Gastro Treatment Company RedHill Wants to Raise $117 on Nasdaq

Tel Aviv-headquartered, Nasdaq-listed RedHill Biopharma Ltd. wants to raise $116.9 million on Nasdaq, according to a preliminary shelf prospectus filed with the U.S. Securities and Exchange Commission on Monday.

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Also on Monday, RedHill announced that Nasdaq has approved the listing of its American Depositary Shares (ADS) on its second tier, Nasdaq Global Market. RedHill's ADSs were previously listed on Nasdaq Capital Market, the lowest of Nasdaq's three tiers. The company's ordinary shares are traded on the Tel Aviv Stock Exchange.

Founded in 2009, RedHill develops orally-administered drugs mostly for gastrointestinal and inflammatory diseases. The company's antibiotic therapy for the treatment of Crohn’s disease is currently in phase 3 trials and the company expects to public results in the coming weeks.

RedHill reported net revenues of $2.4 million and a gross profit of $1.5 million for the first quarter of 2018, up 22% and 40%, respectively, from the fourth quarter of 2017, and an operating loss of $9.9 million.

RedHill is currently trending down on Nasdaq.