Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD), a clinical-stage biopharmaceutical company for liver, metabolic and inflammatory diseases, today announced the pricing of the underwritten public offering of 2,197,803 of its ordinary shares for gross proceeds of approximately $10 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Galmed.
The offering is expected to close on or about February 18, 2021, subject to customary closing conditions. In addition, Galmed has granted the underwriter for the offering, a 30-day option to purchase up to an additional 329,670 of its ordinary shares.
Cantor Fitzgerald & Co. is acting as the sole book-running manager of the offering.
The underwriter may offer the shares from time to time for sale in one or more transactions on the Nasdaq Capital Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. On February 12, 2021, the last sale price of the shares as reported on the Nasdaq Capital Market was $5.03 per share.
During February 2021, Galmed sold approximately $8.4 million in ordinary shares under its at-the-market equity offering. Galmed intends to use the net proceeds of this offering and that of its at-the-market offering for continued development of its pipeline products, as well as the advancement of new programs, business development activities, and general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction.
About Galmed Pharmaceuticals Ltd.
Galmed Pharmaceuticals Ltd. is a clinical stage drug development biopharmaceutical company for liver, metabolic and inflammatory diseases. Our lead compound, Aramchol™, a backbone drug candidate for the treatment of NASH and fibrosis is currently in a Phase 3 registrational study. We are also collaborating with the Hebrew University in the development of Amilo-5MER, a 5 amino acid synthetic peptide and plan to initiate a first in human study during the first quarter of 2021.
