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RedHill Biopharma Ltd. netted $23.7mm in a public offering of 4.2mm American Depositary Shares (ADSs) at $6 per ADS. (Each ADS represents 10 ordinary shares). The company expects to use the proceeds to fund clinical development programs, including preparations for a second Phase III trial for RHB104 in Crohn’s disease and initiation of a pivotal Phase III study with RHB204 for nontuberculous mycobacteria (NTM) infections (which was granted qualified infectious disease product (QIDP) designation by the FDA in May 2018 for an expedited review process). Some money will also go toward funding commercial operations--including activities related to the potential launch of Phase III Talicia (RHB105; amoxicillin/omeprazole/rifabutin) for H. pylori infection, which also has the QIDP designation, with an NDA filing anticipated in early 2019--and future acquisitions.
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