TEL AVIV, Israel, Jan. 2, 2018 /PRNewswire/ -- Galmed
Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a
clinical-stage biopharmaceutical company focused on the development
of a once-daily, oral therapy for the treatment of nonalcoholic
steatohepatitis, or NASH, and other liver diseases, today announced
it raised approximately $11.6 million
in gross proceeds during December
2017 under the Company's at-the-market ("ATM")
programs. The Company issued 1,368,667 ordinary shares under
its former and existing ATM programs during December 2017 at an average sale price of
$8.45 per share. This amount includes
gross proceeds of approximately $6.0
million under the Company's existing ATM program that
wasestablished on December 22, 2017.
Based on preliminary unaudited financial information, as of
December 31, 2017, Galmed has cash
and cash equivalents and marketable securities of approximately
$19.0 million.
This news release does not and shall not constitute an offer to
sell or a solicitation of an offer to buy any of these securities,
nor shall there be any sale of the securities in any state or other
jurisdiction in which such offer, solicitation or sale is unlawful
prior to registration or qualification under the securities laws of
any such state or other jurisdiction.
The ordinary shares are being sold pursuant to a Registration
Statement on Form F-3 declared effective by the Securities and
Exchange Commission on July 1, 2015.
Copies of the final prospectus supplement and the accompanying
prospectus relating to ordinary shares sold under the Company's
current ATM program may be obtained by contacting Stifel, Nicolaus
& Company, Incorporated, One Montgomery
Street, Suite 3700, San Francisco,
CA 94104, telephone: (415) 364-2720.
About Galmed Pharmaceuticals Ltd.
Galmed is a clinical-stage biopharmaceutical company focused on the
development of Aramchol™, a first in class, novel, once-daily, oral
therapy for the treatment of NASH for variable populations, as well
as other liver associated disorders. Galmed is currently conducting
the ARREST Study, a multicenter, randomized, double blind,
placebo-controlled Phase IIb clinical study designed to evaluate
the efficacy and safety of Aramchol™ in 248 subjects with NASH, who
are overweight or obese, and who are pre-diabetic or
type-II-diabetic. Galmed also sponsors the ARRIVE Study, a
proof-of-concept Phase IIa clinical trial designed to evaluate the
safety and efficacy of Aramchol™ in 50 patients with HIV-associated
NAFLD and lipodystrophy. The ARRIVE Study is an
investigator-initiated trial, conducted at the University of California San Diego by Professor
Rohit Loomba. More information about
the ARREST Study and the ARRIVE Study may be found on
ClinicalTrials.gov identifiers: NCT02279524 and NCT02684591,
respectively.
Forward-Looking Statements:
This press release may include forward-looking statements.
Forward-looking statements may include, but are not limited to,
statements relating to Galmed's objectives, plans and strategies,
as well as statements, other than historical facts, that address
activities, events or developments that Galmed intends, expects,
projects, believes or anticipates will or may occur in the future.
These statements are often characterized by terminology such as
"believes," "hopes," "may," "anticipates," "should," "intends,"
"plans," "will," "expects," "estimates," "projects," "positioned,"
"strategy" and similar expressions and are based on assumptions and
assessments made in light of management's experience and perception
of historical trends, current conditions, expected future
developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in
such statements. Many factors could cause Galmed's actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements, including, but
not limited to, the following: the timing and cost of Galmed's
ongoing Phase IIa ARRIVE Study, Phase IIb ARREST Study, and planned
Phase III trials for Aramchol™, or whether Phase III trials will be
conducted at all; completion and receiving favorable results of
these Phase IIa ARRIVE Study, Phase IIb ARREST Study and Phase III
trials for Aramchol™; regulatory action with respect to Aramchol™
by the FDA or the EMA; the commercial launch and future sales of
Aramchol™ or any other future products or product candidates;
Galmed's ability to comply with all applicable post-market
regulatory requirements for Aramchol™ in the countries in which it
seeks to market the product; Galmed's ability to achieve favorable
pricing for Aramchol™; Galmed's expectations regarding the
commercial market for NASH in patients who are overweight or obese
and have pre diabetes or type II diabetes mellitus; third-party
payor reimbursement for Aramchol™; Galmed's estimates regarding
anticipated capital requirements and Galmed's needs for additional
financing; market adoption of Aramchol™ by physicians and patients;
the timing, cost or other aspects of the commercial launch of
Aramchol™; the development and approval of the use of Aramchol™ for
additional indications or in combination therapy; and Galmed's
expectations regarding licensing, acquisitions and strategic
operations. More detailed information about the risks and
uncertainties affecting Galmed is contained under the heading "Risk
Factors" included in Galmed's most recent Annual Report on Form
20-F filed with the SEC on March 23,
2017, and in other filings that Galmed has made and may make
with the SEC in the future. The forward-looking statements
contained in this press release are made as of the date of this
press release and reflect Galmed's current views with respect to
future events, and Galmed does not undertake and specifically
disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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SOURCE Galmed Pharmaceuticals Ltd.