Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, August 26 2021 - 22:55
AsiaNet
RedHill Biopharma Reports Second Quarter 2021 Financial Results and Operational Highlights
TEL AVIV, Israel and RALEIGH, N.C., Aug. 26, 2021 /PRNewswire-AsiaNet/--

- Achieved record quarterly revenues of $21.5 million for Q2/2021, 4.5% 
  increase from Q1/2021 despite challenging market conditions; Cash balance1 
  of approximately $71.5 million as of June 30, 2021
- Record Talicia(R) quarterly prescription volume up more than 10%; Movantik
  (R) quarterly new prescriptions up 5.6%; Talicia and Movantik coverage 
  expanded to 8 and 9 out of 10 commercially insured Americans, respectively
- Opaganib in final stages of selection by Quantum Leap Healthcare 
  Collaborative and BARDA for inclusion in the I-SPY COVID-19 platform trial 
  with funding provided by BARDA
- New preclinical data supports opaganib's potent inhibition of Delta COVID-19 
  variant
- Top-line results from global Phase 2/3 COVID-19 study upcoming following 
  completion of treatment and follow-up
- Primary endpoint met in the ongoing prostate cancer Phase 2 study of 
  opaganib, based on a preliminary review of partial unaudited data; patient 
  accrual, treatment and analysis ongoing
- Management to host webcast today, at 8:30 a.m. EST

    RedHill Biopharma Ltd. (NASDAQ: RDHL) ("RedHill" or the "Company"), a 
specialty biopharmaceutical company, today reported its financial results and 
operational highlights for the second quarter ended June 30, 2021. 

    Dror Ben-Asher, RedHill's Chief Executive Officer, said: "We have achieved 
important progress across the board this quarter. Opaganib is one of the 
leading drug candidates in the race to develop an effective COVID-19 
therapeutic pill. New data further supports opaganib's potent inhibition of 
SARS-CoV-2 variants of concern, including the rapidly spreading Delta variant. 
The upcoming Phase 2/3 top-line data could tell us if we have a potential 
game-changing oral pill treatment for severe COVID-19, one that is aligned with 
the ideal product profile described by public health experts." Mr. Ben-Asher 
continued: "Commercially, we are continuing to see the fruits of our labor, 
with significant growth in both Talicia and Movantik prescriptions. 
Importantly, record quarterly Talicia prescriptions and improving commercial 
payor coverage are testament to the growing understanding of the need to treat 
H. pylori in a way that minimizes treatment failure due to antibiotic 
resistance. This sets us up for continued strong growth." 

    Micha Ben Chorin, Chief Financial Officer at RedHill, added: "From a 
financial perspective, the revenue growth in the second quarter, despite the 
challenging pandemic conditions, highlights the execution excellence of our 
U.S. commercial organization. Achieving record revenues of $21.5 million while 
maintaining gross margin above 50% represents a key accomplishment on RedHill's 
growth path to become a leading specialty pharma player." 

    Financial highlights for the quarter ended June 30, 20212

    Net Revenues were approximately $21.5 million for the second quarter of 
2021, an increase of $0.9 million compared to the first quarter of 2021. The 
increase was attributable to an increase in revenues from Talicia(R) and 
Movantik(R) despite the challenging pandemic environment. 

    Gross Profit was approximately $10.9 million for the second quarter of 
2021, representing an improved gross margin of approximately 51%.

    Research and Development Expenses were approximately $10.3 million for the 
second quarter of 2021, an increase of $2.8 million compared to the first 
quarter of 2021, mainly attributable to the progression of our COVID-19 
development programs.

    Selling, Marketing and General and Administrative Expenses were 
approximately $25.5 million for the second quarter of 2021, an increase of $4.5 
million compared to the first quarter of 2021. The increase was mainly 
attributable to expenses related to share-based compensation and investment in 
marketing.

    Operating Loss and Net Loss were approximately $24.9 million and $29.1 
million, respectively, for the second quarter of 2021, compared to $18.2 
million and $22.9 million, respectively, in the first quarter of 2021. The 
increase was mainly attributable to expenses related to the progression of our 
COVID-19 development programs, marketing programs and expenses related to 
share-based compensation, as detailed above. 

    Net Cash Used in Operating Activities was approximately $18.9 million for 
the second quarter of 2021, an increase of $6.6 million compared to the first 
quarter of 2021. The increase was mainly attributable to changes in working 
capital in the second quarter.

    Net Cash Used in Financing Activities was approximately $1.8 million for 
the second quarter of 2021, comprised primarily of payables with respect to 
Movantik. 

    Cash Balance1 as of June 30, 2021, was approximately $71.5 million. 

    Commercial Highlights

    Movantik(R) (naloxegol)3
    The Company's focus on initiatives to drive Movantik market growth and gain 
market share has resulted in a strong quarterly performance for Movantik, 
registering a 5.6% increase in new prescriptions. 

    The Company has also achieved significant market access successes with U.S. 
major payors, continuing to increase the levels of payor coverage. In July, the 
Company announced that one of America's largest payors, serving many Blue Cross 
and Blue Shield Plans and more than 30 million members, had added Movantik as a 
preferred brand with no restrictions to its Commercial NetResults "A" series 
formularies and as a preferred brand on its other commercial formularies 
starting July 1, 2021. In April, Movantik was also included on the Part D 
formulary of another major payor with no restrictions. Almost 9 out of 10 U.S. 
commercial lives are now covered and we continue to work toward additional 
formulary coverage for the remaining patients.

    In July 2021, the Company announced that RedHill Biopharma Inc., 
AstraZeneca AB, AstraZeneca Pharmaceuticals LP and Nektar Therapeutics had 
entered into a settlement and license agreement with Apotex, Inc. and Apotex 
Corp. (Apotex) resolving their patent litigation in the U.S. in response to 
Apotex's Abbreviated New Drug Application (ANDA) seeking approval by the U.S. 
FDA to market a generic version of Movantik. Under the terms of the settlement 
agreement, Apotex may not sell a generic version of Movantik in the U.S. until 
October 1, 2030 (subject to FDA approval) or earlier under certain 
circumstances.

    Talicia(R) (omeprazole magnesium, amoxicillin and rifabutin)4
    Talicia achieved a record quarter, delivering more than 10% growth in 
prescription volume, compared to the previous quarter. 

    In July, the Company significantly expanded commercial coverage for 
Talicia, announcing that OptumRx, part of the UnitedHealth Group, a leader in 
healthcare coverage, partnered with more than 1.3 million healthcare 
professionals and 6,500 hospitals, had added Talicia to its Commercial 
Formulary as an unrestricted brand for H. pylori treatment, effective July 1, 
2021. This agreement expands access to Talicia to 26 million additional 
Americans and increases overall patient access to Talicia to greater than 8 out 
of 10 covered U.S. Commercial lives. 

    Aemcolo(R) (rifamycin)5
    The Company has increased promotion of Aemcolo in the second quarter of 
2021 as travel to Mexico increased. Plans are in place to support and build on 
the initial momentum that Aemcolo was generating pre-COVID-19 travel 
restrictions. The Company expects that these plans will drive a resurgence of 
interest in Aemcolo once international travel from the U.S. returns to 
significant levels. 

    R&D Highlights 

    COVID-19 Program: Opaganib (ABC294640)6
    Following completion of treatment and follow-up in the opaganib global 
475-patient Phase 2/3 study in hospitalized patients with severe COVID-19 
pneumonia (NCT04467840), top-line results are expected shortly – likely 
positioning opaganib as the first novel investigational dual-action COVID-19 
oral pill set to deliver late-stage clinical data from patients with severe 
COVID-19. 

    Nearing the end of extensive review, Quantum Leap Healthcare Collaborative 
and the U.S. government's Biomedical Advanced Research and Development 
Authority (BARDA) are close to selection of opaganib for inclusion in the I-SPY 
COVID-19 Trial, with funding for opaganib provided by BARDA. The I-SPY platform 
is intended for rapidly testing promising therapeutic candidates for severely 
ill COVID-19 patients.

    Opaganib, a novel, oral pill sphingosine kinase-2 (SK2) inhibitor with 
demonstrated dual anti-inflammatory and antiviral activity, targets a human 
host factor and is expected to exert its activity across the different 
variants. Supporting this the Company recently announced preliminary results of 
a new preclinical study with opaganib demonstrating strong inhibition of the 
COVID-19 Delta variant of concern, while maintaining cell viability at relevant 
concentrations. Together with the previously announced inhibition of Beta and 
Gamma variants, this demonstrates that opaganib has the potential to maintain 
its effect against further emerging spike protein mutations. 

    Moreover, preliminary results from preclinical work, conducted at the 
University of Louisville, demonstrated a reduction of IL-6 in the basal 
supernatants of SARS-CoV-2 infected human airway epithelial cells treated with 
opaganib, and opaganib has previously demonstrated reduced thrombosis in a 
preclinical model of ARDS. These findings demonstrate the anti-inflammatory 
effects that opaganib exerts, in addition to its antiviral activity.

    Opaganib previously delivered positive U.S. Phase 2 data in patients with 
severe COVID-19, presented in June at the World Microbe Forum (WMF) 2021, as 
well as encouraging compassionate use experience in Switzerland and Israel and 
potent inhibition of COVID-19 in preclinical studies. The opaganib Phase 2/3 
study has also passed four Data Safety Monitoring Board reviews, including a 
futility review, and extends the total opaganib safety database to more than 
460 patients.

    The Company previously announced that it had signed collaborations with 
several U.S., European and Canadian suppliers, including with Cosmo 
Pharmaceuticals for large-scale ramp-up of opaganib manufacturing, further 
strengthening manufacturing capabilities and capacity of opaganib. 

    The Company maintains ongoing discussions with the FDA, EMA and other 
regulators, on potential pathways to marketing approval, with next steps to be 
guided by upcoming study results. The regulatory path for opaganib, including 
potential submissions of emergency use applications in those countries, is 
subject to whether the data generated by the ongoing Phase 2/3 study is 
sufficiently positive and supportive, as well as the specific requirements in 
each country. Additional studies to support the potential of such applications 
and the use or marketing of opaganib are likely to be required. For example, 
the FDA has indicated we will need to complete additional studies to support 
applications in the U.S. The strength of the safety and efficacy data generated 
from the opaganib studies will be key to regulatory applications. Evaluations 
and discussions continue with the FDA, EMA and regulators in other countries.

    The Company continues its discussions with U.S. and other government 
agencies and non-governmental organizations around potential funding to support 
the development and manufacturing scale-up of opaganib. Discussions are also 
ongoing with potential partners who are interested in the rights to opaganib in 
various countries. 

    COVID-19 Program: RHB-107 (upamostat)7
    RedHill continues to advance the U.S. Phase 2/3 COVID-19 study with novel, 
once-daily, orally-administered, antiviral drug candidate, RHB-107 (upamostat). 
The study with RHB-107 is evaluating treatment of non-hospitalized patients 
with symptomatic COVID-19 early in the course of the disease who do not require 
supplemental oxygen - the vast majority of COVID-19 patients. 

    RHB-107 targets human serine proteases involved in preparing the spike 
protein for viral entry into target cells. RHB-107 targets human cell factors 
and is therefore expected to be effective against emerging viral variants with 
mutations in the spike protein. 

    RHB-204 - Pulmonary Nontuberculous Mycobacteria (NTM) Disease 
    A U.S. Phase 3 study is ongoing to evaluate the efficacy and safety of 
RHB-204 in adults with pulmonary NTM disease caused by Mycobacterium avium 
Complex (MAC) infection. 
The Company previously announced that the FDA granted Fast Track designation 
for RHB-204, providing early and frequent communications and a rolling review 
of any New Drug Application (NDA). RHB-204 is also eligible for NDA Priority 
Review and Accelerated Approval.
RHB-204 was granted FDA Orphan Drug designation and Qualified Infectious 
Disease Product designation, extending its U.S. market exclusivity to a 
potential total of 12 years upon potential FDA approval.

    Opaganib - Cholangiocarcinoma and Prostate Cancer 
    According to a preliminary review of partial and unaudited data in the 
ongoing investigator-initiated open-label Phase 2 study of opaganib in 
combination with androgen inhibitors in advanced prostate cancer at the Medical 
University of South Carolina (MUSC) and Emory University, the study has met its 
primary endpoint of at least 6 subjects demonstrating disease control (defined 
as stable disease or better after 16 weeks on treatment) among at least 27 
evaluable subjects. The study enrolls patients who have already failed androgen 
inhibitor therapy, with opaganib being added to the failed inhibitor to reverse 
resistance which has developed. Data entry is ongoing and results remain 
subject to further review and analysis. Submission for presentation at a major 
oncology conference is planned for early 2022.
The Phase 2a study evaluating the activity of opaganib in advanced 
cholangiocarcinoma (bile duct cancer) is ongoing at Mayo Clinics in Arizona and 
Minnesota, Emory University and the Huntsman Cancer Institute at the University 
of Utah. Enrollment has been completed for the first cohort of 39 patients, 
evaluating the activity of orally-administered opaganib as a stand-alone 
treatment. Preliminary data from this cohort indicated a signal of activity in 
a number of subjects with advanced cholangiocarcinoma. Enrollment is ongoing 
for a second cohort, evaluating opaganib in combination with 
hydroxychloroquine, an anti-autophagy agent.

    Conference Call and Webcast Information:

    The Company will host a webcast today, Thursday, August 26, 2021, at 8:30 
a.m. EDT, during which it will present key highlights for the second quarter of 
2021.

    The webcast including slides will be broadcast live on the Company's 
website, https://ir.redhillbio.com/events, and will be available for replay for 
30 days. 

    To participate in the conference call, please dial one of the following 
numbers 15 minutes prior to the start of the call: United States: 
+1-877-870-9135; International: +1-646-741-3167 and Israel: +972-3-530-8845; 
the access code for the call is:5554521.

    About RedHill Biopharma 

    RedHill Biopharma Ltd. (NASDAQ: RDHL) is a specialty biopharmaceutical 
company primarily focused on gastrointestinal and infectious diseases. RedHill 
promotes the gastrointestinal drugs, Movantik(R) for opioid-induced 
constipation in adults, Talicia(R) for the treatment of Helicobacter pylori (H. 
pylori) infection in adults, and Aemcolo(R) for the treatment of travelers' 
diarrhea in adults. RedHill's key clinical late-stage development programs 
include: (i) RHB-204, with an ongoing Phase 3 study for pulmonary 
nontuberculous mycobacteria (NTM) disease; (ii) opaganib (ABC294640), a 
first-in-class oral SK2 selective inhibitor targeting multiple indications with 
a global Phase 2/3 program for COVID-19 and Phase 2 studies for prostate cancer 
and cholangiocarcinoma ongoing; (iii) RHB-107 (upamostat), an oral serine 
protease inhibitor in a U.S. Phase 2/3 study as treatment for symptomatic 
COVID-19, and targeting multiple other cancer and inflammatory gastrointestinal 
diseases; (iv) RHB-104, with positive results from a first Phase 3 study for 
Crohn's disease; (v) RHB-102, with positive results from a Phase 3 study for 
acute gastroenteritis and gastritis and positive results from a Phase 2 study 
for IBS-D; and (vi) RHB-106, an encapsulated bowel preparation. More 
information about the Company is available at www.redhillbio.com / 
https://twitter.com/RedHillBio.

    This press release contains "forward-looking statements" within the meaning 
of the Private Securities Litigation Reform Act of 1995. Such statements may be 
preceded by the words "intends," "may," "will," "plans," "expects," 
"anticipates," "projects," "predicts," "estimates," "aims," "believes," 
"hopes," "potential" or similar words. Forward-looking statements include 
statements regarding achieving fast growth and increased profit margin, 
selection of opaganib for inclusion in the I-SPY COVID-19 Trial, with funding 
for opaganib provided by BARDA, the timing of top-line results from our global 
Phase 2/3 COVID-19 study and the resurgence of interest in Aemcolo(R). 
Forward-looking statements are based on certain assumptions and are subject to 
various known and unknown risks and uncertainties, many of which are beyond the 
Company's control and cannot be predicted or quantified, and consequently, 
actual results may differ materially from those expressed or implied by such 
forward-looking statements. Such risks and uncertainties include, without 
limitation, the risk of a delay in top-line data from the Phase 2/3 COVID-19 
study for opaganib, that the Phase 2/3 COVID-19 study for opaganib and the 
Phase 2/3 COVID-19 study for RHB-107 may not be successful and, even if 
successful, such studies and results may not be sufficient for regulatory 
applications, including emergency use or marketing applications, and that 
additional COVID-19 studies for opaganib and RHB-107 are likely to be required, 
that opaganib and RHB-107 will not be effective against emerging viral 
variants, that selection of opaganib for inclusion in the I-SPY COVID-19 Trial, 
with funding for opaganib provided by BARDA, will be delayed or not occur, that 
there will be a less than anticipated interest in Aemcolo(R) as well as risks 
and uncertainties associated with the risk that the Company will not 
successfully commercialize its products; as well as risks and uncertainties 
associated with (i) the initiation, timing, progress and results of the 
Company's research, manufacturing, pre-clinical studies, clinical trials, and 
other therapeutic candidate development efforts, and the timing of the 
commercial launch of its commercial products and ones it may acquire or develop 
in the future; (ii) the Company's ability to advance its therapeutic candidates 
into clinical trials or to successfully complete its pre-clinical studies or 
clinical trials or the development of a commercial companion diagnostic for the 
detection of MAP; (iii) the extent and number and type of additional studies 
that the Company may be required to conduct and the Company's receipt of 
regulatory approvals for its therapeutic candidates, and the timing of other 
regulatory filings, approvals and feedback; (iv) the manufacturing, clinical 
development, commercialization, and market acceptance of the Company's 
therapeutic candidates and Talicia(R); (v) the Company's ability to 
successfully commercialize and promote Talicia(R), and Aemcolo(R) and 
Movantik(R); (vi) the Company's ability to establish and maintain corporate 
collaborations; (vii) the Company's ability to acquire products approved for 
marketing in the U.S. that achieve commercial success and build its own 
marketing and commercialization capabilities; (viii) the interpretation of the 
properties and characteristics of the Company's therapeutic candidates and the 
results obtained with its therapeutic candidates in research, pre-clinical 
studies or clinical trials; (ix) the implementation of the Company's business 
model, strategic plans for its business and therapeutic candidates; (x) the 
scope of protection the Company is able to establish and maintain for 
intellectual property rights covering its therapeutic candidates and its 
ability to operate its business without infringing the intellectual property 
rights of others; (xi) parties from whom the Company licenses its intellectual 
property defaulting in their obligations to the Company; (xii) estimates of the 
Company's expenses, future revenues, capital requirements and needs for 
additional financing; (xiii) the effect of patients suffering adverse 
experiences using investigative drugs under the Company's Expanded Access 
Program; (xiv) competition from other companies and technologies within the 
Company's industry; and (xv) the hiring and employment commencement date of 
executive managers. More detailed information about the Company and the risk 
factors that may affect the realization of forward-looking statements is set 
forth in the Company's filings with the Securities and Exchange Commission 
(SEC), including the Company's Annual Report on Form 20-F filed with the SEC on 
March 18, 2021. All forward-looking statements included in this press release 
are made only as of the date of this press release. The Company assumes no 
obligation to update any written or oral forward-looking statement, whether as 
a result of new information, future events or otherwise unless required by law.
    Company contact: 
    Adi Frish 
    Chief Corporate and Business Development Officer 
    RedHill Biopharma 
    +972-54-6543-112 
    adi@redhillbio.com 

    Media contacts: 
    U.S.: Bryan Gibbs, Finn Partners 
    +1-212-529-2236 
    bryan.gibbs@finnpartners.com 
    UK: Amber Fennell, Consilium 
    +44-(0)-7739-658-783 
    fennell@consilium-comms.com 


            REDHILL BIOPHARMA LTD.
            CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
            (Unaudited)

                                                      Three Months Ended       
Six Months Ended
                                                           June 
30,                   June 30,
                                                      2021          
2020          2021        2020
                                                            U.S. dollars in 
thousands

       NET REVENUES                                  21,502        
20,899        42,077     21,955
          COST OF REVENUES                           10,590        
14,188        20,843     15,903

       GROSS PROFIT                                  10,912         
6,711        21,234      6,052
          RESEARCH AND DEVELOPMENT EXPENSES          10,328         
3,214        17,812      5,979
          SELLING AND MARKETING EXPENSES             15,235         
9,964        29,130     18,970
          GENERAL AND ADMINISTRATIVE EXPENSES        10,235         
6,033        17,330     10,619

       OPERATING LOSS                                24,886        
12,500        43,038     29,516
          FINANCIAL INCOME                               15           
108            31        322
          FINANCIAL EXPENSES                          4,250         
3,655         8,977      4,010
          FINANCIAL EXPENSES, net                     4,235         
3,547         8,946      3,688
          LOSS AND COMPREHENSIVE LOSS FOR THE
           PERIOD                                    29,121        
16,047        51,984     33,204
          LOSS PER ORDINARY SHARE, basic and   
           diluted (U.S. dollars):                     0.06          
0.04          0.12       0.09
          WEIGHTED AVERAGE OF ORDINARY SHARES (in
           thousands)                               466,801       357,668       
448,411    355,168





                REDHILL BIOPHARMA LTD.
              CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

                                                            June 30,     
December 31,
                                                              2021             
2020
                                                            Unaudited          
Audited
                                                            U.S. dollars in 
thousands

       CURRENT ASSETS:
          Cash and cash equivalents                         51,816            
29,295
          Bank deposits                                      
3,521                17
          Financial assets at fair value
          through profit or loss                              
-                  481
          Trade receivables                                 30,098            
28,655
          Prepaid expenses and other
          receivables                                        4,292             
5,521
          Inventory                                          8,763             
6,526

                                                            98,490            
70,495

       NON-CURRENT ASSETS:
          Restricted cash                        	    16,161            16,164
          Fixed assets                                         
506               511
          Right-of-use assets                                4,294             
5,192
          Intangible assets                                 84,222            
87,879

                                                           105,183           
109,746

       TOTAL ASSETS                                        203,673           
180,241
       CURRENT LIABILITIES:
          Accounts payable                                  13,306            
11,553
          Lease liabilities                                  1,692             
1,710
          Allowance for deductions from
          revenues                			    26,096            18,343
          Accrued expenses and other
          current liabilities                               23,162            
24,082
          Payable in respect of
          intangible assets purchase                        14,916            
17,547

                                                            79,172            
73,235

       NON-CURRENT LIABILITIES:
          Borrowing                                         83,159            
81,386
          Payable in respect of
          intangible assets purchase                         8,035             
7,199
          Lease liabilities                                  2,976             
3,807
          Royalty obligation                                   
750               750

                                                            94,920            
93,142

       TOTAL LIABILITIES                                   174,092           
166,377

       EQUITY:
          Ordinary shares                                    1,311             
1,054
          Additional paid-in capital                       354,442           
293,144
          Accumulated deficit                             (326,172)         
(280,334)

       TOTAL EQUITY                                         29,581            
13,864

       TOTAL LIABILITIES AND EQUITY                        203,673           
180,241





                REDHILL BIOPHARMA LTD.
              CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
              (Unaudited)

                                                                       Three 
Months Ended         Six Months Ended
                                                                            
June 30,                June 30,
                                                                        
2021         2020        2021          2020
                                   						U.S. dollars in thousands
       OPERATING ACTIVITIES:
        Comprehensive loss                                             
(29,121)    (16,047)      (51,984)     (33,204)
        Adjustments in respect of income and 
        expenses not involving cash flow:
          Share-based compensation to employees
          and service providers                                          
5,274         623         6,146        1,425
          Depreciation                                                     
465         417           957          767
          Amortization and impairment of intangible assets               
1,830       1,773         3,657        2,849
          Non-cash interest expenses related to borrowing
          and payable in respect of intangible assets purchase           
1,217       1,513        3,856         1,617
          Fair value losses (gains) on financial assets at
          fair value through profit or loss                                
-           (38)           6            37
          Exchange differences and revaluation of bank 
         deposits                                                           
17          (6)           63         (165)

                                                                         
8,803       4,282        14,685         6,530

          Changes in assets and liability items:
          Increase in trade receivables                                 
(6,792)    (16,853)       (1,443)      (17,354)
          Decrease (increase) in prepaid expenses and 
          other receivables                                               
(199)     (3,266)        1,229        (2,626)
          Decrease (increase) in inventories                               
507      (1,983)       (2,237)       (2,868)
          Increase in accounts payable                                   
6,770       2,123         1,753         1,124
          Increase (decrease) in accrued expenses and other
          liabilities                                                   
(2,284)     17,804          (920)       22,123
          Increase (decrease) in allowance for deductions 
          from revenues                                                  
3,418      (1,089)         7,753         (428)
                                                                         
1,420      (3,264)         6,135          (29)

          Net cash used in operating activities                        
(18,898)    (15,029)       (31,164)     (26,703)

          INVESTING ACTIVITIES:
          Purchase of fixed assets                                          
(3)        (20)           (91)        (191)
          Purchase of intangible assets                                      
-     (52,500)           -        (52,633)
          Change in investment in current bank deposits                 
(3,500)      1,000         (3,500)       4,200
          Proceeds from sale of financial assets at fair 
          value through profit or loss                                     
-         1,725            475        3,950
          Net cash (used in) investing activities                       
(3,503)    (49,795)        (3,116)     (44,674)

          FINANCING ACTIVITIES:
          Proceeds from long-term borrowings, net of 
          transaction costs                                                   
-        (500)                    78,845
          Proceeds from issuance of ordinary shares, net of 
         issuance costs                                                    
273        6,363        58,214        6,363
          Exercise of options into ordinary shares                         
114            -         3,341            -
          Repayment of payable in respect of intangible 
          asset purchase                                                
(1,754)           -        (3,879)	     -
          Increase in restricted 
cash                                                                          
(20,000)
          Payment of principal with respect to lease liabilities          
(402)        (404)         (785)        (736)
          Net cash (used in) provided by financing activities           
(1,769)       5,459        56,891        64,472

       INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                
(24,170)     (59,365)       22,612       (6,905)
       EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS                    
14           23           (91)          154
       BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD      
75,972       81,614        29,295        29,023
       BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD            
51,816       22,272        51,816        22,272
       SUPPLEMENTARY INFORMATION ON INTEREST RECEIVED IN CASH               
52           71            71           249
       SUPPLEMENTARY INFORMATION ON INTEREST PAID IN CASH                
3,026        2,129         5,016         2,360
       SUPPLEMENTARY INFORMATION ON NON-CASH INVESTING
       AND FINANCING ACTIVITIES:
       Acquisition of right-of-use assets by means of lease
       liabilities            					       	     -	        630             
-         2,205
       Purchase of intangible assets posted as payable                       
-       12,058             -        12,808
       Long-term borrowings transaction 
costs                                                                          
                  							     - 		  -		-    	    784

    References:
    1. Including cash, cash equivalents, bank deposits and restricted cash
    2. All financial highlights are approximate and are rounded to the nearest 
       hundreds of thousands.
    3. Movantik(R) (naloxegol) is indicated for opioid-induced constipation
       (OIC). Full prescribing information see: www.movantik.com.
    4. Talicia(R) (omeprazole magnesium, amoxicillin and rifabutin) is  
       indicated for the treatment of H. pylori infection in adults. For full 
       prescribing information see: www.Talicia.com.
    5. Aemcolo(R) (rifamycin) is indicated for the treatment of travelers'  
       diarrhea caused by noninvasive strains of Escherichia coli in adults. 
       For full prescribing information see: www.aemcolo.com
    6. Opaganib (ABC294640, Yeliva(R)) is an investigational new drug, not 
       available for commercial distribution.
    7. RHB-107 (upamostat) is an investigational new drug, not available for 
       commercial distribution.

    Logo: https://mma.prnewswire.com/media/1334141/RedHill_Biopharma_Logo.jpg 

    Source: RedHill_Biopharma
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