Policy & Regulation
Intec Pharma Initiates Public Offering of Ordinary Shares
16 April 2018 - - Jerusalem, Israel-based clinical-stage biopharmaceutical company Intec Pharma Ltd. (NASDAQ and TASE: NTEC) has launched an underwritten public offering of its ordinary shares, the company said.
In connection with this offering, Intec Pharma also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of ordinary shares being offered to cover over-allotments.
All ordinary shares in the offering are being offered by Intec Pharma. The offering is subject to market conditions and there can be no assurance as to whether the offering may be completed, or as to the actual size or terms of the offering.
Intec Pharma intends to use the net proceeds from the offering to fund its Phase III clinical trial for Accordion Pill Carbidopa/Levodopa, to advance its pre-commercial activities, and for working capital and other general corporate purposes.
Intec Pharma is focused on developing drugs based on its proprietary Accordion Pill platform technology, an oral drug delivery system that is designed to improve the efficacy and safety of existing drugs and drugs in development by utilizing an efficient gastric retention and specific release mechanism.
The company's product pipeline includes two product candidates in clinical trial stages: Accordion Pill Carbidopa/Levodopa, or AP-CD/LD, which is being developed for the treatment of Parkinson's disease symptoms in advanced Parkinson's disease patients, and AP-Cannabinoids, an Accordion Pill which is being developed to deliver either or both of the primary cannabinoids contained in Cannabis sativa, cannabidiol and tetrahydrocannabinol, for various indications including low back neuropathic pain and fibromyalgia.
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