D-Pharm Raises NIS 85 Million in Rights Offering and Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE)
D-Pharm will commit most of the proceeds of the rights issue and the IPO
towards the forthcoming pivotal Phase III clinical trial of DP-b99 in
patients with acute ischemic stroke (study acronym - MACSI). An
Investigational New Drug (IND) application for the Phase III clinical trial
of DP-b99 was approved by the US Food and Drug Administration (FDA) in
Clal Biotechnology CEO and D-Pharm's Chairman of the Board Ruben Krupik said: "This is a unique offering because the current shareholders provided most of the financing. We gave the public the opportunity to participate, while taking most of the risk upon ourselves."
D-Pharm's CEO, Dr.
The offering was underwritten by CLAL Finance Underwriting Ltd., as well as Rosario Underwriting Services (AS) Ltd. and Meitav Underwriting and Investment Ltd.
DP-b99 is a unique neuroprotective drug that addresses an array of brain damaging processes occurring in stroke patients and emerged from D-Pharm's proprietary Membrane Activated Chelator (MAC) platform technology. Both preclinical and clinical Phase I and II studies indicate a favorable efficacy and safety profile for DP-b99. In the recently completed Phase IIb trial in 150 ischemic stroke patients, DP-b99 increased by two-fold the percentage of patients that completely recovered from ischemic stroke. DP-b99 may be administered within a nine hour therapeutic window.
Every year around 1.5 million people in the U.S.,
About D-Pharm Ltd.
D-Pharm (http://www.dpharm.com) is a clinical stage, biopharmaceutical company pioneering the development of lipid-like therapeutics and has generated a rich pipeline of patent protected proprietary products. D-Pharm's pipeline includes advanced clinical stage products, DP-b99 for treatment of acute ischemic stroke patients and DP-VPA, a novel drug for treatment of epilepsy, bipolar disorder and prophylaxis of migraine. DP-VPA, a prodrug of valproic acid, is in Phase II clinical development. DP-460 is in preclinical development intended as an oral, disease-modifying therapy for Alzheimer's disease. Other mimics of bioactive lipids, LipidoMimetix, are at an earlier developmental stage, for cancer.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will 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 the registration or qualification under the securities laws of any such state or jurisdiction.
Statements in this press release that are not historical facts are forward-looking information, as defined in the Securities Law, based on information available to D-Pharm at the time of this press release. The estimations could, some or all, be unrealized, or could be realized in significantly different ways than expected. Additional information regarding these and other risks can be found in the Company's registration statement relating to the proposed offering.
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SOURCE D-Pharm Ltd