Business
Galmed Pharmaceuticals Announces Pricing of $7 Million Public Offering
TEL AVIV, Israel, July 14, 2023 /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, July 14, 2023 /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (NASDAQ: GLMD) (\"Galmed\" or the \"Company\"), a clinical-stage biopharmaceutical company for liver, metabolic and fibrotic diseases, announced today that it has entered into securities purchase agreements with two institutional investors to purchase 5,600,000 of its ordinary shares (or pre-funded warrants in lieu thereof) and warrants to purchase 5,600,000 ordinary shares at a combined purchase price of $1.25 per ordinary share and accompanying warrant (the \"Offering\"). The gross proceeds of the Offering to the Company, before placement agent fees and estimated offering expenses, are expected to be approximately $7.0 million.\nEach warrant is immediately exercisable for one ordinary share at an exercise price of $1.25 per ordinary share and will expire five years from the date of issuance. The Offering is expected to close on or about July 18, 2023, subject to customary closing conditions.\nMaxim Group LLC is acting as the sole placement agent in connection with the Offering.\nThe Offering is being conducted pursuant to the Company's registration statement on Form F-1, as amended, (File No. 333-272722) previously filed with and subsequently declared effective by the Securities and Exchange Commission (\"SEC\") on July 14, 2023. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Copies of the final prospectus relating to this Offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.\nThis press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nAbout Galmed Pharmaceuticals Ltd. \nWe are a clinical stage biopharmaceutical company focused on the development of Aramchol for liver and fibro-inflammatory diseases. We have focused almost exclusively on developing Aramchol for the treatment of NASH and are currently developing Aramchol for PSC and exploring the feasibility of developing Aramchol for other fibro-infl...