TEL AVIV, Israel, February 10, 2014 /PRNewswire/ --
In a report published on February 9, 2014, Bioassociate reiterated a Buy rating on RedHill Biopharma (NASDAQ: RDHL) (TASE: RDHL.TA), and set an ADS price target of $18.1. The report contains a detailed discussion of RedHill's pipeline advancements during the preceding months and adjusted cash flows. The Update Report is available at:
In the report, Bioassociate noted, "RedHill Biopharma has initiated late-stage clinical studies in the company's two leading programs - RHB-104 for the treatment of Crohn's Disease and RHB-105 for eradication of H. Pylori. In addition, the submission of the RHB-102 NDA is expected by the end of Q1 2014. The RHB-103 program's FDA approval will be delayed by a few months following a request by the FDA for additional CMC information. Importantly, in January 2014, RedHill completed three Private Placements of shares/ADSs for an aggregate gross amount of $20.2 million, ensuring sufficient funding of the company's operations until the end of 2015. Given the latest advancements, we reiterate our BUY recommendation and our target price of $18.1 per RedHill ADS."About Bioassociate Bioassociate is an independent investment research firm specialized in the life-science sector. Bioassociate helps inform readers about small-mid cap life science companies without extensive analyst coverage. Bioassociate structures its teams with multidisciplinary members to conduct specific assignments. The Bioassociate team has industry experience as well as consulting and research track record, providing investors with in-depth scientific insights and their financial manifestation. Disclosure: The research report described in this press release is not constructed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer would be illegal. Bioassociate is not soliciting any action based upon this material. It does not take into account the particular investment objectives, financial situation, risk profile or other needs of individual investors. Before acting on any advice or recommendation in this material, an investor should consider whether it is suitable for his/her particular circumstances and, if necessary, seek professional advice. The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should be relied upon as such. Opinions expressed are Bioassociate's current opinions as of the date appearing on this material only; such opinions are subject to change without notice. RedHilll is a client of Bioassociate and is paying Bioassociate a cash fee for Bioassociate's services, which include the preparation of equity research and valuation reports. The research report is based on public information and on information provided by RedHill, which according to RedHill is available publicly.