Redhill Biopharma rises on $10 mln investment by S.Korea's Kukbo

Kukbo Co

08/11/2021 13:49

** U.S.-listed shares of Redhill Biopharma Ltd  RDHL.O 
 RDHL.TA  rise 5.5% premarket to $5.35 
    ** Co inks agreement with South Korean logistics company
Kukbo Co. Ltd's  001140.KS  for strategic investment of up to
$10 million in RDHL  urn:newsml:reuters.com:*:nPreNPrywa
    ** Tel Aviv, Israel-based RDHL gets first tranche of $5
million in a private placement of restricted stock priced at
$6.04 per American depository shares, a 19% premium to Friday's
close
    ** Under agreement, Kukbo has the right to gain commercial
license in South Korea, Japan, Indonesia, Vietnam, Thailand and
Malaysia for one or more of three drugs in its pipeline,
including Opaganib, a drug to treat COVID-19
    ** Last month, RDHL reported the Opaganib treatment resulted
in a statistically significant 62% reduction in mortality in
moderately-severe COVID-19 patients in a mid-to-late stage trial
  urn:newsml:reuters.com:*:nB8N2NP00B
    ** All eight brokerages covering RDHL rate the stock "buy"
or higher; their median PT is $18.5, according to Refinitiv data
    ** Up to Friday's close, stock down 37.25% YTD compared with
a 4.4% increase in Nasdaq Biotechnology Index  .NBI 

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com;))