RedHill Biopharma drops on share offering
02/03/2021 11:32
** U.S.-listed shares of RedHill RDHL.O down ~11% as
Israeli drugmaker raises equity
** RDHL sold 1.25 mln American Depositary Shares (ADSs) at
$8, raises $10 mln urn:newsml:reuters.com:*:nPnrpWYTa
** Offering price is 13.3% discount to stock's Mon close
** Co plans to use net offering proceeds to fund clinical
development programs, commercialization activities and for
acquisitions and general corp purposes
** H.C. Wainwright sole bookrunner
** RDHL has 41.6 bln shares outstanding for ~$380 mln market
cap, per Refinitiv data
** Last month, RDHL said dosed first patient in U.S.
mid-to-late-stage study of oral drug candidate RHB-107 for
patients with symptomatic COVID-19 who do not require hospital
care urn:newsml:reuters.com:*:nL4N2KN2TU
** Shares up 14% YTD and have more than doubled over the
past 12 months
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))