RedHill Biopharma Ltd., of Tel Aviv, Israel, completed its initial public offering (IPO) for listing on the Tel Aviv Stock Exchange. The company raised NIS51.6 million (US$13.6 million), with proceeds to support development of RedHill's six late-stage programs, including its experimental treatment of MAP infection in Crohn's disease. RedHill, which focuses on acquiring and developing late-stage, new formulations of existing drugs, initially had planned to raise NIS40 million, but strong demand at the IPO prompted the firm to increase its offering at a price 18.3 percent higher than planned. The company sold 131,000 units – each comprising 100 shares and 50 warrants – with a minimum unit price of NIS305.