RedHill Biopharma Announces Closing of Public Offering of its American Depositary Shares

TEL-AVIV, Israel and RALEIGH, N.C., Nov 14 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock Exchange:RDHL) (“RedHill” or the “Company”), a specialty biopharmaceutical company primarily focused on late clinical-stage development and commercialization of proprietary drugs for gastrointestinal and inflammatory diseases and cancer, today announced the closing of its previously announced underwritten public offering of 4,090,909 American Depositary Shares (“ADSs”), each representing ten of its ordinary shares, at a public offering price of $5.50 per ADS.
Gross proceeds from the sale of the ADSs by RedHill before underwriting discounts and commissions and other offering expenses were approximately $22.5 million. RedHill has also granted the underwriters a 30-day option to purchase up to 613,636 additional ADSs at the public offering price.
Cantor Fitzgerald & Co. and Nomura Securities International, Inc. acted as joint book-running managers for the offering. SMBC Nikko Securities America, Inc. acted as lead manager and H.C. Wainwright & Co., LLC and Roth Capital Partners, LLC acted as co-managers for the offering.

SOURCE : RedHill Biopharma Ltd.