RedHill Biopharma completes US$14.4 million public offering of American Depositary Shares

Torys acted as U.S. counsel to the syndicate of underwriters led by Wells Fargo Securities with a team that included Cheryl Reicin, Erin Wiley, Miranda Callaghan and Marissa Daniels.

On February 13, 2015, RedHill Biopharma Ltd. (RedHill) successfully completed its issuance of 1,000,000 American Depositary Shares (ADSs) at a price of US$12.50 per ADS for gross proceeds of approximately US$12.5 million.

Pursuant to an underwriting agreement, RedHill issued an additional 150,000 ADSs on February 18, 2015, as part of the over-allotment option granted to the syndicate of underwriters, at the same price as the offering. The exercise in full of the over-allotment option increased the total gross proceeds of the public offering to approximately US$14.4 million.

Wells Fargo Securities, LLC acted as lead book-running manager and Roth Capital Partners LLC acted as joint book-running manager for the underwriting syndicate.

RedHill is an emerging Israeli biopharmaceutical company focused on the development and acquisition of late clinical-stage, proprietary, orally-administered drugs for the treatment of inflammatory and gastrointestinal diseases, including gastrointestinal cancers.

Further information can be found on RedHill's website and globalnewswire.com.