RedHill Biopharma and South Korea's Kukbo Co. Announce a Strategic Investment of Up To $10 Million in RedHill
PR92897
TEL AVIV, Israel and RALEIGH, NC, Nov. 8, 2021 /PRNewswire=KYODO JBN/ --
RedHill received the first tranche of $5 million in a private placement of
restricted stock priced at $6.04 per ADS, representing a 20% premium based on
the 30 trading days' volume weighted average price (VWAP) ending on the
effective date
RedHill granted Kukbo a right of first offer for opaganib, RHB-107 (upamostat)
and Talicia(R) for South Korea and other Asian territories
Opaganib's COVID-19 data packages submission process is advancing in various
territories including the U.S., EU, Latin America and others, ahead of planned
regulatory advice
RedHill Biopharma Ltd. [https://www.redhillbio.com/home/default.aspx] (Nasdaq:
RDHL) ("RedHill" or the "Company"), a specialty biopharmaceutical company,
today announced that it has entered into a strategic agreement with Kukbo Co.
Ltd. (Kospi: 001140) ("Kukbo"), a South Korean corporation, for the sale of
RedHill's American Depositary Shares ("ADSs") in a private placement of up to
$10 million at a 20% premium to the prior 30 trading days' volume weighted
average price ("VWAP").
Kukbo's strategic investment in RedHill is to be made in two tranches, with the
first tranche of $5 million already paid and the second tranche of $5 million
to follow within six months, subject to satisfaction of certain conditions. As
part of the first tranche, RedHill is to issue 827,586 ADSs at a purchase price
of $6.04, representing a 20% premium based on the VWAP of RedHill's ADS on
NASDAQ over the 30 trading days ending on the effective date. All ADSs are to
be issued with a 180-day transfer restriction.
In addition, under the terms of the agreement, RedHill has agreed to grant
Kukbo a right of first offer, for a period of six months, for a license with
respect to one or more of RedHill's late-stage clinical assets, opaganib,
RHB-107 (upamostat)[1] and Talicia(R), for one or more of the territories of
South Korea, Japan, Indonesia, Vietnam, Thailand and Malaysia. Kukbo has the
right to elect not to purchase the ADSs in the second tranche if no such
license agreement is executed within six months of the closing of the first
tranche.
Dror Ben-Asher, RedHill's CEO said: "We are rapidly advancing with opaganib's
COVID-19 data package submissions to regulators in several territories
including the U.S., EU and others, ahead of planned regulatory advice. We are
pleased with the addition of Kukbo as a committed strategic investor and look
forward to evaluating opportunities for opaganib, RHB-107 and Talicia in South
Korea and other territories in Asia where large unmet medical needs exist."
"As Kukbo proceeds in its planned strategic expansion into healthcare, we
believe that RedHill's opaganib, RHB-107 and Talicia, if approved, hold
substantial promise in South Korea and other Asian countries and are eager to
leverage our local expertise and network in those territories," said Hyun Ha,
Kukbo's CEO.
Nexpedia Holdings Co., Ltd. and Network 1 Financial Securities, Inc.
facilitated the introduction between the parties.
The securities to be sold in the private placement have not been registered
under the Securities Act of 1933, as amended (the "Securities Act"), or any
state or other applicable jurisdiction's securities laws, and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act and
applicable state or other jurisdictions' securities laws.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy these securities, nor shall there be any offer, solicitation,
or sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About RedHill Biopharma
RedHill Biopharma Ltd. (Nasdaq: RDHL) is a specialty biopharmaceutical company
primarily focused on gastrointestinal and infectious diseases. RedHill promotes
the gastrointestinal drugs, Movantik(R) for opioid-induced constipation in
adults[2], Talicia(R) for the treatment of Helicobacter pylori (H. pylori)
infection in adults[3], and Aemcolo(R) for the treatment of travelers' diarrhea
in adults[4]. RedHill's key clinical late-stage development programs include:
(i) RHB-204, with an ongoing Phase 3 study for pulmonary nontuberculous
mycobacteria (NTM) disease; (ii) opaganib (ABC294640), a first-in-class oral
SK2 selective inhibitor targeting multiple indications with a Phase 2/3 program
for COVID-19 and Phase 2 studies for prostate cancer and cholangiocarcinoma
ongoing; (iii) RHB-107 (upamostat), an oral serine protease inhibitor in a U.S.
Phase 2/3 study as treatment for symptomatic COVID-19, and targeting multiple
other cancer and inflammatory gastrointestinal diseases; (iv) RHB-104, with
positive results from a first Phase 3 study for Crohn's disease; (v) RHB-102 ,
with positive results from a Phase 3 study for acute gastroenteritis and
gastritis and positive results from a Phase 2 study for IBS-D; and (vi)
RHB-106, an encapsulated bowel preparation. More information about the
Company is available at https://www.redhillbio.com
https://twitter.com/RedHillBio.
About Kukbo Co. Ltd.
Kukbo Co., Ltd. is a KOSPI-listed company in South Korea with a 68-years of
history. Kukbo Co., Ltd. provides comprehensive logistic services, equipped
with a distribution management system for running a state-of-the-art integrated
logistic centers, as well as infrastructure such as transportation, storage and
warehousing. In addition, Kukbo Co., Ltd. is developing a system designed to
locate optimal routes through real-time traffic information and vehicle
location tracking to strengthen its logistic business capabilities by building
a cutting-edge system. As Kukbo Co., Ltd. expands into new business areas, it
is on the way to become a global company while pursuing a variety of business
areas such as golf-wear, masks and pharmaceuticals. Kukbo's website is
available at http://www.kukbo.com.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements may be
preceded by the words "intends," "may," "will," "plans," "expects,"
"anticipates," "projects," "predicts," "estimates," "aims," "believes,"
"hopes," "potential" or similar words. Forward-looking statements are based on
certain assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control and cannot be
predicted or quantified, and consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements. Such risks
and uncertainties include the risk that the tranches of the subscription
agreement described in this press release will not close, the risk that the
Company will not enter into a license agreement with Kukbo Co. Ltd. and risks
and uncertainties associated with (i) the initiation, timing, progress and
results of the Company's research, manufacturing, preclinical studies, clinical
trials, and other therapeutic candidate development efforts, and the timing of
the commercial launch of its commercial products and ones it may acquire or
develop in the future; (ii) the Company's ability to advance its therapeutic
candidates into clinical trials or to successfully complete its preclinical
studies or clinical trials (iii) the extent and number and type of additional
studies that the Company may be required to conduct and the Company's receipt
of regulatory approvals for its therapeutic candidates, and the timing of other
regulatory filings, approvals and feedback; (iv) the manufacturing, clinical
development, commercialization, and market acceptance of the Company's
therapeutic candidates and Talicia(R); (v) the Company's ability to
successfully commercialize and promote Movantik(R), Talicia(R) and Aemcolo(R);
(vi) the Company's ability to establish and maintain corporate collaborations;
(vii) the Company's ability to acquire products approved for marketing in the
U.S. that achieve commercial success and build and sustain its own marketing
and commercialization capabilities; (viii) the interpretation of the properties
and characteristics of the Company's therapeutic candidates and the results
obtained with its therapeutic candidates in research, preclinical studies or
clinical trials; (ix) the implementation of the Company's business model,
strategic plans for its business and therapeutic candidates; (x) the scope of
protection the Company is able to establish and maintain for intellectual
property rights covering its therapeutic candidates and commercial products and
its ability to operate its business without infringing the intellectual
property rights of others; (xi) parties from whom the Company licenses its
intellectual property defaulting in their obligations to the Company; (xii)
estimates of the Company's expenses, future revenues, capital requirements and
needs for additional financing; (xiii) the effect of patients suffering adverse
events using investigative drugs under the Company's Expanded Access Program;
and (xiv) competition from other companies and technologies within the
Company's industry. More detailed information about the Company and the risk
factors that may affect the realization of forward-looking statements is set
forth in the Company's filings with the Securities and Exchange Commission
(SEC), including the Company's Annual Report on Form 20-F filed with the SEC on
March 18, 2021. All forward-looking statements included in this press release
are made only as of the date of this press release. The Company assumes no
obligation to update any written or oral forward-looking statement, whether as
a result of new information, future events or otherwise unless required by law.
Logo: https://mma.prnewswire.com/media/1334141/RedHill_Biopharma_Logo.jpg
Company contact:
Adi Frish
Chief Corporate & Business Development Officer
RedHill Biopharma
+972-54-6543-112
adi@redhillbio.com
Media contacts:
U.S.: Bryan Gibbs, Finn Partners
+1 212 529 2236
bryan.gibbs@finnpartners.com
UK: Amber Fennell, Consilium
+44 (0) 7739 658 783
fennell@consilium-comms.com
[1] Opaganib and RHB-107 (upamostat) are investigational new drugs, not
available for commercial distribution.
[2] Full prescribing information for Movantik(R) (naloxegol) is available at:
www.Movantik.com.
[3] Full prescribing information for Talicia(R) (omeprazole magnesium,
amoxicillin and rifabutin) is available at: www.Talicia.com.
[4] Full prescribing information for Aemcolo(R) (rifamycin) is available at:
www.Aemcolo.com.
Source: RedHill Biopharmaceuticals Ltd.
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。