RedHill Biopharma Reports 2016 Fourth Quarter and Full-Year Financial Results
(Thomson Reuters ONE) -
* RedHill maintains a strong and debt-free balance sheet with approximately
$66 million in cash and cash equivalents at the end of 2016, allowing the
Company to continue to execute its development and U.S. commercialization
plans
Select 2016 milestones include:
* Successful final results from the first Phase III study with RHB-105 for the
treatment of H. pylori infection
* Positive and unanimous independent DSMB recommendation for the continuation
of the Phase III study with RHB-104 for Crohn's disease (the MAP US study)
* Encouraging top-line final results from the Phase IIa proof-of-concept study
with RHB-104 for relapsing-remitting multiple sclerosis
* Exclusive U.S. co-promotion agreement with Concordia for gastrointestinal
drug Donnatal(®)
Select potential milestones expected in 2017:
* Initiation of a confirmatory Phase III study with RHB-105 for the treatment
of H. pylori infection, expected in Q2/2017
* Second independent DSMB meeting for the MAP US Phase III study with RHB-104
for Crohn's disease, including an interim efficacy analysis and an
evaluation of an option for early stop for success for overwhelming
efficacy, expected in Q2/2017
* Top-line results from the BEKINDA(®) Phase III study for gastroenteritis
(the GUARD study), expected in Q2/2017
* Top-line results from the BEKINDA(®) Phase II study for IBS-D, expected mid-
2017
* Initiation of promotional activities for Donnatal® in selected U.S.
territories
TEL-AVIV, Israel, Feb. 23, 2017 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd.
(NASDAQ:RDHL) (TASE:RDHL) ("RedHill" or the "Company"), a specialty
biopharmaceutical company primarily focused on the development and
commercialization of late clinical-stage, proprietary, orally-administered,
small molecule drugs for gastrointestinal and inflammatory diseases and cancer,
today reported its financial results for the fourth quarter and full-year ended
December 31, 2016.
Fourth Quarter 2016 Results(1)
Revenues for the fourth quarter of 2016 were $0.1 million, compared to
immaterial revenues for the fourth quarter of 2015.
Research and Development Expenses for the fourth quarter of 2016 were $7.5
million, up 51% compared to the fourth quarter of 2015. The increase was mainly
due to the ongoing Phase III and Phase II studies with BEKINDA(®) for
gastroenteritis and IBS-D, respectively, the ongoing Phase III study with RHB-
104 for Crohn's disease and ongoing studies with YELIVA(®) for multiple
indications.
General, Administrative and Business Development Expenses for the fourth quarter
of 2016 were $1.6 million, down 6.9% compared to the fourth quarter of 2015. The
decrease was mainly due to a decrease in professional services.
Operating Loss for the fourth quarter of 2016 was $9 million, up 33% compared to
the fourth quarter of 2015. The increase was mainly due to an increase in
research and development expenses, as detailed above.
Financial Income, net for the fourth quarter of 2016 was $0.6 million, up 214%,
compared to the fourth quarter of 2015. The increase was mainly due to a fair
value gain on derivative financial instruments.
Net Cash Used in Operating Activities for the fourth quarter of 2016 was $10.1
million, up 69% compared to the fourth quarter of 2015. The increase was mainly
due to the increase in operating loss, as detailed above.
Net Cash Provided by Investment Activities for the fourth quarter of 2016 was
$21.3 million, up 206% compared to the fourth quarter of 2015. The increase was
mainly due to maturity of bank deposits.
Net Cash Provided by Financing Activities for the fourth quarter of 2016 was
$35.9 million compared to an immaterial amount for the fourth quarter of 2015.
The increase was mainly due to the December 2016 public offering.
Full-Year 2016 Results(2)
Revenues for 2016 were $0.1 million, compared to immaterial revenues in 2015.
Research and Development Expenses for 2016 were $25.2 million, up 42% compared
to 2015. The increase was mainly due to the ongoing Phase III MAP US study with
RHB-104 for Crohn's disease, the ongoing Phase III and Phase II studies with
BEKINDA(®) for gastroenteritis and IBS-D, respectively, and the ongoing studies
with YELIVA(®) for multiple indications.
General, Administrative and Business Development Expenses for 2016 were $5.4
million, up 31% compared to 2015. The increase was mainly due to an increase in
professional services, compensation and other operating expenses.
Operating Loss for 2016 was $30.5 million, up 39% compared to 2015. The increase
was mainly due to an increase in research and development expenses, as detailed
above.
Financial Income, net for 2016 was $1.2 million, up 29% compared to 2015. The
increase was mainly due to a fair value gain on derivative financial
instruments.
Net Cash Used in Operating Activities for 2016 was $28.2 million, up 59%
compared to 2015. The increase was mainly due to an increase in operating loss,
as detailed above.
Net Cash Provided by Investment Activities for 2016 was $24.5 million, up 215%
compared to 2015. The difference was mainly due to maturity of bank deposits.
Net Cash Provided by Financing Activities for 2016 was $36 million, down 34%
compared to 2015. The decrease resulted primarily from the two public offerings
in February and July 2015 of the comparable period.
Cash Balance(3) as of December 31, 2016 was $66.3 million, an increase of $8.2
million compared to $58.1 million as of December 31, 2015 and an increase of
$25.8 million compared to $40.5 million as of September 30, 2016.
Micha Ben Chorin, RedHill's CFO, said: "Our strong cash position of
approximately $66 million at the end of 2016 should allow us to continue to
execute our strategic plans for 2017. We are looking forward to an important
year ahead, including the planned initiation of a confirmatory Phase III study
with RHB-105 for H. pylori infection, a second independent DSMB meeting for the
ongoing MAP US Phase III study with RHB-104 for Crohn's disease, top-line
results from the ongoing Phase III and Phase II studies with BEKINDA(®) for
gastroenteritis and IBS-D, respectively, and commencement of our promotional
activities in the U.S. with Donnatal(®)."
Conference Call and Webcast Information:
The Company will host a conference call on Thursday, February 23, 2017, at 9:00
am EST to review the financial results and business highlights.
To participate in the conference call, please dial the following numbers 5-10
minutes prior to the start of the call: United States: +1-877-280-1254;
International: +1-646-254-3366; and Israel: +972-3-763-0145. The access code for
the call is 4402478.
The conference call will be broadcasted live and available for replay on the
Company's website, http://ir.redhillbio.com/events.cfm, for 30 days. Please
access the Company's website at least 15 minutes ahead of the conference to
register, download, and install any necessary audio software.
Select 2016 and recent operational highlights:
RHB-105 - H. pylori bacterial infection (confirmatory Phase III) (QIDP status)
Following the announcement of the successful final results from a first Phase
III clinical study with RHB-105 for the eradication of H. pylori infection (the
ERADICATE Hp study) in March 2016, RedHill concluded two positive Type B
meetings with the U.S. Food and Drug Administration (FDA) regarding RHB-105. The
first meeting, announced in April 2016, confirmed the path to marketing approval
of RHB-105 and the planned confirmatory Phase III study. A second Type B
meeting, announced in November 2016, discussed the chemistry, manufacturing and
controls (CMC) aspects of the RHB-105 Phase III development program towards
filing the CMC package as part of the potential U.S. New Drug Application (NDA)
to be submitted for RHB-105, subject to successful completion of the planned
confirmatory Phase III study.
The two-arm, randomized, double-blind, active comparator confirmatory Phase III
study, comparing RHB-105 against a dual therapy amoxicillin and omeprazole
regimen at equivalent doses, is planned to be initiated in the second quarter of
2017, subject to the successful completion of the ongoing supportive
pharmacokinetic (PK) program and submission of the Clinical Study Report to the
FDA. The confirmatory Phase III study is planned to enroll approximately 440
patients in up to 55 clinical sites in the U.S.
RHB-104 - Crohn's disease (Phase III), multiple sclerosis (Phase IIa) and
nontuberculous mycobacteria (NTM) infections
In October 2016, RedHill provided an update on the RHB-104 Phase III Crohn's
disease development program, planned enhancements to the ongoing MAP US Phase
III study and expected milestones, including an increase in the total number of
patients planned to be enrolled in the MAP US study from 270 to 410, and the
addition of an open-label extension study offering patients who complete 26
weeks of study participation and remain out of remission (Crohn's disease active
index (CDAI) >150) the opportunity to receive treatment with RHB-104 for a 52-
week period. The open-label extension study is expected to be initiated in the
coming weeks.
Following a pre-planned review of safety data from its ongoing MAP US study by
an independent Data and Safety Monitoring Board (DSMB), RedHill announced in
December 2016 that it had received a unanimous recommendation to continue the
MAP US study as planned. A second independent DSMB meeting of the MAP US study,
expected in the second quarter of 2017, will include an interim efficacy
analysis and will evaluate the option for an early stop for success for
overwhelming efficacy, according to a pre-specified statistical significance
threshold.
Taking into account the increase in the total number of patients planned in the
MAP US study, and assuming the MAP US study is not stopped for success or
inefficacy following the independent DSMB meeting in the second quarter of
2017, completion of recruitment is expected by the end of 2017.
In December 2016, RedHill announced encouraging top-line final results of a
Phase IIa, proof-of-concept clinical study, evaluating RHB-104 as an add-on
therapy to interferon beta-1a in patients treated for relapsing remitting
multiple sclerosis (the CEASE MS study). The top-line final results (48 weeks)
were consistent with previously announced interim results, suggesting meaningful
positive safety and clinical signals upon 24 weeks of treatment with RHB-104 as
an add-on therapy, thereby supporting further clinical development.
In January 2017, RedHill announced that RHB-104 had been granted Qualified
Infectious Disease Product (QIDP) designation by the FDA for the treatment of
nontuberculous mycobacteria (NTM) infections. RedHill plans to consult with the
FDA regarding the RHB-104 development program for NTM infections.
BEKINDA(® )(RHB-102) - acute gastroenteritis and gastritis (Phase III) and IBS-D
(Phase II)
In February 2017, RedHill announced that the last patient enrolled in the
randomized, double-blind, placebo-controlled Phase III clinical study with
BEKINDA(®) 24 mg in the U.S. for acute gastroenteritis and gastritis (the GUARD
study) had completed the treatment course and observation period for the primary
endpoint evaluation. Top-line results are expected in the second quarter of
2017.
A randomized, double-blind, placebo-controlled Phase II clinical study with
BEKINDA(®) 12 mg for the treatment of diarrhea-predominant irritable bowel
syndrome (IBS-D) is ongoing in the U.S. with top-line results expected in mid-
2017.
YELIVA(® )(ABC294640) - Phase I/II studies for multiple oncology and
inflammatory indications
In June 2016, RedHill announced positive final results from a Phase I study with
YELIVA(® )in patients with advanced solid tumors. The Phase I study, conducted
at the Medical University of South Carolina Hollings Cancer Center, successfully
met its primary and secondary endpoints, demonstrating that the drug is well-
tolerated and can be safely administered to cancer patients at doses predicted
to have therapeutic activity.
In September 2016, RedHill announced a research collaboration with Stanford
University School of Medicine for the evaluation of YELIVA(®). The research
collaboration is intended to complement RedHill's planned Phase Ib clinical
study to evaluate YELIVA(® )as a radioprotectant for prevention of mucositis in
head and neck cancer patients undergoing therapeutic radiotherapy. The Phase Ib
study is planned to be initiated in mid-2017.
In October 2016, RedHill announced the initiation of a Phase II clinical study
with YELIVA(®) for advanced hepatocellular carcinoma at the Medical University
of South Carolina.
In December 2016, RedHill announced that the first patient was dosed in a Phase
Ib/II study with YELIVA(®)for refractory or relapsed multiple myeloma, conducted
at Duke University Medical Center.
A Phase I/II clinical study evaluating YELIVA(®) in patients with
refractory/relapsed diffuse large B-cell lymphoma is ongoing at the Louisiana
State University Health Sciences Center and was recently amended to address
overall recruitment prospects and to include Kaposi sarcoma patients in the
study.
A Phase II study to evaluate the efficacy of YELIVA(®) in patients with moderate
to severe ulcerative colitis is planned to be initiated in the second half of
2017.
RIZAPORT(® )(RHB-103) - acute migraines (approved for marketing in
Germany)
In 2016, RedHill and its co-development partner, IntelGenx Corp., entered into
exclusive license agreements for the commercialization of RIZAPORT(®) oral thin-
film for acute migraines with Grupo JUSTE S.A.Q.F (now Exeltis Healthcare, S.L.)
for Spain and with Pharmatronic Co. for South Korea.
Re-submission of the RIZAPORT(®) NDA to the FDA is expected in the third quarter
of 2017.
MESUPRON (upamostat) - Gastrointestinal and other solid tumors
In January 2017, RedHill announced the signing of a new collaboration agreement
with the Department of Molecular Biology and Genetics of Denmark-based Aarhus
University for the evaluation of RedHill's Phase II-stage oncology drug
candidate, MESUPRON. The new research collaboration follows previous non-
clinical studies conducted with Denmark's Aarhus University and is designed to
identify additional high affinity molecular targets of MESUPRON. Further
evaluation of MESUPRON, together with Aarhus University, may allow for selection
of appropriate sub-populations of patients toward demonstrating the activity of
MESUPRON in planned clinical trials.
RedHill is currently preparing a protocol for a Phase I/II study of the safety,
efficacy and dose evaluation of MESUPRON in combination with chemotherapy in
patients receiving adjuvant chemotherapy for resected pancreatic cancer. The
Phase I/II study is expected to be initiated in the second half of 2017 in up to
six sites in Germany.
Donnatal(®) (Phenobarbital, Hyoscyamine Sulfate, Atropine Sulfate, Scopolamine
Hydrobromide)
As part of RedHill's strategic initiative to become a revenue-generating,
gastrointestinal-focused, specialty pharmaceutical company with a commercial
presence in the U.S., the Company entered in January 2017 into an exclusive co-
promotion agreement with a subsidiary(4) of Concordia International Corp.,
granting RedHill certain U.S. promotional rights for Donnatal(®), a prescription
oral drug used with other drugs in the treatment of irritable bowel syndrome
(irritable colon, spastic colon, mucous colitis) and acute enterocolitis
(inflammation of the small bowel)(5). RedHill expects to initiate promotion of
Donnatal(®) in the coming months.
Financial Highlights
In December 2016, RedHill closed an underwritten public offering and a
registered direct offering of American Depositary Shares (ADSs) and warrants to
purchase ADSs for aggregate net proceeds, after deducting underwriting discounts
and commissions, placement agent fees and other offering expenses, of $35.9
million. Investors in the public offering included, among others, Sabby
Management, LLC, DAFNA Capital Management, Rosalind Advisors, Inc., Koramic
Holding, Lincoln Park Capital, and Nexthera Capital LP.
About Donnatal(®):
Donnatal(®) (Phenobarbital, Hyoscyamine Sulfate, Atropine Sulfate, Scopolamine
Hydrobromide), a prescription drug, is classified as possibly effective as an
adjunctive therapy in the treatment of irritable bowel syndrome (irritable
colon, spastic colon, mucous colitis) and acute enterocolitis. Donnatal(®) slows
the natural movements of the gut by relaxing the muscles in the stomach and
intestines and acts on the brain to produce a calming effect. Donnatal(®) comes
in two formulations: immediate release Donnatal(®) Tablets and immediate release
Donnatal(®) Elixir, a fast acting liquid.
Donnatal(® )is contraindicated in patients who have glaucoma, obstructive
uropathy, obstructive disease of the gastrointestinal tract, paralytic ileus,
unstable cardiovascular status, severe ulcerative colitis, myasthenia gravis,
hiatal hernia with reflux esophagitis, or known hypersensitivity to any of the
ingredients. Patients who are pregnant or breast-feeding or who have autonomic
neuropathy, hepatic or renal disease, hyperthyroidism, coronary heart disease,
congestive heart failure, cardiac arrhythmias, tachycardia or hypertension
should notify their doctor before taking Donnatal(®). Side effects may include:
dryness of the mouth, urinary retention, blurred vision, dilation of pupils,
rapid heartbeat, loss of sense of taste, headache, nervousness, drowsiness,
weakness, dizziness, insomnia, nausea, vomiting and allergic reactions which may
be severe.
Further information, including prescribing information, can be found
on www.donnatal.com.
Please see the following website for important safety information about
Donnatal(®): http://www.donnatal.com/professionals/important-safety-
information/
About RedHill Biopharma Ltd.:
RedHill Biopharma Ltd. (NASDAQ:RDHL) (TASE:RDHL) is a specialty
biopharmaceutical company headquartered in Israel, primarily focused on the
development and commercialization of late clinical-stage, proprietary, orally-
administered, small molecule drugs for the treatment of gastrointestinal and
inflammatory diseases and cancer. RedHill has a U.S. co-promotion agreement with
Concordia for Donnatal(®), a prescription oral adjunctive drug used in the
treatment of IBS and acute enterocolitis. RedHill's clinical-stage pipeline
includes: (i) RHB-105 - an oral combination therapy for the treatment
of Helicobacter pylori infection with successful results from a first Phase III
study; (ii) RHB-104 - an oral combination therapy for the treatment of Crohn's
disease with an ongoing first Phase III study, a completed proof-of-concept
Phase IIa study for multiple sclerosis and QIDP status for nontuberculous
mycobacteria (NTM) infections; (iii) BEKINDA(®) (RHB-102) - a once-daily oral
pill formulation of ondansetron with an ongoing Phase III study for acute
gastroenteritis and gastritis and an ongoing Phase II study for IBS-D; (iv) RHB-
106 - an encapsulated bowel preparation licensed to Salix Pharmaceuticals, Ltd.;
(v) YELIVA(®) (ABC294640) - a Phase II-stage, orally-administered, first-in-
class SK2 selective inhibitor targeting multiple oncology, inflammatory and
gastrointestinal indications; (vi) MESUPRON - a Phase II-stage first-in-class,
orally-administered uPA inhibitor, targeting gastrointestinal and other solid
tumors and (vii) RIZAPORT(®) (RHB-103) - an oral thin film formulation of
rizatriptan for acute migraines, with a U.S. NDA currently under discussion with
the FDA and marketing authorization received in Germany in October 2015. More
information about the Company is available at: www.redhillbio.com.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements may be
preceded by the words "intends," "may," "will," "plans," "expects,"
"anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. 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, risks and uncertainties
associated with (i) the initiation, timing, progress and results of the
Company's research, manufacturing, preclinical studies, clinical trials, and
other therapeutic candidate development efforts; (ii) the Company's ability to
advance its therapeutic candidates into clinical trials or to successfully
complete its preclinical studies or clinical trials; (iii) the extent and number
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; (v) the Company's ability to successfully
market Donnatal(®), (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
of the results obtained with its therapeutic candidates in research, preclinical
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; and (xii) estimates of the
Company's expenses, future revenues capital requirements and the Company's needs
for additional financing; (xiii) competitive companies and technologies within
the Company's industry. 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
February 25, 2016. All forward-looking statements included in this Press Release
are made only as of the date of this Press Release. We assume no obligation to
update any written or oral forward-looking statement unless required by law.
(1) All financial highlights are approximate and are rounded to the nearest
hundreds of thousands.
(2) All financial highlights are approximate and are rounded to the nearest
hundreds of thousands.
(3) Including cash and short-term investments.
(4) Concordia Pharmaceuticals Inc.
(5) Donnatal(®) (Phenobarbital, Hyoscyamine Sulfate, Atropine Sulfate,
Scopolamine Hydrobromide) is a prescription drug, classified as possibly
effective as an adjunctive therapy in the treatment of irritable bowel syndrome
(irritable colon, spastic colon, mucous colitis) and acute enterocolitis. For
more information, please see the prescribing
information: http://www.donnatal.com/wp-content/uploads/2015/02/2015-02-18-Risk-
Benefit-information-DTC-REV.-SE.pdf.
REDHILL BIOPHARMA LTD.
STATEMENTS OF FINANCIAL POSITION
December 31
--------------------------
2016 2015
------------ -------------
U.S. dollars in thousands
--------------------------
CURRENT ASSETS:
Cash and cash equivalents 53,786 21,516
Bank deposits 55 36,622
Financial assets at fair value through profit or
loss 12,313 -
Prepaid expenses and receivables 1,661 2,372
------------ -------------
67,815 60,510
------------ -------------
NON-CURRENT ASSETS:
Bank deposits 137 134
Fixed assets 165 124
Intangible assets 6,095 6,060
------------ -------------
6,397 6,318
------------ -------------
TOTAL ASSETS 74,212 66,828
------------ -------------
CURRENT LIABILITIES:
Accounts payable and accrued expenses 3,356 3,514
Payable in respect of intangible asset purchase 2,000 2,000
------------ -------------
5,356 5,514
------------ -------------
NON-CURRENT LIABILITIES:
Derivative financial instruments 6,155 1,237
------------ -------------
TOTAL LIABILITIES 11,511 6,751
------------ -------------
COMMITMENTS
EQUITY:
Ordinary shares 441 343
Additional paid-in capital 150,838 120,621
Warrants 1,057 1,057
Accumulated deficit (89,635 ) (61,944 )
------------ -------------
TOTAL EQUITY 62,701 60,077
------------ -------------
TOTAL LIABILITIES AND EQUITY 74,212 66,828
------------ -------------
STATEMENTS OF COMPREHENSIVE LOSS
Three months
Year ended ended
December 31 December 31
2016 2015 2016 2015
U.S. dollars in thousands
REVENUES:
Licensing revenue 100 - 100 -
Other revenue 1 3 - -
TOTAL REVENUES 101 3 100 -
COST OF REVENUE - - - -
RESEARCH AND DEVELOPMENT
EXPENSES, net 25,241 17,771 7,496 4,951
GENERAL, ADMINISTRATIVE AND
BUSINESS DEVELOPMENT EXPENSES 5,403 4,134 1,596 1,714
OTHER EXPENSES - 100 - 100
OPERATING LOSS 30,543 22,002 8,992 6,765
FINANCIAL INCOME 1,548 1,124 1,013 235
FINANCIAL EXPENSES 375 212 370 30
FINANCIAL INCOME, net 1,173 912 643 205
LOSS AND COMPREHENSIVE LOSS FOR
THE YEAR 29,370 21,090 8,349 6,560
LOSS PER ORDINARY SHARE (U.S.
dollars):
Basic 0.23 0.19 0.06 0.05
Diluted 0.24 0.19 0.07 0.05
STATEMENTS OF CASH FLOWS
Three months ended
Year ended December 31 December 31
--------------------------------------------------
2016 2015 2016 2015
------------ ------------ -------------
U.S. dollars in thousands
--------------------------------------------------
OPERATING ACTIVITIES:
Comprehensive loss (29,370 ) (21,090 ) (8,349 ) (6,560 )
------------ ------------ ----------- ------------
Adjustments in respect of
income and expenses not
involving cash flow:
Share-based compensation
to employees and service
providers 1,679 1,364 361 409
Depreciation 44 36 12 10
Write-off of intangible
assets - 100 - 100
Unrealized gains on
derivative financial
instruments (1,152 ) (888 ) (1,022 ) (166 )
Fair value gains on
financial assets at fair
value through profit or
loss (67 ) - 5 -
Issued cost in respect of
warrants 368 - 368 -
Revaluation of bank
deposits (274 ) (69 ) (19 ) (63 )
Exchange differences in
respect of cash and cash
equivalents (39 ) 150 38 14
------------ ------------ ----------- ------------
559 693 (257 ) 304
------------ ------------ ----------- ------------
Changes in assets and
liability items:
Decrease (increase) in
prepaid expenses and
receivables 711 702 369 (1,141 )
Increase (decrease) in
accounts payable and
accrued expenses (158 ) 1,869 (1,932 ) 1,369
------------ ------------ ----------- ------------
553 2,571 (1,563 ) 228
------------ ------------ ----------- ------------
Net cash used in operating
activities (28,258 ) (17,826 ) (10,170 ) (6,028 )
------------ ------------ ----------- ------------
INVESTING ACTIVITIES:
Purchase of fixed assets (85 ) (14 ) (30 ) (1 )
Purchase of intangible
assets (35 ) (1,620 ) (35 ) -
Change in investment in
current bank deposits 36,838 (29,500 ) 22,170 (20,000 )
Purchase of non-current
bank deposit - (58 ) - (58 )
Purchase of financial
assets at fair value
through profit or loss (12,246 ) - (790 ) -
Maturity of non-current
bank deposits - 10,000 - -
------------ ------------ ----------- ------------
Net cash provided by (used
in) investing activities 24,472 (21,192 ) 21,315 (20,059 )
------------ ------------ ----------- ------------
FINANCING ACTIVITIES:
Proceeds from issuance of
ordinary shares and
warrants, net of expenses 35,754 54,684 35,754 -
Exercise of options into
ordinary shares, net of
expenses 263 108 153 34
------------ ------------ ----------- ------------
Net cash provided by
financing activities 36,017 54,792 35,907 34
------------ ------------ ----------- ------------
INCREASE IN CASH AND CASH
EQUIVALENTS 32,231 15,774 47,052 (26,053 )
EXCHANGE DIFFERENCES ON
CASH AND CASH EQUIVALENTS 39 (150 ) (38 ) (14 )
BALANCE OF CASH AND CASH
EQUIVALENTS AT BEGINNING
OF PERIOD 21,516 5,892 6,772 47,583
------------ ------------ ----------- ------------
BALANCE OF CASH AND CASH
EQUIVALENTS AT END OF
PERIOD 53,786 21,516 53,786 21,516
------------ ------------ ----------- ------------
SUPPLEMENTARY INFORMATION
ON INTEREST RECEIVED IN
CASH 408 236 223 156
------------ ------------ ----------- ------------
Supplementary information
on investing activities
not involving cash flows -
Purchase of intangible
assets - 1,925 - -
------------ ------------ ----------- ------------
Company contact:
Adi Frish
Senior VP Business Development &
Licensing
RedHill Biopharma
+972-54-6543-112
adi(at)redhillbio.com
IR contact (U.S.):
Marcy Nanus
Senior Vice President
The Trout Group
+1-646-378-2927
Mnanus(at)troutgroup.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: RedHill Biopharma Ltd. via GlobeNewswire
Datum: 23.02.2017 - 13:13 Uhr
Sprache: Deutsch
News-ID 526143
Anzahl Zeichen: 39935
contact information:
Town:
Tel-Aviv
Kategorie:
Business News
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