Business
Galmed Pharmaceuticals Announces Pricing of $10 Million Public Offering of Ordinary Shares
TEL AVIV, Israel, Feb. 16, 2021 /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a clinical-stage biopharmaceutical
About this update from Galmed Pharmaceuticals Ltd.
[{"type":"text","content":"TEL AVIV, Israel, Feb. 16, 2021 /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) (\"Galmed\" or the \"Company\"), a clinical-stage biopharmaceutical company for liver, metabolic and inflammatory diseases, today announced the pricing of the underwritten public offering of 2,197,803 of its ordinary shares for gross proceeds of approximately $10 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Galmed. \nThe offering is expected to close on or about February 18, 2021, subject to customary closing conditions. In addition, Galmed has granted the underwriter for the offering, a 30-day option to purchase up to an additional 329,670 of its ordinary shares.\nCantor Fitzgerald & Co. is acting as the sole book-running manager of the offering.\n The underwriter may offer the shares from time to time for sale in one or more transactions on the Nasdaq Capital Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. On February 12, 2021, the last sale price of the shares as reported on the Nasdaq Capital Market was $5.03 per share.\nDuring February 2021, Galmed sold approximately $8.4 million in ordinary shares under its at-the-market equity offering. Galmed intends to use the net proceeds of this offering and that of its at-the-market offering for continued development of its pipeline products, as well as the advancement of new programs, business development activities, and general corporate purposes. \nThe offering is being made pursuant to a \"shelf\" registration statement on Form F-3 (File No. 333-223923) previously filed by Galmed with the Securities and Exchange Commission (the \"SEC\") on March 26, 2018 and declared effective by the SEC on April 2, 2018. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement describing the terms of the offering and the accompanying prospectus have been filed with the SEC. Before you invest, you should read the registration statement, the preliminary prospectus, the documents that Galmed has filed with the SEC that are incorporated by reference into the regist...