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RedHill Biopharma prices offering, expects to raise $25M

Israel's RedHill Biopharma Ltd. priced an offering of 4,166,667 American depositary shares at $6 per ADS.

Each of RedHill Biopharma's ADSs represents 10 ordinary shares, the company said in an Aug. 9 news release.

The company expects gross proceeds of about $25 million from the offering, which is expected to close Aug. 14.

RedHill Biopharma intends to use the net proceeds from the offering to fund phase 3 studies for its Crohn's disease treatment, RHB-104, as well as antibiotic RHB-204.

Ladenburg Thalmann & Co. Inc. is acting as the sole book-running manager for the offering.

Funds will also be used for commercial operations, including the launch of a drug for stomach infection called Talicia as well as acquisitions and general corporate purposes.