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Kitov Pharma prices $6M registered direct offering of American depositary shares

Kitov Pharma Ltd. priced a registered direct offering of 3,428,572 American depositary shares at $1.75 apiece.

The Israeli drug developer expects to raise $6 million in gross proceeds from the offering.

Kitov Pharma will also issue unregistered warrants to purchase up to 2,571,430 ADSs. Each warrant can be exercised at $2 per ADS for a period of five and a half years.

H.C. Wainwright & Co. is the exclusive placement agent for the offering.

Tel Aviv, Israel-based Kitov Pharma expects to close the offering on or about Jan. 18 subject to closing conditions.