Israeli drug developer RedHill Biopharma Ltd. (Nasdaq: RDHL; TASE: RDHL) raised $20 million on Nasdaq on Friday. The company issued 2,857,143 American Depositary Shares (ADS), each representing ten of its ordinary shares, at a public offering price of $7.00 per ADS. Based in Tel Aviv, the company is primarily focused on late clinical-stage development and commercialization of proprietary drugs for gastrointestinal diseases and cancer.
The offering following positive results in its Phase III trial of a product for treatment of Crohn's Disease.
Redhill will now use the net proceeds from the offering, together with its existing cash and cash equivalents, which totaled $43 million at the end of the third quarter, to fund preparations for TALICIA (H. pylori) commercial launch and activities, clinical development programs, including initiation of a pivotal Phase III study with RHB-204 for NTM, and preparations for a second Phase III study with RHB-104 for Crohn’s disease, and for acquisitions and general corporate purposes.
RedHill's CEO is Dror Ben-Asher.
Published by Globes, Israel business news - en.globes.co.il - on December 9, 2018
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