RedHill Biopharma Announces NASDAQ Listing and Commencement of Trading Under
the Ticker "RDHL"
Trading on NASDAQ to Commence Today, Thursday, December 27^th, 2012 Following
Final Approvals From SEC and NASDAQ
The Listing Does Not Include Capital Raising as Part of the Registration
RedHill Biopharma Recently Completed a Private Placement of Approximately $6.5
TEL-AVIV, Israel, Dec. 27, 2012 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd.
(Nasdaq:RDHL) (TASE:RDHL), an emerging Israeli biopharmaceutical company
focusing primarily on development and acquisition of late clinical-stage,
patent-protected, new formulations and combinations of existing drugs,
reported today, December 27^th, 2012, the listing of the Company's ADS's
(American Depositary Shares) on the Nasdaq Capital Market, following SEC and
NASDAQ final approvals.
The Company's ADS's will be tradable through a Level II ADR (American
Depository Receipt) facility established with The Bank of New York Mellon.
Each ADS, tradable under the ticker "RDHL", represents 10 ordinary shares of
The NASDAQ registration and listing process does not include capital raising.
RedHill recently reported the successful completion of a private placement of
approximately $6.5 million following which the Company's cash balance
increases to approximately $19 million.
The Company believes that a NASDAQ listing will increase exposure to and
improve access by U.S. and international based investors.
RedHill is undertaking steps to increase investor awareness to the Company and
has recently engaged The Trout Group, a leading life sciences investor
relations (IR) and strategic advisory firm, to support its IR activities,
which, among others, will include activities during the upcoming J.P. Morgan
annual Healthcare Conference and the Biotech Showcase™ conference in San
Francisco, California, in the second week of January 2013.
Ori Shilo, Deputy CEO, Finance and Operations of RedHill Biopharma said today;
"We are very pleased with the NASDAQ listing. The exposure to the U.S
financial market, where a substantial number of our shareholders are based, is
designed to improve access by U.S. and international investors to the Company.
RedHill is entering the U.S. financial market with six drugs in late
clinical-stages of development and a strong balance sheet."
RedHill is expected to commence a Phase III clinical trial with RHB-104 for
the treatment of Crohn's disease in the first half of 2013, and a Phase II/III
trial with RHB-105 for the eradication of H. pylori bacteria 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.
RedHill also reported of its plans to file, together with its co-development
partner, IntelGenx Corp., an NDA with the U.S. FDA for RHB-103, an oral thin
film formulation of rizatriptan for the treatment of acute migraine.
About RedHill Biopharma Ltd.:
RedHill Biopharma is an emerging Israeli biopharmaceutical company focused
primarily on development of late clinical-stage, patent protected, new
formulations and combinations of existing drugs. The Company's current product
pipeline includes a once-daily formulation of a leading congestive heart
failure and high blood pressure drug, a once-daily formulation of a leading
radiotherapy-induced nausea and vomiting prevention drug, an oral thin film
formulation drug for the treatment of acute migraine, a combination therapy
for the treatment of Crohn's disease as well as Multiple Sclerosis (MS)
disease, a combination therapy for the treatment of H. pylori bacteria causing
ulcers, and an encapsulated formulation for bowel preparation ahead of certain
gastro procedures. The Company's management team, board of directors and
advisory board include prominent pharmaceutical experts. For more information
please visit: www.redhillbio.com.
This Press Release does not constitute an offer or solicitation to acquire
and/or sell the Company's securities or to participate in any investment in
the Company. Statements in this Press Release that are not historical facts,
including the expected listing on Nasdaq and the exposure to and access by
U.S. and international investors, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on our current expectations of future
events and are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by such
statements, including that an active trading market may not develop for our
ADS's and that we may not be able to attract the attention of research
analysts at major brokerage firms. These and other factors are more fully
described in the "Risk Factors" section of our Form 20-F filed with the
Securities and Exchange Commission on December 26, 2012. All of these
forward-looking statements are subject to risks and uncertainties that may
change at any time, and, therefore, actual results may differ materially from
those expected. All forward-looking statements included in this Press Release
are made only as of the date of this Press Release. We assume no obligation to
update any written or oral forward-looking statement made by us or on our
behalf as a result of new information, future events or other factors.
CONTACT: PR contact (US):
The Trout Group
Senior VP Business Development & Licensing
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