Redhill has already secured the necessary financing to complete the fourth acquisition. To date, has signed agreements to purchase exclusive global rights to 3 drugs in advanced stages of development.
The most advanced drug among the three, which has already performed the third phase of clinical trials in Australia (phase IIIa), is intended for the treatment of the severe inflammatory bowel disease Crohn's Disease. The drug is intended to begin the third phase of clinical trials in the USA in order to obtain FDA approval. You will receive exclusive rights to complete the development, registration, marketing and sale of these drugs for a fee at the closing of the deal and future rewards from the sales of the products. Completion of the deal depends on the completion of due diligence by Redhill and its closing is expected in the middle of July this year.
This is Redhill's fourth deal to acquire rights to drugs in advanced stages of development within a 12-month period. Redhill recently reported a deal with the American Scholar Pharma to acquire rights to market and sell a drug to prevent nausea and vomiting in cancer patients during chemotherapy and radiation treatments. In April 2010, the company signed another memorandum of understanding with the Canadian Inteligenx for the joint development of a drug for the rapid treatment of migraines, and in November 2009, an agreement was signed with the Aglett company from Denmark to purchase rights to a drug for the treatment of heart failure and high blood pressure, in which tens of millions of dollars have been invested to date.
Redhill intends to advance two of its products to include an application for new drug approval (NDA) to the FDA as early as 2011. Redhill has already secured the necessary funding to complete the fourth acquisition and is currently completing raising additional funding.
About Giaconda
Giaconda (www.giacondalimited.com) is an Australian public company focused on the development and commercialization of drugs for the treatment of gastrointestinal diseases. The company's drug pipeline includes 5 products developed by Prof. Thomas Borody from the Medical Center for Gastrointestinal Diseases in Sydney.
About RedHill
Redhill is an Israeli company that develops and commercializes drugs and products in advanced clinical development stages (Phase 2-3) by acquiring rights in drugs and development up to the stage of FDA approval and sales. Redhill focuses on the development and commercialization of new formulations that are an improvement to existing drugs that by effectively utilizing Redhill's managerial and financial capabilities will be able to bring them to the market quickly and with relatively high chances of success. Redhill strives to expand the drug and product pipeline and is working to reach rights purchase agreements with pharmaceutical companies around the world. The company was founded in 2009 by the Belgian holding company Procid Capital, which has activities in Israel in the field of investment banking and consulting. The company has an experienced management team led by CEO Dror Ben Asher, supported by leading consultants in the world from the field of the pharmaceutical industry. The company has been financed so far by Procid Capital and a group of private investors from Israel and abroad, some of whom have extensive experience in the global pharmaceutical industry.
Redhill selects the drugs it purchases according to several criteria: relatively low required additional investment in the drug, relatively low risk, clear and defined target markets, real and unique added value to the drug, and the ability to operate in regulatory approval pathways that may save a lot of time and significantly reduce development costs.
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