RedHill Biopharma
Announces Record Quarterly Revenues and First Commercial Operations
Breakeven
Business update
(unaudited and preliminary estimated fourth quarter financial
data[1]):
-
Record
Q4/2021 total net revenues estimated to be in the range of
$22-24 million vs. $21.6 million in Q3/2021 and $21.5 in
Q4/2020
-
Estimated to have
achieved commercial operations breakeven in Q4/2021 and expect
profitable commercial operations in 2022 (both non-GAAP
EBITDA)[2]
-
Cash
balance[3]
of
$54.2 million as of December 31, 2021, an increase from
Q3/2021 ($51.5
million) and Q4/2020 ($45.9 million as of December 31,
2020)
-
Substantial decrease in operational
and development expenses following implementation of a
cost-efficiency plan
-
Customer-facing salesforce
strengthened through internal realignment and now includes 120
sales professionals
-
Record
Talicia®
quarterly new
prescriptions, increase of 26.5% vs. Q3/2021, and 78.4% vs.
Q4/2020
-
Movantik®
growth continues, new
prescriptions increased by 2.4% vs. Q3/2021 and 4.5% vs.
Q4/2020
TEL AVIV, Israel and RALEIGH,
NC, February 17, 2022 - InvestorsHub NewsWire
-- RedHill Biopharma
Ltd. (Nasdaq: RDHL) ("RedHill" or the "Company"),
a specialty biopharmaceutical company, today
provided a business update for the fourth quarter of 2021,
including certain estimated unaudited preliminary financial
data.
Dror Ben-Asher, RedHill's
Chief Executive Officer, said: "Strong sales growth
momentum in the face of the persistent pandemic environment,
coupled with strengthening our salesforce through internal
realignment to include 120 customer-facing sales professionals,
disciplined cost-control measures and the potential addition of
products synergistic to our existing commercial basket, are planned
to bring us closer to commercial operations profitability in 2022.
In parallel, our compact R&D team continues to display
tremendous creativity and drive in progressing RedHill's robust
late clinical-stage pipeline. In particular, extensive discussions
are ongoing with regulators in multiple countries regarding
potential pathways to approval of orally-administered opaganib,
likely the first novel oral drug candidate to have shown an
improvement in viral clearance in severe hospitalized COVID-19
patients."
The Company intends to announce its audited fourth
quarter and full year 2021 results in the coming weeks. The
preliminary financial data ranges described herein have not been
audited and are subject to adjustment based on the Company's
completion of year-end financial close processes.
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 adults[4],
Talicia®
for the treatment of Helicobacter pylori (H. pylori)
infection in adults[5],
and Aemcolo®
for the treatment of travelers' diarrhea in
adults[6].
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 SK2 selective inhibitor
targeting multiple indications with a Phase 2/3 program for
COVID-19 and Phase 2 studies for prostate cancer and
cholangiocarcinoma ongoing; (iii) RHB-107 (upamostat), an oral serine protease
inhibitor in a U.S. Phase 2/3 study as treatment for 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; (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; and (vi)
RHB-106, an encapsulated bowel
preparation. 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.
Forward-looking statements in this press release include, but are
not limited to, the Company's unaudited preliminary financial
information for the fourth quarter ended December 31, 2021. The
preliminary financial information set forth in this press release
is subject to the completion of the Company's audit process and is
subject to change. The estimated preliminary financial data
included in this press release should not be viewed as a substitute
for the Company's annual financial statements prepared in
accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board. There can
be no assurance that the estimated preliminary financial data or
the expected commercial operations profitability in 2022 will be
realized, and you are cautioned not to place undue reliance on the
preliminary financial information, which reflects management's
current expectations and anticipated results of operations, all of
which are subject to known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or
achievements, market trends, or industry results to differ
materially from those expressed or implied by such forward-looking
statements. The preliminary financial data described in this press
release will be adjusted based on the Company's completion of
year-end financial close processes. 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 of a delay
in top-line data from Part A of the Phase 2/3 study of once-daily
oral RHB-107 in non-hospitalized patients with symptomatic
COVID-19, 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 18, 2021. 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
|
Media contacts:
U.S. / UK: Amber
Fennell, Consilium
+44 (0) 7739 658 783
fennell@consilium-comms.com
|
Category: Financial