RedHill Biopharma Sells ADS Again - Analyst Blog
04 1월 2014 - 7:50AM
Zacks
RedHill Biopharma Ltd. (RDHL) currently does
not have any approved product in its portfolio and is making
efforts to invest in the development of its late-stage
candidates.
RedHill Biopharma recently announced that it has entered into a
definitive agreement with Broadfin Capital LLC. The agreement
relates to the sale of RedHill Biopharma’s American
Depository Shares (ADSs) and warrants in a private placement
transaction for $2.5 million (1 ADS = 10 ordinary shares).
RedHill Biopharma expects to use the proceeds from the sale for
general working capital and development of its leading
gastrointestinal candidates, RHB-104 for Crohn's disease and
RHB-105 for Helicobacter pylori infection.
The private placement is expected to close by Jan 11, 2014. As
per the agreement, upon closing, RedHill Biopharma will issue
Broadfin Capital a total of 263,160 units. Each unit will consist
of one ADS and a warrant to purchase 0.4 of an ADS, at a cost of
$9.50 per Unit.
RedHill Biopharma will issue Broadfin Capital warrants to
purchase 105,264 ADSs in total, which will have a three-year term
and exercisable at a price of $11 per ADS.
A day before this transaction, RedHill Biopharma entered into an
agreement with OrbiMed Israel Partners Limited Partnership for the
sale of RedHill Biopharma’s ADSs and warrants in a private
placement transaction for $6 million.
RedHill Biopharma currently carries a Zacks Rank #2 (Buy).
Investors may consider companies like Jazz
Pharmaceuticals (JAZZ), Lannett Co., Inc.
(LCI) and WuXi PharmaTech (Cayman) Inc. (WX). All
three carry a Zacks Rank #1 (Strong Buy).
JAZZ PHARMACEUT (JAZZ): Free Stock Analysis Report
LANNETT INC (LCI): Free Stock Analysis Report
WUXI PHARMATECH (WX): Free Stock Analysis Report
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