Israeli biopharmaceutical company RedHill Biopharma announced that it would raise $25 million at $6 per American depositary share, the package to be offered by the company includes options.
The offering is led by New York-based investment services company Ladenburg Thalmann.
RedHill is planning to use the money it raises and the rest of its cash to go ahead with a second phase III trial of its product for Crohn's disease and for the company's general needs.
The current price reflects a $151 million market capitalization for RedHill.