RedHill Biopharma Reports 2017 First Quarter Financial Results
(Thomson Reuters ONE) -
* RedHill maintains a debt-free balance sheet with a $61 million cash
balance(1) at the end of the first quarter of 2017, allowing the Company to
continue to diligently execute its development and U.S. commercialization
plans
Select recent milestones include:
* Exclusive U.S. co-promotion agreement for commercial GI drug Donnatal(®2)
* Exclusive license agreement for commercial GI product EnteraGam(®3)
* Completion of patient enrollment and treatment in the Phase III GUARD study
with BEKINDA(® )(RHB-102) 24 mg for acute gastroenteritis and gastritis
* Completion of patient enrollment in the Phase II study with BEKINDA(®) 12 mg
for IBS-D
* Initiation of an open-label extension study to the Phase III MAP US study
with RHB-104 for Crohn's disease
* FDA QIDP Fast-Track designation granted to RHB-104 for nontuberculous
mycobacteria (NTM) infections
* Orphan Drug designation granted to YELIVA(® )(ABC294640) for the treatment
of cholangiocarcinoma
Select potential milestones expected in the coming months:
* Top-line results from the BEKINDA(®) 24 mg Phase III GUARD study for
gastroenteritis and gastritis (the GUARD study) expected in Q2/2017
* Top-line results from the BEKINDA(®) 12 mg Phase II study for IBS-D expected
in Q3/2017
* Initiation of the 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 evaluation
of an option for early stop for success for overwhelming efficacy, expected
mid-year
* Initiation of U.S. promotional activities for Donnatal(®) and
EnteraGam(®) expected in Q2/2017
* Initiation of additional Phase I/II studies with YELIVA(®) for
cholangiocarcinoma, prevention of mucositis in head and neck cancer and
ulcerative colitis expected in H2/2017
* Initiation of a Phase I/II study with MESUPRON in pancreatic cancer expected
in H2/2017
TEL-AVIV, Israel, May 03, 2017 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd.
(NASDAQ:RDHL) (Tel-Aviv Stock Exchange: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 quarter ended March 31, 2017.
The Company will host a conference call on Wednesday, May 3, 2017, at 9:00 am
EDT to review the financial results and business highlights. Dial-in details are
included below.
Financial highlights for the quarter ended March 31, 2017(4)
Research and Development Expenses for the first quarter of 2017 were $8.1
million, up 74% compared to the first quarter of 2016 and up 9% compared to the
fourth quarter of 2016. The increase was mainly due to the ongoing Phase III and
Phase II studies with BEKINDA(® )(RHB-102)(5) for gastroenteritis and diarrhea-
predominant irritable bowel syndrome (IBS-D), respectively, the ongoing Phase
III study with RHB-104 for Crohn's disease, ongoing studies with
YELIVA(® )(ABC294640)(6) for multiple indications and preparations for the
upcoming confirmatory Phase III study with RHB-105 for H. pylori infection.
Selling, Marketing and Business Development Expenses for the first quarter of
2017 were $0.6 million, up 94% compared to the first quarter of 2016. The
increase was mainly due to activities related to the Company's U.S. commercial
operations.
General and Administrative Expenses for the first quarter of 2017 were $1.3
million, up 44% compared to the first quarter of 2016 and up 12% compared to the
fourth quarter of 2016. The increase was mainly due to expanded operations.
Operating Loss for the first quarter of 2017 was $10.1 million, up 71% compared
to the first quarter of 2016 and up 12% compared to the fourth quarter of 2016.
The increase was mainly due to an increase in Research and Development Expenses,
as detailed above.
Financial Income, net for the first quarter of 2017 was $1.5 million, compared
to $379 thousand in the first quarter of 2016. The increase was mainly due to a
fair value gain on derivative financial instruments related to investors'
warrants from the December 2016 financing.
Net Cash Used in Operating Activities for the first quarter of 2017 was $10.3
million, up 107% compared to the first quarter of 2016 and up 1% compared to the
fourth quarter of 2016. The increase was mainly due to the increase in Operating
Loss, as detailed above.
Net Cash Used in Investment Activities for the first quarter of 2017 was $18.6
million, compared to $4.6 million in the first quarter of 2016. The increase was
mainly due to investments of the cash in bank deposits and purchase of
marketable securities.
Net Cash Provided by Financing Activities for the first quarter of 2017 was $4.5
million compared to an immaterial amount for the first quarter of 2016. The
increase was mainly due to proceeds from the exercise of warrants and options
into ordinary shares.
Cash Balance as of March 31, 2017 was $61 million, a decrease of $5 million,
compared to $66 million as of December 31, 2016. The decrease was a result of
cash used in operating activities and investment activities, offset by cash
provided by financing activities, as described above.
Micha Ben Chorin, RedHill's CFO, said: "We are pleased with the achievements in
the first quarter of 2017, which included securing rights for two commercial GI
products in the U.S. as part of RedHill's strategic plan of becoming a revenue-
generating, gastrointestinal-focused, specialty pharmaceutical company in the
U.S. and setting the stage for our late clinical-stage pipeline drugs, if
approved. Our cash position of $61 million at the end of the first quarter
should allow us to continue to execute our strategic plans for 2017 and
diligently advance our late-stage clinical programs. We look forward to
important events expected in the coming months, including top-line results from
the Phase III GUARD study with BEKINDA(®) for gastroenteritis, initiation of the
confirmatory Phase III study with RHB-105 for H. pylori infection, a second
independent DSMB meeting for the ongoing Phase III MAP US study with RHB-104 for
Crohn's disease and the initiation of promotional activities in the U.S. with
Donnatal(® )and EnteraGam(®)."
Conference Call and Webcast Information:
The Company will host a conference call on Wednesday, May 3, 2017, at 9:00 am
EDT to review the financial results and business highlights.
To participate in the conference call, please dial the following numbers 15
minutes prior to the start of the call: United States: +1-877-280-2342;
International: +1-212-444-0896; and Israel: +972-3-763-0147. The access code for
the call is 1922788.
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.
Recent operational highlights:
1. On January 3, 2017, RedHill announced the signing of an exclusive co-
promotion agreement with a subsidiary(7) of Concordia International Corp.
(NASDAQ:CXRX) (TSX:CXR) ("Concordia"), granting RedHill certain U.S.
promotion rights for Donnatal(®8), a prescription oral drug used with other
drugs for the treatment of irritable bowel syndrome (irritable colon,
spastic colon, mucous colitis) and acute enterocolitis (inflammation of the
small bowel). Under the terms of the agreement, RedHill and Concordia will
share the revenues generated from the promotion of Donnatal(®) by RedHill,
based on an agreed upon split.
2. On January 5, 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 (upamostat). 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. A Phase I/II study with MESUPRON in
pancreatic cancer is planned to be initiated in the second half of 2017.
3. On January 10, 2017, RedHill announced first dosing in a three-way
crossover pharmacokinetic (PK) study with RHB-105 in 18 subjects (healthy
volunteers), intended to evaluate the bioavailability of RHB-105 actives
versus the comparator in the planned confirmatory Phase III study (dual
therapy of amoxicillin and omeprazole) and a food-effect study with RHB-
105. The confirmatory Phase III study with RHB-105 for H. pylori infection
is planned to be initiated in the second quarter of 2017. Subject to a
successful outcome, the confirmatory Phase III study and the supportive PK
program are expected to complete the package required for a U.S. NDA for
RHB-105.
4. On January 11, 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. The QIDP
designation was granted under the FDA's Generating Antibiotic Incentives
Now (GAIN) Act, which is intended to encourage development of new
antibiotic drugs for the treatment of serious or life-threatening
infections. Under the FDA's GAIN Act, QIDP designation allows for Fast-
Track status and Priority Review, potentially leading to a shorter NDA
review time by the FDA, and, if approved, an additional five years of U.S.
market exclusivity on top of the standard exclusivity period. RedHill plans
to consult with the FDA regarding the RHB-104 development program for NTM
infections.
5. On February 21, 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 the treatment of acute
gastroenteritis and gastritis (the GUARD study) had completed the treatment
course and observation period for the primary endpoint evaluation. The
GUARD study treated 321 adults and children over the age of 12 in 29 U.S.
clinical sites. Top-line results are expected in the second quarter of
2017. Furthermore, on April 18, 2017, RedHill announced that it had
received notices of allowance from the United States Patent and Trademark
Office (USPTO) for two new patents covering BEKINDA(®). Once granted, the
patents are expected to be valid until at least 2034.
6. On March 21, 2017, RedHill announced dosing of the first patient in the
open-label extension study to the Phase III study with RHB-104 for the
treatment of Crohn's disease (the MAP US study). The open-label extension
study (the MAP US2 study) is intended to assess the safety and efficacy of
RHB-104 in patients who have completed 26 weeks of treatment in the ongoing
MAP US study and remain with active Crohn's disease (CDAI>150); these
patients have the opportunity to receive treatment with RHB-104 for a 52-
week period in the open-label extension study.
7. On April 4, 2017, RedHill announced that the FDA had granted
YELIVA(®) (ABC294640) Orphan Drug designation for the treatment of
cholangiocarcinoma. Orphan Drug designation allows RedHill to benefit from
a seven-year marketing exclusivity period for the indication, if approved
for marketing, as well as other development incentives to develop
YELIVA(®) for cholangiocarcinoma. A Phase IIa clinical study with
YELIVA(®) in patients with advanced, unresectable, intrahepatic and
extrahepatic cholangiocarcinoma is planned to be initiated in the third
quarter of 2017.
8. On April 5, 2017, RedHill announced the signing of an exclusive license
agreement with Entera Health Inc. ("Entera Health"), granting RedHill the
exclusive U.S. rights to EnteraGam(®9), a commercially-available medical
food intended for the dietary management of chronic diarrhea and loose
stools which must be administered under medical supervision. Under the
terms of the agreement, RedHill will pay Entera Health royalties based on
net sales generated from the sale of EnteraGam(®) by RedHill.
9. On April 13, 2017, RedHill, together with IntelGenx Corp. (TSX-V:IGX)
(OTCQX:IGXT) ("IntelGenx"), announced that the Ministry of Health of
Luxembourg had granted national marketing authorization for RIZAPORT(® )(5
mg and 10 mg). The national marketing authorization was granted in
Luxembourg on the basis of the European Decentralized Procedure (DCP), in
which Luxembourg served as the Concerned Member State. The approval in
Luxembourg marks the completion of the current marketing approval process
for RIZAPORT(®) under the European DCP.
10. On April, 24, 2017, RedHill announced enrollment of the last patient in the
Phase II study with BEKINDA(® )12 mg for the treatment of IBS-D. The
randomized, double-blind, placebo-controlled Phase II study is evaluating
the safety and efficacy of BEKINDA(®) 12 mg in 127 U.S. patients with IBS-
D. Top-line results are expected in the third quarter of 2017.
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.
Important Safety Information about Donnatal(®):
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 complete important safety information about
Donnatal(®):
http://www.donnatal.com/professionals/important-safety-information/
About EnteraGam(®):
EnteraGam(® )(a serum-derived bovine immunoglobulin/protein isolate, SBI) is a
medical food product intended for the dietary management of chronic diarrhea and
loose stools. EnteraGam(®) must be administered under medical supervision.
EnteraGam(®) binds microbial components(10), such as toxic substances released
by bacteria, that upset the intestinal environment. This helps prevent them from
penetrating the lining of the intestine, which may contribute to chronic
diarrhea and loose stools in people who have specific intestinal
disorders(11 )(12).
Safety Information about EnteraGam(®):
EnteraGam(®) contains beef protein; therefore, patients who have an allergy to
beef or any other component of EnteraGam(®) should not take this product.
EnteraGam(®) has not been studied in pregnant women, in women during labor and
delivery, or in nursing mothers. The choice to administer EnteraGam(®) during
pregnancy, labor and delivery, or to nursing mothers is at the clinical
discretion of the prescribing physician.
EnteraGam(®) does not contain any milk-derived ingredients such as lactose,
casein, or whey. EnteraGam(®) is gluten-free, dye-free and soy-free.
Please see full Product Information.
To report suspected adverse reactions, contact Entera Health, Inc. at
1-855-4ENTERA (1-855-436-8372), or the FDA at 1-800-FDA-1088 (1-800-332-1088)
or www.fda.gov/medwatch.
About RedHill Biopharma Ltd.:
RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock Exchange: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, as well as an exclusive license
agreement with Entera Health for EnteraGam(®), a medical food intended for the
dietary management, under medical supervision, of chronic diarrhea and loose
stools. 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 protease
inhibitor, targeting pancreatic cancer 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 two EU member states under the European
Decentralized Procedure (DCP). 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(® )and EnteraGam(®), (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 23, 2017. 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) Including cash and short-term investments.
(2) 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.
(3) EnteraGam(®) (a serum-derived bovine immunoglobulin/protein isolate, SBI) is
a commercially-available medical food, intended for the dietary management of
chronic diarrhea and loose stools due to specific intestinal disorders, which
must be administered under medical supervision.
(4) All financial highlights are approximate and are rounded to the nearest
hundreds of thousands.
(5) BEKINDA(®) is an investigational new drug, not available for commercial
distribution.
(6) YELIVA(®) is an investigational new drug, not available for commercial
distribution.
(7) Concordia Pharmaceuticals Inc.
(8) 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.
(9) EnteraGam(®) (a serum-derived bovine immunoglobulin/protein isolate, SBI) is
a commercially-available medical food, intended for the dietary management of
chronic diarrhea and loose stools due to specific intestinal disorders, which
must be administered under medical supervision.
(10) Horgan A, Maas K, Henderson A, Detzel C, Weaver E. Serum-derived bovine
immunoglobulin/protein isolate binds to pathogen-associated molecular patterns.
Poster presented at: Federation of American Societies for Experimental Biology;
April 26-30, 2014; San Diego, CA.
(11) Petschow BW, Burnett B, Shaw AL, Weaver EM, Klein GL. Serum-derived bovine
immunoglobulin/protein isolate: postulated mechanism of action for management of
enteropathy. Clin Exp Gastroenterol. 2014;7:181-190.
(12) Gasbarrini A, Lauritano EC, Garcovich M, Sparano L, Gasbarrini G. New
insights into the pathophysiology of IBS: intestinal microflora, gas production
and gut motility. Eur Rev Med Pharmacol Sci. 2008;12 Suppl 1:111-117.
REDHILL BIOPHARMA LTD.
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three months ended
March 31,
---------------------------
2017 2016
---------- ----------------
U.S. dollars in thousands
---------------------------
RESEARCH AND DEVELOPMENT EXPENSES, net 8,137 4,676
SELLING, MARKETING AND BUSINESS DEVELOPMENT
EXPENSES 605 *312
GENERAL AND ADMINISTRATIVE EXPENSES 1,315 *915
OTHER EXPENSES 45 -
---------- ----------------
OPERATING LOSS 10,102 5,903
---------- ----------------
FINANCIAL INCOME 1,556 380
FINANCIAL EXPENSES 50 1
---------- ----------------
FINANCIAL INCOME, net 1,506 379
---------- ----------------
LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD 8,596 5,524
---------- ----------------
LOSS PER ORDINARY SHARE, basic and
diluted (U.S. dollars) 0.05 0.04
---------- ----------------
WEIGHTED AVERAGE OF ORDINARY SHARES (in
thousands) 170,072 127,129
---------- ----------------
*Reclassified
REDHILL BIOPHARMA LTD.
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited)
March 31, December 31,
2017 2016
------------ ---------------
U.S. dollars in thousands
----------------------------
CURRENT ASSETS:
Cash and cash equivalents 29,624 53,786
Bank deposits 15,609 55
Financial assets at fair value through profit
or loss 15,351 12,313
Prepaid expenses and receivables 2,675 1,661
------------ ---------------
63,259 67,815
------------ ---------------
NON-CURRENT ASSETS:
Bank deposits 145 137
Fixed assets 151 165
Intangible assets 6,050 6,095
------------ ---------------
6,346 6,397
------------ ---------------
TOTAL ASSETS 69,605 74,212
------------ ---------------
CURRENT LIABILITIES:
Accounts payable and accrued expenses 3,786 3,356
Payable in respect of intangible asset purchase 2,000 2,000
------------ ---------------
5,786 5,356
------------ ---------------
NON-CURRENT LIABILITIES:
Derivative financial instruments 4,873 6,155
------------ ---------------
TOTAL LIABILITIES 10,659 11,511
------------ ---------------
EQUITY:
Ordinary shares 455 441
Additional paid-in capital 156,415 150,838
Warrants - 1,057
Accumulated deficit (97,924 ) (89,635 )
------------ ---------------
TOTAL EQUITY 58,946 62,701
------------ ---------------
TOTAL LIABILITIES AND EQUITY 69,605 74,212
------------ ---------------
REDHILL BIOPHARMA LTD.
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended
March 31,
---------------------------
2017 2016
------------ --------------
U.S. dollars in thousands
---------------------------
OPERATING ACTIVITIES:
Comprehensive loss (8,596 ) (5,524 )
------------ --------------
Adjustments in respect of income and expenses
not involving cash flow:
Share-based compensation to employees and
service providers 307 374
Depreciation 14 10
Write-off of intangible assets 45 -
Unrealized gains on derivative financial
instruments (1,262 ) (201 )
Fair value loses (gains) on financial assets at
fair value through profit or loss 15 (8 )
Revaluation of bank deposits (18 ) (58 )
Exchange differences in respect of cash and cash
equivalents (242 ) (82 )
------------ --------------
(1,141 ) 35
------------ --------------
Changes in assets and liability items:
Decrease (increase) in prepaid expenses and
receivables (1,014 ) 440
Increase in accounts payable and accrued
expenses 430 68
------------ --------------
(584 ) 543
------------ --------------
Net cash used in operating activities (10,321 ) (4,981 )
------------ --------------
INVESTING ACTIVITIES:
Purchase of fixed assets - (29 )
Change in investment in current bank deposits (15,544 ) 2,000
Purchase of non-current bank deposit - -
Purchase of financial assets at fair value
through profit or loss (3,453 ) (6,572 )
Proceeds from sale of financial assets at fair
value through profit or loss 400 -
------------ --------------
Net cash used in investing activities (18,597 ) (4,601 )
------------ --------------
FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares, net
of expenses 1,282 -
Exercise of warrants and options into ordinary
shares 3,232 10
------------ --------------
Net cash provided by financing activities 4,514 10
------------ --------------
DECREASE IN CASH AND CASH EQUIVALENTS (24,404 ) (9,572 )
EXCHANGE DIFFERENCES ON CASH AND CASH
EQUIVALENTS 242 82
BALANCE OF CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 53,786 21,516
------------ --------------
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF
PERIOD 29,624 12,026
------------ --------------
SUPPLEMENTARY INFORMATION ON INTEREST RECEIVED
IN CASH 71 94
------------ --------------
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: 03.05.2017 - 12:01 Uhr
Sprache: Deutsch
News-ID 540019
Anzahl Zeichen: 40371
contact information:
Town:
Tel-Aviv
Kategorie:
Business News
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