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 the pricing of the
underwritten public offering of 2,197,803 of its ordinary shares
for gross proceeds of approximately $10
million, before deducting the underwriting discounts and
commissions and estimated offering expenses payable by Galmed.
The offering is expected to close on or about February 18, 2021, subject to customary closing
conditions. In addition, Galmed has granted the underwriter
for the offering, a 30-day option to purchase up to an additional
329,670 of its ordinary shares.
Cantor Fitzgerald & Co. is acting as the sole book-running
manager of the offering.
The underwriter may offer the shares from time to time for
sale in one or more transactions on the Nasdaq Capital Market, in
the over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices.
On February 12, 2021, the last sale
price of the shares as reported on the Nasdaq Capital Market was
$5.03 per share.
During February 2021, Galmed sold
approximately $8.4 million in
ordinary shares under its at-the-market equity offering. Galmed
intends to use the net proceeds of this offering and that of its
at-the-market offering for continued development of its pipeline
products, as well as the advancement of new programs, business
development activities, and general corporate purposes.
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 describing the terms
of the offering and the accompanying prospectus have been 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 final
prospectus 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.
About Galmed Pharmaceuticals Ltd.
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, the expected proceeds
from the offering, the intended use of proceeds and the timing of
the closing of the offering. 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.
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SOURCE Galmed Pharmaceuticals Ltd.