RedHill Biopharma Reports 2017 Third Quarter Financial Results

• RedHill maintains a debt-free balance sheet with $39.6 million in cash¹ at the end of the third quarter of 2017
  
• In addition, an underwritten public offering of the Company’s American Depositary Shares (ADSs) is scheduled to be closed today, November 13, 2017, subject to customary terms and conditions, for aggregate net proceeds of approximately $20.6 million, after deducting underwriting discounts and commissions and other offering expenses
   
• Net revenues of approximately $1.5 million in Q3/2017 from the promotion of three GI-specialty products in the U.S., Donnatal^®, EnteraGam® (launched in June) and Esomeprazole Strontium Delayed-Release Capsules 49.3 mg (launched mid-September)
  
• Decrease quarterly cash burn rate and continued revenue growth are expected in 2018
   
• Increased focus on partnerships and U.S. co-promotion of select RedHill development programs

Select recent and potential milestones:

• Top-line results from the first Phase III study with RHB-104 for Crohn’s disease (MAP US study) expected in mid-2018; patient enrollment completed
   
• Top-line results from the confirmatory Phase III study with TALICIA^™ (RHB-105) (ERADICATE HP2 study) for the treatment of H. pylori infection, expected in H2/2018
  
• Initiation of pivotal Phase III study with RHB-104 for first line treatment of Nontuberculous Mycobacteria (NTM) infections expected in H1/2018

• Successful top-line results from the Phase II study with BEKINDA^® (RHB-102) 12 mg for the treatment of diarrhea-predominant irritable bowel syndrome (IBS-D)

TEL-AVIV, Israel and RALEIGH, N.C., Nov. 13, 2017 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock Exchange:RDHL) (“RedHill” or the “Company”), a specialty biopharmaceutical company primarily focused on late clinical-stage development and commercialization of proprietary drugs for gastrointestinal and inflammatory diseases and cancer, today reported its financial results for the quarter ended September 30, 2017.

The Company will host a conference call today, November 13, 2017 at 9:00 am EST to review the financial results and business highlights. Dial-in details are included below.

Financial highlights for the quarter ended September 30, 2017² 

Net Revenues for the third quarter of 2017 were approximately $1.5 million, compared to $0.5 million in the second quarter of 2017. The increase was due to the promotional activities of Donnatal^®3 and the sale of EnteraGam^®4 and the initial promotion of Esomeprazole Strontium Delayed-Release Capsules 49.3 mg⁵ in mid-September 2017.

Cost of Revenues for the third quarter of 2017 was $0.9 million, due to the sale of EnteraGam^®, compared to $0.3 million in the second quarter of 2017, also due to the sale of EnteraGam^® and reflecting the cost of goods sold and royalties.

SOURCE : RedHill Biopharma Ltd.