Connect with us

Hi, what are you looking for?

Jewish Business News

VC, Investments

RedHill Biopharma Announces Definitive Agreement for $6 Million Private Placement from OrbiMed

RedHill-Biopharma logo

RedHill Biopharma Ltd. (Nasdaq: RDHL; TASE: RDHL),  today announced that it has entered into a definitive agreement with leading healthcare investor OrbiMed Israel Partners Limited Partnership, an affiliate of OrbiMed Advisors LLC, for the sale of RedHill’s American Depository Shares (“ADSs”) and warrants in a private placement transaction (the “Private Placement”) for a total sum of $6.0 million.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

Proceeds from the financing will be used for general working capital and for research and development related purposes, including the clinical development of RedHill’s lead gastrointestinal programs, RHB-104 for Crohn’s disease and RHB-105 for H. pylori infection, both currently undergoing Phase III studies in the U.S.

RedHill is an emerging Israeli biopharmaceutical company focused primarily on the development and acquisition of late clinical-stage, proprietary formulations and combinations of existing drugs.

The Private Placement is expected to close on or before January 9, 2014, subject to the satisfaction of certain customary closing conditions.

Upon the closing of the Private Placement, in exchange for gross proceeds of $6.0 million, RedHill will issue OrbiMed a total of 631, 580 units, each consisting of one ADSand a warrant to purchase 0.4 of an ADS (“Unit”), at a purchase price of $9.50 per Unit.

RedHill will issue to OrbiMed warrants to purchase 252, 632 ADSs in the aggregate, which will have a three-year term and be exercisable at a price per ADS of $11. For a detailed description of the terms of the Private Placement, please see the Company’s Report on Form 6-K furnished to the SecuritiesSecurities and Exchange Commission (the “SEC”) on December 30, 2013.

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Life-Style Health

Medint’s medical researchers provide data-driven insights to help patients make decisions; It is affordable- hundreds rather than thousands of dollars

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Leadership

Jews are disproportionately represented on the roster of the richest business people, with 10 Jews among the top 50 (20%), and 38 (19%) Jews...