What's Going On With RedHill Biopharma Stock Today
Portfolio Pulse from Vandana Singh
RedHill Biopharma Ltd's shares are down after the company announced a registered direct offering of 1.3 million American Depositary Shares (ADS) at $1.35 per ADS. The company also entered into an agreement to exercise its warrants at a reduced price. The gross proceeds from these transactions are expected to be around $3.8 million. Additionally, RedHill's development partner, Apogee Biotechnology, has been awarded a $1.7 million SBIR grant to support research for opaganib.
July 21, 2023 | 3:52 pm
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NEGATIVE IMPACT
RedHill Biopharma's stock price is down following the announcement of a direct offering of ADS and a reduced exercise price for its warrants. The company's partner, Apogee Biotechnology, has also received a $1.7 million SBIR grant.
The announcement of a direct offering of ADS and a reduced exercise price for its warrants has led to a decrease in RedHill Biopharma's stock price. The company's partner, Apogee Biotechnology, receiving a $1.7 million SBIR grant could potentially offset some of this negative impact in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100