TEL
AVIV, Israel and RALEIGH,
N.C., Aug. 16, 2024 /PRNewswire/ -- RedHill
Biopharma Ltd. (Nasdaq: RDHL) ("RedHill" or the "Company"), a
specialty biopharmaceutical company, today announced that it plans
to implement a ratio change of the Company's American Depositary
Shares (ADSs) to its non-traded ordinary shares from the current
ratio of one (1) ADS representing four hundred (400) ordinary
shares to a new ratio of one (1) ADS representing ten thousand
(10,000) ordinary shares. The anticipated first date of the ratio
change is on or about August 20,
2024, and the Company's ADSs will continue to be traded on
the Nasdaq Capital Market ("Nasdaq") under the symbol "RDHL" with a
new CUSIP Number 757468301.
For ADS holders, the ratio change will have the same effect as a
one-for-25 reverse ADS split. No new ADSs will be issued in
connection with the change in the ADS ratio. ADS holders will not
be required to take any action and, on the effective date, the Bank
of New York Mellon, the depositary bank for RedHill's ADS program,
will arrange for the exchange of every twenty-five (25) existing
ADSs held for one (1) new ADS.
No fractional new ADSs will be issued in connection with the
change in the ADS ratio. Instead, fractional entitlements to new
ADSs will be aggregated, and the depositary bank will attempt to
sell them with the net cash proceeds from the sale of the
fractional ADS entitlements to be distributed to the applicable ADS
holders by the depositary bank.
On March 14, 2024, the Company
reported that it had received notification from the Nasdaq Capital
Market, LLC that it did not comply with the minimum bid price
requirements set forth in Nasdaq Listing Rule 5450(a)(2) for
continued listing on Nasdaq. The Company anticipates that after the
ratio change, the price of its ADSs will increase proportionally
and meet the Nasdaq minimum bid price requirement, however there
can be no assurance that such an increase will occur.
About RedHill Biopharma
RedHill Biopharma Ltd. (Nasdaq: RDHL) is a specialty
biopharmaceutical company primarily focused on gastrointestinal and
infectious diseases. RedHill promotes the gastrointestinal drugs
Talicia®, for the treatment of Helicobacter
pylori (H. pylori) infection in
adults[i], and Aemcolo®,
for the treatment of travelers' diarrhea in
adults[ii]. RedHill's key clinical late-stage
development programs include: (i) opaganib (ABC294640),
a first-in-class oral broad-acting, host-directed
SPHK2 selective inhibitor with potential for pandemic preparedness,
targeting multiple indications with a U.S. government collaboration
for development for Acute Radiation Syndrome (ARS), a Phase 2/3
program for hospitalized COVID-19, and a Phase 2 program in
oncology; (ii) RHB-107 (upamostat), an oral
broad-acting, host-directed, serine protease inhibitor with
potential for pandemic preparedness is in late-stage development as
a treatment for non-hospitalized symptomatic COVID-19, with
non-dilutive external funding covering the entirety of the RHB-107
arm of the 300-patient Phase 2 adaptive platform trial, and is also
targeting multiple other cancer and inflammatory gastrointestinal
diseases; (iii) RHB-102, with potential UK submission
for chemotherapy and radiotherapy induced nausea and vomiting,
positive results from a Phase 3 study for acute gastroenteritis and
gastritis and positive results from a Phase 2 study for IBS-D;
(iv) RHB-104, with positive results from a first Phase
3 study for Crohn's disease; and (v) RHB-204, a
Phase 3-stage program for pulmonary nontuberculous mycobacteria
(NTM) disease.
More information about the Company is available at
www.redhillbio.com / X.com/redhillbio.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
and may discuss investment opportunities, stock analysis, financial
performance, investor relations, and market trends. Such
statements, including, but not limited to, statements regarding the
potential effects from the ratio change, may be preceded by the
words "intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words and include statements regarding the
risk that the Company will not comply with the listing requirements
of Nasdaq to remain listed for trading on Nasdaq, timing of
opaganib's development for Acute Radiation Syndrome, non-dilutive
development funding from RHB-107 and its inclusion in a key
platform study. Forward-looking statements are based on certain
assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control and
cannot be predicted or quantified, and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation: market and other conditions; the timing,
consummation and impact of the ratio change; the Company's ability
to regain compliance with Nasdaq's minimum bid price requirements;
the risk that the addition of new revenue generating products or
out-licensing transactions will not occur; the risk that acceptance
onto the RNCP Product Development Pipeline will not guarantee
ongoing development or that any such development will not be
completed or successful; the risk that the FDA does not agree with
the Company's proposed development plans for opaganib for any
indication, the risk that observations from preclinical studies are
not indicative or predictive of results in clinical trials; the
risk that the FDA pre-study requirements will not be met and/or
that the Phase 3 study of RHB-107 in COVID-19 outpatients will not
be approved to commence or if approved, will not be completed or,
should that be the case, that we will not be successful in
obtaining alternative non-dilutive development funding for RHB-107,
the risk that HB-107's late-stage development for non-hospitalized
COVID-19 will not benefit from the resources redirected from the
terminated RHB-204 Phase 3 study, that the Phase 2/3 COVID-19 study
for RHB-107 may not be successful and, even if successful, such
studies and results may not be sufficient for regulatory
applications, including emergency use or marketing applications,
and that additional COVID-19 studies for opaganib and RHB-107 are
likely to be required, as well as risks and uncertainties
associated with the risk that the Company will not successfully
commercialize its products; as well as risks and uncertainties
associated with (i) the initiation, timing, progress and results of
the Company's research, manufacturing, pre-clinical studies,
clinical trials, and other therapeutic candidate development
efforts, and the timing of the commercial launch of its commercial
products and ones it may acquire or develop in the future; (ii) the
Company's ability to advance its therapeutic candidates into
clinical trials or to successfully complete its pre-clinical
studies or clinical trials or the development of a commercial
companion diagnostic for the detection of MAP; (iii) the extent and
number and type of additional studies that the Company may be
required to conduct and the Company's receipt of regulatory
approvals for its therapeutic candidates, and the timing of other
regulatory filings, approvals and feedback; (iv) the manufacturing,
clinical development, commercialization, and market acceptance of
the Company's therapeutic candidates and Talicia®; (v) the
Company's ability to successfully commercialize and promote
Talicia® and Aemcolo®; (vi) the Company's ability to establish and
maintain corporate collaborations; (vii) the Company's ability to
acquire products approved for marketing in the U.S. that achieve
commercial success and build its own marketing and
commercialization capabilities; (viii) the interpretation of the
properties and characteristics of the Company's therapeutic
candidates and the results obtained with its therapeutic candidates
in research, pre-clinical studies or clinical trials; (ix) the
implementation of the Company's business model, strategic plans for
its business and therapeutic candidates; (x) the scope of
protection the Company is able to establish and maintain for
intellectual property rights covering its therapeutic candidates
and its ability to operate its business without infringing the
intellectual property rights of others; (xi) parties from whom the
Company licenses its intellectual property defaulting in their
obligations to the Company; (xii) estimates of the Company's
expenses, future revenues, capital requirements and needs for
additional financing; (xiii) the effect of patients suffering
adverse experiences using investigative drugs under the Company's
Expanded Access Program; (xiv) competition from other companies and
technologies within the Company's industry; and (xv) the hiring and
employment commencement date of executive managers. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company's filings with the Securities and Exchange Commission
(SEC), including the Company's Annual Report on Form 20-F filed
with the SEC on April 8, 2024. All
forward-looking statements included in this press release are made
only as of the date of this press release. The Company assumes no
obligation to update any written or oral forward-looking statement,
whether as a result of new information, future events or otherwise
unless required by law.
Category: Financials
i. Talicia® (omeprazole magnesium, amoxicillin
and rifabutin) is indicated for the treatment of H. pylori
infection in adults. For full prescribing information see:
www.Talicia.com.
ii. Aemcolo® (rifamycin) is indicated for the treatment
of travelers' diarrhea caused by noninvasive strains of Escherichia
coli in adults. For full prescribing information see:
www.Aemcolo.com.
Logo:
https://mma.prnewswire.com/media/1334141/RedHill_Biopharma_Logo.jpg
Company contact:
Adi
Frish
Chief Corporate and Business Development Officer
RedHill Biopharma
+972-54-6543-112
adi@redhillbio.com
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SOURCE RedHill Biopharma Ltd.
