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.
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.
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.
About Galmed Pharmaceuticals Ltd.
We 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-inflammatory indications outside of liver disease. We are
also collaborating with the Hebrew
University in the development of Amilo-5MER, a 5 amino acid
synthetic peptide.
Forward-Looking Statements
This press release contains forward-looking statements about our
expectations, beliefs and intentions as well as statements relating
to the public offering, including, without limitation, as to the
consummation of the offering described above, the expected proceeds
from the offering, the intended use of proceeds and the timing of
the closing of the offering. Forward-looking statements relate to
anticipated or expected events, activities, trends or results as of
the date they are made. Because forward-looking statements relate
to matters that have not yet occurred, these statements are
inherently subject to risks and uncertainties that could cause our
actual results to differ materially from any future results
expressed or implied by the forward-looking statements. Many
factors could cause our actual activities or results to differ
materially from the activities and results anticipated in
forward-looking statements, including, but not limited to, our
ability to identify, evaluate and complete any strategic
alternative that yields value for our shareholders; the timing and
cost of our any pre-clinical or clinical trial, for our product
candidates; completion and receiving favorable results of any
pre-clinical or clinical trial; regulatory action with respect to
Aramchol or any other product candidate by the U.S. Food and Drug
Administration, or the FDA, or the European Medicines Authority, or
EMA, including but not limited to acceptance of an application for
marketing authorization, review and approval of such application,
and, if approved, the scope of the approved indication and
labeling; the commercial launch and future sales of Aramchol and
any future product candidates; our ability to comply with all
applicable post-market regulatory requirements for Aramchol or any
other product candidate in the countries in which we seek to market
the product; our ability to achieve favorable pricing for Aramchol
or any other product candidate; our expectations regarding the
commercial market for non-alcoholic steato-hepatitis, or NASH, in
patients or any other targeted indication; third-party payor
reimbursement for Aramchol or any other product candidate; our
estimates regarding anticipated capital requirements and our needs
for additional financing; market adoption of Aramchol or any other
product candidate by physicians and patients; the timing, cost or
other aspects of the commercial launch of Aramchol or any other
product candidate; our ability to obtain and maintain adequate
protection of our intellectual property; the possibility that we
may face third-party claims of intellectual property infringement;
our ability to manufacture our product candidates in commercial
quantities, at an adequate quality or at an acceptable cost; our
ability to establish adequate sales, marketing and distribution
channels; intense competition in our industry, with competitors
having substantially greater financial, technological, research and
development, regulatory and clinical, manufacturing, marketing and
sales, distribution and personnel resources than we do; the
development and approval of the use of Aramchol or any other
product candidate for additional indications or in combination
therapy; our ability to maintain the listing of our ordinary share
on The Nasdaq Capital Market; and our expectations regarding
licensing, acquisitions and strategic operations. We believe these
forward-looking statements are reasonable; however, these
statements are only current predictions and are subject to known
and unknown risks, uncertainties and other factors that may cause
our or our industry's actual results, levels of activity,
performance or achievements to be materially different from those
anticipated by the forward-looking statements. We discuss many of
these risks in our Annual Report on Form 20-F for the year ended
December 31, 2022 filed with the SEC
on March 29, 2023 in greater detail
under the heading "Risk Factors." Given these uncertainties, you
should not rely upon forward-looking statements as predictions of
future events. All forward-looking statements attributable to us or
persons acting on our behalf speak only as of the date hereof and
are expressly qualified in their entirety by the cautionary
statements included in this report. We undertake no obligations to
update or revise forward-looking statements to reflect events or
circumstances that arise after the date made or to reflect the
occurrence of unanticipated events. In evaluating forward-looking
statements, you should consider these risks and uncertainties.
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SOURCE Galmed Pharmaceuticals Ltd.
