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Intec Pharma dilutes its shares with a public offering; shares fall

Last updated: 22:51 10 Apr 2018 BST, First published: 07:51 11 Apr 2018 BST

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IntecPharma is a clinical-stage biopharma company

Intec Pharma Ltd. (NASDAQ: NTEC), the Israeli biopharmaceuticals group, is diluting its shares by launching an underwritten public offering of its ordinary shares.

The news pushed Intec’s shares down by 15.6% to US$5.40 in pre-market trade.

Proceeds from the offering will be used to fund its Phase 3 clinical trial for Accordion Pill Carbidopa/Levodopa, the company’s keystone drug which treats advanced Parkinson’s disease.

Intec Pharma also plans to grant its underwriters a 30-day option to purchase up to an additional 15% of the number of ordinary shares being offered to cover demand. Oppenheimer & Co. Inc is acting as the sole book-running manager in the offering.

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