RedHill Biopharma Ltd. (TASE: RDHL) has dual-listed on the Nasdaq Capital Market. The company's American Depositary Shares (ADRs) began trading today under the ticker "RDHL". Each ADR represents ten shares. The company has a market cap of NIS 208 million on the TASE.
RedHill is a biobetter drug development company, which develops late clinical-stage, patent-protected, new formulations and combinations of existing drugs.
RedHill's Nasdaq registration and listing process did not include capital raising. The company raised $6.5 million a private placement, boosting its cash balance to $19 million.
RedHill deputy CEO finance and operations Ori Shilo said, "The exposure to the US financial market, where a substantial number of our shareholders are based, is designed to improve access by US and international investors to the company. RedHill is entering the US financial market with six drugs in late clinical-stages of development and a strong balance sheet."
RedHill will begin a Phase III clinical trial of RHB-104 for the treatment of Crohn's disease in the first half of 2013, a Phase II/III trial of RHB-105 for the eradication of H. pylori bacteria in the first quarter of 2013, and a Phase IIa clinical trial for RHB-104 for the treatment of multiple sclerosis in January 2013. In addition, RedHill and Canada's IntelGenx Corporation (TSX: IGX; Bulletin Board: IGXT), will file a new drug application (NDA) with the US Food and Drug Administration (FDA) for RHB-103, an oral thin film formulation of rizatriptan for the treatment of acute migraine.
Published by Globes [online], Israel business news - www.globes-online.com - on December 27, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012