HomeEquities ScoreWhy RedHill Biopharma (RDHL) Stock Is Falling 11% Today?

Why RedHill Biopharma (RDHL) Stock Is Falling 11% Today?

The biopharmaceuticals firm RedHill Biopharma Ltd. (RDHL) is facing a -11.27% decline in its share price during pre-market trading today following the announcement of an offering of $10 million of its American Depositary Shares (ADS).

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What happened?


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RedHill Biopharma is involved in the biopharmaceuticals segment focused mostly on infectious diseases and gastrointestinal disorders.

In addition to the gastrointestinal drugs Movantik and Talicia, Redhill offers Aemcolo for the treatment of travelers’ diarrhea in adults.

Among RedHill’s clinical late-stage development programs are:

  • For nontuberculous mycobacterial pulmonary diseases, RHB-204 is being investigated in Phase 3 clinical trial.
  • Opaganib is part of the Phase 2/3 program for COVID-19 and Phase 2 studies for prostate and cholangiocarcinoma in progress.
  • Serine protease inhibitor RHB-107 is in Phase 2/3 trials in the United States for the treatment of symptomatic COVID-19 and other inflammatory gastrointestinal diseases including multiple other cancers.
  • The Phase 3 study of RHB-104 for Crohn’s disease showed positive results.
  • The Phase 3 study of RHB-102 for acute gastroenteritis and gastritis as well as the Phase 2 study of IBS-D all showed promising results.
  • An encapsulated bowel preparation drug, RHB-106.

On Monday, RedHill Biopharma announced that it has signed an underwriting agreement with H.C. Wainwright & Co., LLC.

  • According to the agreement, the underwriter has committed to purchase 1,250,000 American Depositary Shares of the Company on a firm commitment basis.
  • The ADS will be at a price to the public of $8.00 per ADS, with less underwriting discounts and commissions.

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  • The ADS represents ten ordinary shares of the Company at a per value of NIS0.01 a share in the company.
  • The offering will close around March 4, 2021, provided all statutory conditions are satisfied.

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