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Kitov Pharmaceuticals announces pricing of IPO


23 Nov 2015
Kitov Pharmaceuticals Holdings Ltd., a biopharmaceutical company focused on the development of therapeutic candidates for the simultaneous treatment of various clinical conditions, announced the pricing of its initial public offering in the United States of 3,158,900 American Depository Shares (ADSs) and warrants to purchase up to 3,158,900 ADSs.

Each ADS, representing 20 ordinary shares of the Company, and each warrant to purchase one ADS, are offered at a combined price to the public of USD 4.13. The warrants will have a per ADS exercise price of USD 4.13, are exercisable immediately, and will have a term of five years.

The gross proceeds to Kitov from this offering are expected to be USD 13,046,257, prior to deducting underwriting discounts, commissions and other estimated offering expenses. Kitov has granted the underwriters a 45-day option to purchase up to an additional 473,835 ADSs and/or warrants to purchase 473,835 ADSs to cover over-allotments, if any.

Kitov plans to use the net proceeds from the offering to fund its on-going development plan, for the repayment of indebtedness and for working capital and other general corporate purposes.

Kitov's ADSs and warrants are scheduled to begin trading on the NASDAQ Capital Market on November 20, 2015, under the symbols KTOV and KTOVW, respectively. The offering is expected to close on or about November 25, 2015, subject to customary closing conditions.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., and Joseph Gunnar & Co., LLC are acting as joint book-running managers for the offering.
Source: Dion Global   Type: IPO Related