Galmed Pharmaceuticals has entered into securities purchase agreements with two institutional investors for the sale of 5.6 million ordinary shares and warrants to purchase 5.6 million ordinary shares. The combined purchase price is $1.25 per share and accompanying warrant, expected to generate approximately $7.0 million in gross proceeds for Galmed. Each warrant is exercisable for one ordinary share at $1.25 per share and will expire in five years. The offering is subject to customary closing conditions and is being conducted under a registration statement on Form F-1. Maxim Group LLC is acting as the sole placement agent.
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.
Each 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.
Maxim Group LLC is acting as the sole placement agent in connection with the Offering.
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The 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.
This 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.
Source: BioSpace