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Financings Roundup

Tuesday, February 8, 2011
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.

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