RedHill Biopharma Ltd. has raised $3.5 million in a private round of funding. The company plans raising an additional $2 million in the coming weeks ahead of an IPO on the Tel Aviv Stock Exchange (TASE) in early 2011.
RedHill, which was founded in 2009 by Belgium-based ProSeed Capital Holdings, develops and commercializes treatments and products in advanced stages of clinical trials.
RedHill yesterday announced that the company had signed a co-development and commercialization agreement for IntelGenx' first oral thin film product based upon the IntelGenx' proprietary VersaFilm technology. The product is intended for the rapid relief of migraine.
RedHill has previously paid several million shekels to Australia's Giaconda for a Crohn's disease treatment and two treatments for digestive problems. The Crohn's disease treatment is the most advanced of these treatments and is already in the Phase III clinical trials for US Food and Drug Administration (FDA) approval.
Published by Globes, Israel business news - www.globes-online.com - on August 31, 2010
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