RedHill Biopharma Ltd. (Nasdaq: RDHL; TASE: RDHL) has completed raising $11.7 million in a private placement of 10.5 million shares and three-year warrants for the purchase of 4.2 million shares. It will use the proceeds for working capital, R&D, and potential acquisitions. The company develops late clinical-stage, proprietary formulations and combinations of existing drugs.
The investors include leading Israeli institutional investors Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), Yelin Lapidot Investment House Ltd., and Excellence Nessuah (TASE: EXCE), Sphera Global Healthcare Master Fund and two private investment firms.
"This $11.7 million private placement follows an earlier $8.5 million private placement from leading healthcare investors OrbiMed Advisors LLC and Broadfin Capital LLC," said RedHill CFO Ori Shilo. "With the support from our new and current shareholders, and with over $30 million in cash, we continue to aggressively pursue our strategic plans and advance our lead programs, RHB-104 for Crohn's disease and RHB-105 for H. pylori infection, both currently undergoing Phase III studies in the US."
Published by Globes [online], Israel business news - www.globes-online.com - on January 22, 2014
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