368)
|
|
(35)
|
|
(35)
|
Change in investment in
current bank deposits
|
|
10,200
|
|
(2,069)
|
|
4,869
|
Purchase of financial
assets at fair value through profit or loss
|
|
—
|
|
(4,325)
|
|
(6,976)
|
Proceeds from sale of
financial assets at fair value through profit or loss
|
|
7,925
|
|
11,761
|
|
7,517
|
Net cash provided by
(used in) investing activities
|
|
(35,649)
|
|
5,164
|
|
5,352
|
FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from issuance
of ordinary shares, net of issuance costs
|
|
23,867
|
|
36,300
|
|
41,902
|
Exercise of options
into ordinary shares
|
|
52
|
|
5
|
|
361
|
Proceeds from long-term
borrowings, net of transaction costs
|
|
78,061
|
|
—
|
|
—
|
Increase in restricted
cash
|
|
(20,000)
|
|
—
|
|
—
|
Decrease in restricted
cash
|
|
4,000
|
|
—
|
|
—
|
Payment of principal
with respect to lease liabilities
|
|
(1,610)
|
|
(796)
|
|
—
|
Repayment of payable in
respect of intangible asset purchase
|
|
—
|
|
—
|
|
(500)
|
Net cash provided by
financing activities
|
|
84,370
|
|
35,509
|
|
41,763
|
INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
142
|
|
(76)
|
|
12,653
|
EXCHANGE
DIFFERENCES ON CASH AND CASH EQUIVALENTS
|
|
130
|
|
94
|
|
(103)
|
BALANCE OF CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
29,023
|
|
29,005
|
|
16,455
|
BALANCE OF CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
|
29,295
|
|
29,023
|
|
29,005
|
SUPPLEMENTARY
INFORMATION ON INTEREST RECEIVED IN CASH
|
|
414
|
|
753
|
|
728
|
SUPPLEMENTARY
INFORMATION ON INTEREST PAID IN CASH
|
|
6,654
|
|
251
|
|
—
|
SUPPLEMENTARY
INFORMATION ON NON-CASH INVESTING AND FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
Acquisition of
right-of-use assets by means of lease liabilities
|
|
2,930
|
|
2,805
|
|
—
|
Purchase of
intangible assets posted as payable
|
|
24,619
|
|
—
|
|
—
|
Purchase of an
intangible asset in consideration for issuance of shares
|
|
1,914
|
|
11,788
|
|
—
|
____________________________
[1] Including cash, cash equivalents, short-term
investments (bank deposits and financial assets at fair value) and
restricted cash.
[2] Movantik® (naloxegol) is indicated for
opioid-induced constipation (OIC). Full prescribing information
see: www.movantik.com.
[3] Talicia® (omeprazole magnesium,
amoxicillin and rifabutin) is indicated for the treatment of H.
pylori infection in adults. For full prescribing information
see: www.Talicia.com.
[4] Aemcolo (rifamycin) indicated for the treatment
of travelers' diarrhea caused by noninvasive strains of
Escherichia coli in adults. For full prescribing information
see: www.aemcolo.com
[5] Opaganib (ABC294640, Yeliva®) is an
investigational new drug, not available for commercial
distribution.
[6] RHB-107 (upamostat) is an investigational new
drug, not available for commercial distribution.
[7] RHB-204 is an investigational new drug, not
available for commercial distribution.
View original
content:http://www.prnewswire.com/news-releases/redhill-biopharma-provides-fourth-quarter-and-full-year-2020-financial-results-and-operational-highlights-301250022.html
SOURCE RedHill Biopharma Ltd.