TEL AVIV, Israel, Feb. 16, 2021 /PRNewswire/ -- Galmed
Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a
clinical-stage biopharmaceutical company for liver, metabolic and
inflammatory diseases, today announced that it is commencing an
underwritten public offering of its Ordinary Shares (the
"Offering"). All of the shares to be sold in the Offering will be
sold by Galmed, subject to customary closing conditions. In
addition, Galmed intends to grant the underwriter for the
Offering a 30-day option to purchase up to an additional 15% of the
number of its Ordinary Shares offered in the public offering.
Cantor Fitzgerald & Co. is acting as the sole
book-running manager for the Offering.
The Offering is being made pursuant to a "shelf" registration
statement on Form F-3 (File No. 333-223923) previously filed
by Galmed with the Securities and Exchange
Commission (the "SEC") on March 26, 2018 and declared
effective by the SEC on April 2, 2018. The Offering
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 relating to, and describing the
terms of, the Offering will be filed with the SEC. Before you
invest, you should read the registration statement, the preliminary
prospectus, the documents that Galmed has filed with
the SEC that are incorporated by reference into the
registration statement, and the other
documents Galmed has filed with the SEC for
more complete information about Galmed and the offering.
You may get these documents for free by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively,
copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the Offering can be obtained,
when available, from Cantor Fitzgerald & Co., Attn:
Capital Markets, 499 Park Avenue, 6th floor, New York,
NY 10022; Email: prospectus@cantor.com. The final terms
of the offering will be disclosed in a final prospectus supplement
to be filed with the SEC.
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 the registration or qualification under the securities laws of
any such state or other jurisdiction.
Galmed Pharmaceuticals Ltd. is a clinical stage drug development
biopharmaceutical company for liver, metabolic and inflammatory
diseases. Our lead compound, Aramchol™, a backbone drug candidate
for the treatment of NASH and fibrosis is currently in a Phase 3
registrational study. We are also collaborating with the
Hebrew University in the development of
Amilo-5MER, a 5 amino acid synthetic peptide and plan to initiate a
first in human study during the first quarter of 2021.
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,
including statements relating to the offering, including as to the
consummation of the offering described above. 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. Many factors could cause Galmed's actual activities or
results to differ materially from the activities and results
anticipated in forward-looking statements, including, but not
limited to, the following: market and other conditions; the timing
and cost of Galmed's pivotal Phase 3 ARMOR trial, or the ARMOR
Study or any other pre-clinical or clinical trials; completion and
receiving favorable results of the ARMOR Study for Aramchol or any
other pre-clinical or clinical trial; the impact of the COVID-19
pandemic; regulatory action with respect to Aramchol or any other
product candidate by the FDA or the EMA; the commercial launch and
future sales of Aramchol or any other future products or product
candidates; Galmed's ability to comply with all applicable
post-market regulatory requirements for Aramchol or any other
product candidate in the countries in which it seeks to market the
product; Galmed's ability to achieve favorable pricing for Aramchol
or any other product candidate; Galmed's expectations regarding the
commercial market for NASH patients or any other indication;
third-party payor reimbursement for Aramchol or any other product
candidate; Galmed's estimates regarding anticipated capital
requirements and Galmed's needs for additional financing; market
adoption of Aramchol or any other product candidate by physicians
and patients; the timing, cost or other aspects of the commercial
launch of Aramchol or any other product candidate; the development
and approval of the use of Aramchol or any other product candidate
for additional indications or in combination therapy; and Galmed's
expectations regarding licensing, acquisitions and strategic
operations. 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 12,
2020, the Preliminary Prospectus filed with the SEC on
February 16, 2021, the Report on Form
6-K filed with the SEC on February 16,
2021 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.
View original
content:http://www.prnewswire.com/news-releases/galmed-pharmaceuticals-announces-proposed-offering-of-ordinary-shares-301228848.html
SOURCE Galmed Pharmaceuticals Ltd.