RedHill Biopharma announces closing of $8M registered direct offering

RedHill Biopharma announced that it has closed its previously announced registered direct offering for the purchase and sale of 10,000,000 of the Company’s American Depositary Shares, each ADS representing four hundred ordinary shares, at a purchase price of $0.80 per ADS. In addition, in a concurrent private placement, the company issued unregistered warrants to purchase up to 10,000,000 ADSs. The warrants have an exercise price of $1.00 per ADS, are immediately exercisable upon issuance and have a term of five years following the issuance date. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The gross proceeds to the company from the offering were $8M, before deducting placement agent’s fees and other offering expenses payable by the company. The company intends to use the net proceeds from the offering for general working capital, acquisitions, research and development, and general corporate purposes.