Intec Pharma Announces Public Offering of Ordinary Shares on Nasdaq
The pharmaceutical company is currently listed on Nasdaq and the Tel Aviv Stock Exchange. Investment firm Oppenheimer & Co.will serve as the sole book-running manager
Nasdaq and Tel Aviv-listed pharmaceutical company Intec Pharma Ltd. announced on Tuesday the launch of an underwritten public offering of its ordinary shares on Nasdaq. The trading on Intec Pharma stocks was halted in Tel Aviv on Wednesday morning following the announcement.
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Jerusalem-based Intec Pharma did not state the amount of capital it intends to raise.
Investment firm Oppenheimer & Co. Inc. will serve as the sole book-running manager in the offering, Intec Pharma said.
Intec Pharma is a clinical-stage biopharmaceutical company developing drugs based on its proprietary Accordion Pill technology, an oral drug delivery system designed to improve drug delivery and efficacy. The company was founded in 2000.
The company said proceeds from the offering will be used to fund a Phase III clinical trial for Accordion Pill Carbidopa/Levodopa, a treatment of Parkinson’s disease symptoms in advanced Parkinson’s patients. The drug is Intec Pharma’s leading product candidate.
The company is also developing a treatment for insomnia based on the same Accordion Pill platform, as well as the AP-Cannabinoids, an Accordion Pill designed to deliver cannabinoids for the treatment of various conditions including low back neuropathic pain and fibromyalgia.
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