RedHill Biopharma Raises over $10M from Local and Foreign Investors

RedHill Biopharma Ltd., an Israeli pharmaceutical company focused primarily on acquisition and development of late clinical-stage new formulations of existing drugs, has raised more than $10m from local and foreign investors.
Dror Ben Asher, RedHill CEO, said that the proceeds would be used to the company’s ongoing late clinical stage development programs. RedHill intends to conduct several Phase II/III trials and plans to file two NDAs (New Drug Applications) for marketing approvals with the FDA during 2011.
So far, the company has completed the acquisitions of, and rights pertaining to, 6 late clinical-stage products, including the acquisition from Sydney-based Giaconda Limited (ASX: GIA) of a late clinical-stage drug for the treatment of MAP infection in Crohn’s (“RHB-104”), and two additional gastrointestinal products. RHB-104 is planned to begin phase II and III of clinical trials in 2011 under an existing FDA IND (Investigational New Drug) status.
In September 2010, RedHill signed an agreement with Montreal-based IntelGenx Corp. (TSX-V: IGX) (OTCBB: IGXT), for the joint development of a new drug formulation for the treatment of acute migraine, based on IntelGenx’ proprietary VersaFilm® technology.

RedHill also announced deals with Seattle-based SCOLR Pharma, Inc. (NYSE Amex Equities “DDD”) for a new formulation of a chemotherapy induced nausea and vomiting drug based on SCOLR’s CDT® proprietary technology, and with Copenhagen-based Egalet, for a new formulation of a leading congestive heart failure and high blood pressure drug.

According to Asher, the company is also exploring the possibility of an IPO on the Tel-Aviv Stock Exchange.

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