Israeli drug development company Intec Pharma Ltd. (TASE: NTEC; Nasdaq: NTEC) is raising $57.5 million on Nasdaq. The Jerusalem based company yesterday announced the pricing of an underwritten public offering of 10.6 million ordinary shares at a public offering price of $4.70 per share.
Gross proceeds of the offering are expected to be $50 million. The offering is expected to close on August 21, 2017, subject to customary closing conditions. Intec Pharma has granted the underwriters a 30-day option to purchase up to approximately 1.6 million additional ordinary shares to cover over-allotments. If the over-allotment option is exercised in full, gross proceeds of the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be $57.5 million.
Oppenheimer & Co. Inc. is acting as the sole book-running manager, Roth Capital Partners is acting as lead manager, and Maxim Group is acting as co-manager in the offering.
Intec Pharma is a clinical-stage biopharmaceutical company focused on developing drugs based on its proprietary Accordion Pill platform technology. The company's Accordion Pill is an oral drug delivery system that is designed to improve the efficacy and safety of existing drugs and drugs in development by utilizing an efficient gastric retention and specific release mechanism. The Company's product pipeline includes two product candidates in clinical trial stages: Accordion Pill Carbidopa/Levodopa, or AP-CD/LD, which is being developed for the treatment of Parkinson's disease symptoms in advanced Parkinson's disease patients, and AP-CBD/THC, an Accordion Pill with the two primary cannabinoids contained in Cannabis sativa, cannabidiol (CBD) and tetrahydrocannabinol (THC), which is being developed for various indications including low back neuropathic pain and fibromyalgia.
Intec Pharma will use the proceeds of the offering to finance its Phase III clinical trial for Accordion Pill Carbidopa/Levodopa, the company's leading product candidate for treating advanced Parkinson's disease patients.
Published by Globes [online], Israel business news - www.globes-online.com - on August 17, 2017
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