RedHill Biopharma Announces Closing of Public Offering of its American Depositary Shares
November 13 2017 - 1:16PM
RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock Exchange:RDHL)
(“RedHill” or the “Company”), a specialty biopharmaceutical company
primarily focused on late clinical-stage development and
commercialization of proprietary drugs for gastrointestinal and
inflammatory diseases and cancer, today announced the closing of
its previously announced underwritten public offering of 4,090,909
American Depositary Shares (“ADSs”), each representing ten of its
ordinary shares, at a public offering price of $5.50 per ADS.
Gross proceeds from the sale of the ADSs by
RedHill before underwriting discounts and commissions and other
offering expenses were approximately $22.5 million. RedHill has
also granted the underwriters a 30-day option to purchase up to
613,636 additional ADSs at the public offering price.
Cantor Fitzgerald & Co. and Nomura
Securities International, Inc. acted as joint book-running managers
for the offering. SMBC Nikko Securities America, Inc. acted as lead
manager and H.C. Wainwright & Co., LLC and Roth Capital
Partners, LLC acted as co-managers for the offering.
The Company intends to use the proceeds from the
offering to fund clinical development programs, for potential
acquisitions, to support commercial operations and for general
corporate purposes.
The ADSs described above were issued by RedHill
pursuant to a shelf registration statement that was previously
filed with the Securities and Exchange Commission (the “SEC”) and
declared effective by the SEC on March 11, 2016. A final prospectus
supplement related to the public offering has been filed with the
SEC and is available on the SEC's website located at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering may be obtained, when
available, by contacting Cantor Fitzgerald & Co, Attention:
Capital Markets, 499 Park Ave., 6th Floor, New York, New York
10022, or by e-mail at prospectus@cantor.com, or Nomura Securities
International, Inc., Attention: Equity Syndicate Department,
Worldwide Plaza, 309 West 49th Street, New York, NY 10019-7316 or
by telephone at 212-667-9000 or by e-mail at
equitysyndicateamericas@nomura.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
About RedHill Biopharma
Ltd.:RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock
Exchange: RDHL) is a specialty biopharmaceutical company, 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 promotes three gastrointestinal
products in the U.S. and its clinical stage pipeline includes
treatments for gastrointestinal indications, pancreatic cancer and
acute migraines: Donnatal® - a
prescription oral adjunctive drug used in the treatment of IBS and
acute enterocolitis; Esomeprazole Strontium
Delayed-Release Capsules 49.3 mg - a prescription
proton pump inhibitor indicated for adults for the treatment of
gastroesophageal reflux disease (GERD) and other gastrointestinal
conditions; and 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) TALICIA™
(RHB-105) - an oral
combination therapy for the treatment of Helicobacter pylori
infection with successful results from a first Phase III study and
an ongoing confirmatory 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 a planned pivotal Phase III study for
nontuberculous mycobacteria (NTM) infections; (iii)
BEKINDA® (RHB-102)
- a once-daily oral pill formulation of
ondansetron with successful top-line results from a Phase III study
in acute gastroenteritis and gastritis and successful top-line
results from a Phase II study in 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 inflammatory
gastrointestinal diseases and (vii) RIZAPORT® (RHB-103)
- an oral thin-film formulation of rizatriptan for acute
migraines, with a U.S. NDA resubmitted to the FDA and marketing
authorization received in two EU member states under the European
Decentralized Procedure (DCP).
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 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; (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,; and (xiv) competition from other
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 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. 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 FrishSenior VP Business Development &
Licensing RedHill Biopharma+972-54-6543-112adi@redhillbio.com |
IR contact
(U.S.): Marcy NanusSenior Vice President The Trout
Group+1-646-378-2927Mnanus@troutgroup.com |
Redhill Biopharma (NASDAQ:RDHL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Redhill Biopharma (NASDAQ:RDHL)
Historical Stock Chart
From Sep 2023 to Sep 2024