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Galmed Pharmaceuticals to raise $2.7M through direct offering, private placement

Galmed Pharmaceuticals Ltd. said it will sell 332,038 ordinary shares at $7.10 apiece in a registered direct offering.

The company said it will also offer its chairman and a board member a total of 49,295 restricted ordinary shares at $7.10 apiece in a concurrent private placement.

Total gross proceeds from the offerings are expected to be about $2.7 million.

The direct offering is expected to close around Aug. 9, while the private placement is expected to close by Sep. 15. Both are subject to customary closing conditions.