RedHill Biopharma Announces Pricing of $25 Million Underwritten Offering
GLOBENEWSWIRE 8:09 AM ET 8/9/2018
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RDHL 6.03 0 (0%)
QUOTES AS OF 04:00:00 PM ET 08/08/2018
TEL-AVIV, Israel and RALEIGH, N.C., Aug. 09, 2018 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd.(RDHL) (“RedHill” or the “Company”), a specialty biopharmaceutical company primarily focused on proprietary drugs for gastrointestinal diseases, today announced the pricing of an underwritten offering of 4,166,667 American Depositary Shares (“ADSs”), each representing ten of its ordinary shares, at an offering price of $6.00 per ADS, for gross proceeds of approximately $25 million, before commissions and other offering expenses. The offering is expected to close on August 14, 2018, subject to customary closing conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. , is acting as the sole book-running manager for the offering.
The Company intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, to fund clinical development programs, including preparations for a second Phase III study with RHB-104 for Crohn’s disease, initiation of a pivotal Phase III study with RHB-204 for NTM, for commercial operations including TALICIA® (H. pylori) launch preparations, acquisitions, and general corporate purposes.
The ADSs described above will be issued pursuant to a shelf registration statement that was previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on July 31, 2018. A preliminary prospectus supplement and accompanying prospectus related to the offering has been filed with the SEC and is available on the SEC’s website located at www.sec.gov. Before you invest, you should read the preliminary prospectus supplement and accompanying prospectus and other documents we have filed with the SEC for more complete information about us and this offering. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained on the SEC’s website located at www.sec.gov or by contacting Ladenburg Thalmann & Co. Inc., Prospectus Department, 277 Park Avenue, 26th Floor, New York, New York 10172, by calling (212) 409-2000.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
