Date: 2012-12-06
Type of information: Fundraising
Company: RedHill Biopharma (Israel)
Investors: Company directors Mr. Dan Suesskind (Teva Pharmaceuticals\' former CFO) Dr. Shmuel Cabilly (inventor of the \
Amount: $6.5 Million (€5 million)
Funding type: financing round
Planned used: The proceeds will be used to advance the Company’s late clinical stage programs, including a Phase III clinical trial with RHB-104 for the treatment of Crohn’s disease, planned to begin in the first half of 2013, and a Phase II/III trial with RHB-105 for the eradication of H. pylori bacteria, planned to begin in the first quarter of 2013. The Company further plans to commence a Phase IIa clinical trial with RHB-104 for the treatment of Multiple Sclerosis in January 2013.
Others: RedHill Biopharma, an Israeli biopharmaceutical company focusing primarily on development and acquisition of late clinical stage, patent-protected, new formulations and combinations of existing drugs, has reported the completion of a private placement in a total amount of approximately $6.5 million. Following the financing, the Company’s cash balance increases to approximately $19 million ahead of the Company’s contemplated ADR (American Depository Receipt) listing on NASDAQ. The Company does not plan to raise additional capital as part of the NASDAQ listing process. The Company\'s share price in the financing was NIS 4.00 and the investors also received half an option per share. The closing share price on the Tel-Aviv Stock Exchange on December 3, 2012 was NIS 3.89. The Company will allocate 6,481,280 shares and 3,240,640 non-tradable options exercisable over a period of 24 months. If all options are exercised, the additional proceeds to the Company will be approximately $5 million.
Therapeutic area: Autoimmune diseases - Inflammatory diseases - Infectious diseases
