TEL AVIV, Israel, June 19, 2018 /PRNewswire/ -- Galmed
Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a
clinical-stage biopharmaceutical company focused on the development
of the liver targeted SCD1 modulator Aramchol™, a once-daily, oral
therapy for the treatment of nonalcoholic steatohepatitis, or NASH,
today announced that it has priced its previously announced
underwritten public offering of 5,000,000 ordinary shares, at a
public offering price of $15.00 per
share. The gross proceeds to Galmed, before deducting the
underwriting discounts and commissions and estimated offering
expenses will be $75 million.
In addition, Galmed granted the underwriters a 30-day option
to purchase up to an additional 750,000 ordinary shares at the
public offering price, less the underwriting discounts and
commissions. The offering is expected to close on or about
June 22, 2018, subject to the
satisfaction of customary closing conditions.
Galmed intends to use the net proceeds from the offering for (i)
continued development of Aramchol, (ii) development of new
programs, (iii) business development activities, and (iv) general
corporate purposes.
Stifel, SunTrust Robinson Humphrey and Cantor Fitzgerald &
Co. are acting as the book-running managers for the offering.
Raymond James and Roth Capital
Partners are acting as co-lead managers, and Maxim Group LLC and
Seaport Global Securities are acting as co-managers for the
offering.
The ordinary shares described above are being offered by Galmed
pursuant to its shelf registration statement on Form F-3 previously
filed with the Securities and Exchange Commission (SEC) and
declared effective by the SEC on April 2,
2018. A preliminary prospectus supplement and accompanying
prospectus relating to and describing the terms of the offering has
been filed with the SEC and is available on the SEC's website. A
final prospectus supplement and accompanying prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's website. Copies of the prospectus supplement (when
available) and accompanying prospectus may be obtained from Stifel
at Attention: Syndicate, One Montgomery
Street, Suite 3700, San Francisco,
CA 94104, or by telephone at (415) 364-2720, or by email at
syndprospectus@stifel.com, SunTrust Robinson Humphrey at Attention:
Prospectus Department, 3333 Peachtree Road NE, 9th Floor,
Atlanta, GA 30326, or by telephone
at (404) 926-5744 or by email at strh.prospectus@suntrust.com or
Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park
Avenue, 6th Floor, New York, NY
10022 or by e-mail at prospectus@cantor.com.
This press release shall not constitute an offer to sell or the
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 registration or qualification under the securities laws of any
such state or other jurisdiction. Any offer, if at all, will be
made only by means of the prospectus supplement and accompanying
prospectus forming a part of the effective registration
statement.
About Galmed Pharmaceuticals Ltd.
Galmed is a clinical-stage biopharmaceutical company focused on
the development of Aramchol, a first in class, novel, once-daily,
oral therapy for the treatment of NASH for variable populations.
Galmed has recently announced top-line results of its 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.
Cautionary Note Regarding 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. Factors that may cause such a difference include,
without limitation, risks and uncertainties related to market and
other conditions, the satisfaction of customary closing conditions
related to the proposed public offering, the intended use of
proceeds and the impact of general economic, industry or political
conditions in the United States or
internationally. More detailed information about the risks and
uncertainties affecting Galmed is contained under the heading "Risk
Factors" included in Galmed's most recent Annual Report on Form
20-F filed with the SEC on March 13,
2018, 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.