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RedHill Biopharma raises $25M via offering of American depositary shares

Tel-Aviv, Israel-based specialty biopharmaceutical company RedHill Biopharma Ltd. raised about $25 million through an underwritten offering of American depositary shares.

The manufacturer of proprietary drugs for gastrointestinal diseases offered 4,166,667 ADSs, each representing 10 of its ordinary shares, at $6.00 each.

RedHill Biopharma intends to utilize the proceeds of this offering, together with its existing cash and cash equivalents, to fund clinical development programs, for commercial operations, acquisitions and general corporate purposes.

Ladenburg Thalmann & Co. Inc. was the sole underwriter for this offering.