Kitov Pharmaceuticals Holdings Announces Pricing of U.S. Initial Public Offering and NASDAQ Listing

20 Nov, 2015, 15:17 ET from Kitov Pharma Holdings Ltd.

TEL AVIV, Israel, November 20, 2015 /PRNewswire/ --

Kitov Pharmaceuticals Holdings Ltd. (NASDAQ: KTOV), a biopharmaceutical company focused on the development of therapeutic candidates for the simultaneous treatment of various clinical conditions, today announced the pricing of its initial public offering in the United States of 3,158,900 American Depository Shares ("ADSs") and warrants to purchase up to 3,158,900 ADSs. Each ADS, representing 20 ordinary shares of the Company, and each warrant to purchase one ADS, are offered at a combined price to the public of $4.13. The warrants will have a per ADS exercise price of $4.13, are exercisable immediately, and will have a term of five years.

The gross proceeds to Kitov from this offering are expected to be $13,046,257, prior to deducting underwriting discounts, commissions and other estimated offering expenses. Kitov has granted the underwriters a 45-day option to purchase up to an additional 473,835 ADSs and/or warrants to purchase 473,835 ADSs to cover over-allotments, if any.

Kitov plans to use the net proceeds from the offering to fund its ongoing development plan, for the repayment of indebtedness and for working capital and other general corporate purposes.

Kitov's ADSs and warrants are scheduled to begin trading on the NASDAQ Capital Market on November 20, 2015, under the symbols "KTOV" and "KTOVW", respectively. The offering is expected to close on or about November 25, 2015, subject to customary closing conditions.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., and Joseph Gunnar & Co., LLC are acting as joint book-running managers for the offering.

The Securities and Exchange Commission declared effective a registration statement on Form F-1 relating to these securities on November 20, 2015. A final prospectus relating to this offering will be filed with the SEC.  The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained by contacting H.C. Wainwright & Co., 430 Park Avenue, New York, NY 10022, email: placements@hcwco.com or Joseph Gunnar & Co, LLC, Prospectus Department, 30 Broad Street, 11th Floor, New York, NY 10004, telephone 212-440-9600, email: prospectus@jgunnar.com. Investors may also obtain these documents at no cost by visiting the Securities and Exchange Commission's website at http://www.sec.gov. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the Securities and Exchange Commission for more complete information about the Company and the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.  

About Kitov Pharmaceuticals Holdings Ltd. 

Kitov Pharmaceuticals Holdings Ltd. is a biopharmaceutical company focused on the development of therapeutic candidates for the simultaneous treatment of various clinical conditions. In particular, Kitov focuses on developing combinations of existing drugs in advanced stages of development. Kitov's lead drug, KIT-302, is formulated for the simultaneous treatment of two clinical conditions - pain caused by osteoarthritis (OA) and hypertension (high blood pressure), which can be pre-existing or caused by the treatment for OA. KIT-302 is based on celecoxib, the active ingredient of a known and approved-for-use drug designed primarily to relieve pain caused by OA, and the generic drug amlodipine. Kitov is traded on the Tel-Aviv Stock Exchange (TASE: KTOV).

Forward-Looking Statements 

This press release contains forward-looking statements about the Company's expectations, beliefs and intentions. Forward-looking statements can be identified by the use of forward-looking words such as "believe", "expect", "intend", "plan", "may", "should", "could", "might", "seek", "target", "will", "project", "forecast", "continue" or "anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. These forward-looking statements involve certain risks and uncertainties, including, among others, risks impacting the ability of the Company to complete any public offering of its securities because of general market conditions or other factors and risks that could cause the Company's results to differ materially from those expected by Company management. Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in Kitov Pharmaceuticals Holdings Ltd.'s Registration Statement on Form F-1 filed with the SEC, which is available on the SEC's website, http://www.sec.gov.

Contact: Simcha Rock, CFO +972-2-6254124 Simcha@kitovpharma.com

SOURCE Kitov Pharma Holdings Ltd.