Intec Pharma Ltd. (TASE: INTP) has raised NIS 10.8 million in a rights issue. The company, which develops improved versions of current drugs, received orders for 99.96% of the units offered.
Intec Pharma offered one rights unit per 20 shares. Each unit comprised two shares and warrant at NIS 1.30 per unit. If all the warrants are exercised at the strike price of NIS 1.20 per share, proceeds could increase by NIS 10 million. The warrants expire on June 30, 2012. There was no underwriter for the rights issue.
Intec Pharma chairman, Zvi Joeseph said, "The success of our rights issue stands out against the sharp volatility in the markets, and is further evidence of the great trust and confidence of our shareholders in the soundness of the company, operations, business objectives, and management."
In July, Intec Pharma reported positive intermediate results of the Phase IIb clinical trial for the second group (out of three) of its accordion-pill Levodopa product in advanced Parkinson's disease patients.
Intec Pharma's share price fell 3.8% by early afternoon to NIS 0.87, giving a market cap of NIS 150 million.
Published by Globes [online], Israel business news - www.globes-online.com - on September 21, 2011
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