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RedHill Biopharma Reports 2012 Fourth Quarter And Year-End Results

To participate in the conference call please dial 1-866-966-9439 (domestic U.S., toll free) or +1-631-510-7498 (International) and use access code: 11015754 #.

The conference call will be broadcasted simultaneously and archived on the Company's website, http://ir.redhillbio.com/ . To participate, please access the Company's website at least 15 minutes ahead of the conference to register, download, and install any necessary audio software. The webcast replay will be available on RedHill's website for 30 days.

About RedHill Biopharma Ltd.:

RedHill Biopharma is an emerging Israeli biopharmaceutical company focused primarily on the acquisition and development of late clinical-stage, patent protected, new formulations and combinations of existing drugs. The Company's current product pipeline includes a once-daily formulation of a leading congestive heart failure and high blood pressure drug, a once-daily formulation of a leading chemotherapy and radiotherapy-induced nausea and vomiting prevention drug, an oral thin film formulation drug for the treatment of acute migraine, a combination therapy for the treatment of Crohn's disease as well as Multiple Sclerosis (MS) disease, a combination therapy for the treatment of Helicobacter pylori bacteria causing ulcers, and an encapsulated formulation for bowel preparation ahead of certain gastro procedures. For more information please visit: www.redhillbio.com . 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 are not guarantees of future performance, are based on certain assumptions and the Company's current and best understanding of the regulatory status 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, risks and uncertainties associated with  (i) the initiation, timing, progress and results of the Company's preclinical studies, clinical trials, and other therapeutic candidate development efforts; (ii) the Company's ability to advance its therapeutic candidates into clinical trials or to successfully complete its preclinical studies or clinical trials; (iii) the extent and number 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 and approvals; (iv) the clinical development, commercialization, and market acceptance of the Company's therapeutic candidates; (v) the Company's ability to establish and maintain corporate collaborations; (vi) the interpretation of the properties and characteristics of the Company's therapeutic candidates and of the results obtained with its therapeutic candidates in preclinical studies or clinical trials; (vii) the implementation of the Company's business model, strategic plans for its business and therapeutic candidates; (viii) 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; (ix) estimates of the Company's expenses, future revenues capital requirements and the Company's needs for additional financing; (x) competitive companies, technologies and the Company's industry; and (xi) statements as to the impact of the political and security situation in Israel on the Company's business. 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 Registration Statement on From 20-F filed with the SEC on December 26, 2012, and its Reports on Form 6-K. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov . All forward-looking statements included in this Press Release are made only as of the date of this Press Release. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.

 
REDHILL BIOPHARMA LTD.
STATEMENTS OF COMPREHENSIVE LOSS
     
  Year ended December 31
  2012 2011
  U.S. dollars in thousands
     
REVENUE  16    23  
RESEARCH AND DEVELOPMENT EXPENSES  (6,455)  (5,414)
GENERAL AND ADMINISTRATIVE EXPENSES  (2,601)  (2,482)
OTHER EXPENSES  --   -- 
OPERATING LOSS  (9,040)  (7,873)
FINANCIAL INCOME  197  570
FINANCIAL EXPENSES  (1,483)  (8,200)
FINANCIAL EXPENSES NET  (1,286)  (7,630)
     
LOSS AND COMPREHENSIVE LOSS  (10,326)  (15,503)
     
LOSS PER ORDINARY SHARE – basic and diluted  (0.20)  (0.32)
 
 
REDHILL BIOPHARMA LTD.
STATEMENTS OF FINANCIAL POSITION
     
  December 31
  2012 2011
  U.S. dollars in thousands
CURRENT ASSETS:  
Cash and cash equivalents  16,814  14,070
Bank deposits  486  3,013
Financial assets at fair value through profit or loss  1,065  1,564
Prepaid expenses and receivables  198  89
   18,563  18,736
NON-CURRENT ASSETS:    
Restricted bank deposit  75  73
Fixed assets  113  132
Intangible assets  1,345  1,245
   1,533  1,450
Total assets  20,096  20,186
     
CURRENT LIABILITIES --    
Accounts payable and accrued expenses  1,078  513
     
NON-CURRENT LIABILITIES:    
Royalty obligations to investors  --  886
Total liabilities  1,078  1,399
     
COMMITMENTS     
     
EQUITY:    
Ordinary shares  143  142
Ordinary shares to be issued  8,020  --
Additional paid-in capital  31,469  31,168
Warrants  3,273  2,686
Accumulated deficit  (23,887)  (15,209)
Total equity  19,018  18,787
     
Total liabilities and equity  20,096  20,186
 
 
REDHILL BIOPHARMA LTD.
STATEMENTS OF CASH FLOWS
   
  Year ended December 31
  2012 2011
  U.S. dollars in thousands
     
CASH FLOWS FROM OPERATING ACTIVITIES:    
Loss   (10,326)  (15,503)
Adjustments in respect of income and expenses not involving cash flows:    
Share-based compensation to employees and service providers  1,648  2,863
Fair value losses on mandatory convertible loans  --   7,938
Depreciation  24  15
Fair value losses (gains) on financial assets at fair value through profit or loss  (57)  29
Revaluation of bank deposits   (4)  9
Accretion and settlement of royalty obligations to investors  1,473  168
Exchange differences in respect of cash and cash equivalents  (12)  (640)
Changes in asset and liability items:    
Decrease (increase) in prepaid expenses and receivables  (109)  61
Increase in accounts payable and accrued expenses  568  369
Net cash used in operating activities  (6,795)  (4,691)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets   (8)  (136)
Purchase of intangible assets  (100)  (45)
Changes in investment in bank deposits  2,529  (3,080)
Acquisition of financial assets at fair value through profit or loss  (1,032)  (1,506)
Proceeds from sale of financial assets at fair value through profit or loss  1,588  -- 
Net cash used in investing activities  2,977  (4,767)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds on account of shares and warrants, net  6,248  -- 
Proceeds from issuance of shares and warrants under February 2, 2011 prospectus, net of issuance expenses  --   12,662
Exercise of warrants and options into shares, net of expenses  302  1,176
Proceeds from mandatory convertible loans and royalty obligations to investors  --   -- 
Net cash provided by financing activities  6,550  13,838
INCREASE IN CASH AND CASH EQUIVALENTS  2,732  4,380
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS  12  640
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR  14,070  9,050
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF YEAR  16,814  14,070
     
Supplementary information on interest received in cash  126  14
Supplementary Information on financing activities not involving cash flows :    
 Settlement of the royalty obligations  2,359  -- 
Conversion of mandatory convertible loans  --   19,183
CONTACT: IR contact (US):
         Lauren Glaser
         Vice President
         The Trout Group
         +1-646-378-2972
         lglaser@troutgroup.com
         
         Company contact:
         Adi Frish
         Senior VP Business Development & Licensing
         RedHill Biopharma
         +972-54-6543-112
         adi@redhillbio.com

Stock quotes in this article: RDHL 

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