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Israel's Galmed plans $75M ordinary shares offering

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Israel's Galmed plans $75M ordinary shares offering

Galmed Pharmaceuticals Ltd. is planning an offering of ordinary shares to raise about $75 million in gross proceeds.

The Israeli company intends to grant the underwriters an option to buy up to an additional 15% of the shares sold in the offering.

Galmed intends to use the net proceeds for the continued development of Aramchol to treat nonalcoholic steatohepatitis, or NASH — the most severe form of nonalcoholic fatty liver disease; for developing new programs; for business development activities and for general corporate purposes.

Stifel, SunTrust Robinson Humphrey and Cantor Fitzgerald are acting as book-running managers, while Raymond James and Roth Capital Partners are serving as co-lead managers for the offering. Maxim Group LLC and Seaport Global Securities are acting as co-managers for the offering.