TEL
AVIV, Israel, and RALEIGH,
N.C., Dec. 2, 2022 /PRNewswire/ -- RedHill
Biopharma Ltd. (Nasdaq: RDHL) ("RedHill" or the "Company"), a
specialty biopharmaceutical company, today announced the pricing of
an underwritten public offering with gross proceeds to the Company
expected to be approximately $8.0
million, before deducting underwriting discounts and other
expenses payable by the Company. The offering consists of
32,000,000 units/pre-funded units consisting of (a) one American
Depositary Share ("ADS") (or one pre-funded warrant to purchase one
ADS in lieu thereof) and (b) one warrant to purchase one ADS (the
"Warrants") at a price to the public of $0.25 per ADS (or $0.249 per pre-funded unit after reducing
$0.001 attributable to the exercise
price of the pre-funded warrants). Each ADS represents 10 of our
ordinary shares, par value NIS 0.01
per share. RedHill intends to use the net proceeds of the offering
for working capital, acquisitions, and general corporate
purposes.
The offering is expected to close on December 6, 2022, subject to the satisfaction of
customary closing conditions.
Aegis Capital Corp. is acting as sole book-running manager
for the proposed public offering.
The securities described above are being offered by RedHill
pursuant to a shelf registration statement on Form F-3 (No.
333-258259) declared effective by the Securities and Exchange
Commission (the "SEC") on August 9,
2021.
The securities may be offered only by means of a prospectus
supplement and accompanying prospectus relating to the offering
that form a part of the registration statement. A preliminary
prospectus supplement and the accompanying prospectus relating to
and describing the terms of the offering were filed with the SEC
and are available on the SEC's website at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying base
prospectus relating to the offering will be filed with the SEC
and, when available, will be available on the SEC's website at
www.sec.gov and may also be obtained from Aegis Capital Corp.,
Attention: Syndicate Department, 1345 Avenue of the Americas, 27th
floor, New York, NY 10105, by
email at syndicate@aegiscap.com, or by telephone at (212)
813-1010.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or 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 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
adults1, Talicia® for the treatment of
Helicobacter pylori (H. pylori) infection in
adults2, and Aemcolo® for the
treatment of travelers' diarrhea in adults3. 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
(ABC294640), a first-in-class oral broad-acting,
host-directed, SK2 selective inhibitor targeting multiple
indications, including for pandemic preparedness, with a Phase 2/3
program for hospitalized COVID-19 and a Phase 2 program in oncology
and a radiation protection program ongoing; (iii) RHB-107
(upamostat), an oral broad-acting, host-directed serine
protease inhibitor with potential for pandemic preparedness and is
in Phase 3-stage development as treatment for non-hospitalized
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;
and (v) RHB-102, with positive results from a Phase 3 study
for acute gastroenteritis and gastritis and positive results from a
Phase 2 study for IBS-D. More information about the Company is
available at www.redhillbio.com/ 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 and include statements regarding anticipated
continued growth in prescriptions, the sale of Movantik, the
addition of new revenue generating products, non-dilutive
development funding from RHB-107 and its inclusion in a key
platform study and statements regarding the completion of
the proposed public offering, the satisfaction of customary closing
conditions related to the proposed public offering and the intended
use of net proceeds from the proposed public 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, the risk that the growth in prescriptions will not
continue, that the sale of Movantik and the addition of new
generating products will not occur, that we will not be successful
in obtaining non-dilutive development funding for RHB-107, that the
obligations of the term loan will not be met and that HCR will take
steps to accelerate our payment obligations under our credit
agreement with HCR, that we will not be successful in increasing
sales of our commercial products, including due to market
conditions, that the Phase 2/3 COVID-19 study for RHB-107 may not
be successful and, even if successful, such studies and results may
not be sufficient for regulatory applications, including emergency
use or marketing applications, and that additional COVID-19 studies
for opaganib and RHB-107 are likely to be required, as well as
risks and uncertainties associated with 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 17, 2022. 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
Category: Financials
1 Movantik® (naloxegol) is indicated for
opioid-induced constipation (OIC). Full prescribing information
see: www.movantik.com.
2 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.
3 Aemcolo® (rifamycin) is indicated for the
treatment of travelers' diarrhea caused by noninvasive strains of
Escherichia coli in adults. For full prescribing information
see: www.aemcolo.com.
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SOURCE RedHill Biopharma Ltd.