JERUSALEM, August 7, 2015 /PRNewswire/ —
Intec Pharma Ltd. (the “Company”) (NASDAQ: NTEC), a clinical stage biopharmaceutical Business focused on creating drugs based on its proprietary Accordion Pill platform technology, today announced the closing of its previously announced very first public offering in the United States of 5,025,000 of its ordinary shares at a rate to the public of $6.00 per ordinary share, prior to underwriting discounts and commissions. All the ordinary shares are being offered by the Company. In addition, the Business has actually granted the underwriters a 45-day option to purchase up to one more 753,750 ordinary shares at the public offering price. At closing, the Business received gross proceeds from the offering of roughly $30.15 million prior to deducting underwriting discounts and commissions and various other offering expenses. The Business plans to usage the net proceeds from the offering to fund its Phase III clinical trial for its current product candidate, Accordion Pill Carbidopa/Levodopa, and its continued development, and for functioning capital, capital expenditures and various other general corporate purposes, including a Phase I clinical trial that the Business expects to initiate in the second half of 2015 for one of its early stage pipeline products.
The Company’s ordinary shares began trading on The NASDAQ Capital Market on August 4, 2015 under the symbol “NTEC”.
Maxim Group LLC and Roth Capital Partners acted as joint book-operating managers for the offering.
Investors could likewise obtain these documents at no cost by visiting the SEC’s website at http://www.sec.gov .
This press release shall not constitute an supply to sell or a solicitation of an supply to buy nor shall there be any type of sale of these securities in any type of state or jurisdiction in which such offer, solicitation or sale would certainly be unlawful prior to the registration or qualification under the securities laws of any type of such state or jurisdiction.
About Intec Pharma Ltd.
Intec Pharma Ltd. is a clinical stage biopharmaceutical Business focused on creating drugs based on its proprietary Accordion Pill platform technology. The Company’s Accordion Pill is an oral drug delivery system that is made to boost the efficacy and safety of existing drugs and drugs in improvement by utilizing an efficient gastric retention and individual release mechanism. The Company’s product pipeline currently involves two product candidates in clinical trial stages: Accordion Pill Carbidopa/Levodopa, or AP-CDLD, is being created for the indication of treatment of Parkinson’s illness symptoms in advanced Parkinson’s illness patients, and Accordion Pill Zaleplon, or AP-ZP, is being created for the indication of treatment of insomnia, including sleep induction and the improvement of sleep maintenance.
Forward Looking Statements
This press release contains forward-looking statements Concerning the Company’s expectations, beliefs and intentions. Forward-looking statements can easily be identified by the usage of forward-looking words such as “believe”, “expect”, “intend”, “plan”, “may”, “should”, “could”, “might”, “seek”, “target”, “will”, “project”, “forecast”, “continue” or “anticipate” or their negatives or variations of these words or various other comparable words or by the naked truth that these statements do not relate strictly to historical matters. These forward-looking statements involve certain risks and uncertainties, including, among others, risks impacting the ability of the Business to finish any type of public offering of its securities due to general market conditions or various other factors and risks that could trigger the Company’s outcomes to differ materially from those expected by Business management. any type of forward-looking statement in this press release speaks only as of the date of this press release. The Business undertakes no obligation to publicly update or review any type of forward-looking statement, whether as a result of Brand-new information, future developments or otherwise, except as could be needed by any type of applicable securities laws.
Chief Executive Officer
SOURCE Intec Pharma Ltd.