| | |
Per Ordinary
Share |
| |
Total
|
| ||||||
Public Offering Price
|
| | | $ | | | | | $ | | | ||
Underwriting Discounts and Commissions
|
| | | $ | | | | | | $ | | | |
Proceeds to Galmed (Before Expenses)
|
| | | $ | | | | | | $ | | | |
| Stifel | | |
SunTrust Robinson Humphrey
|
| |
Cantor
|
|
| Raymond James | | |
Roth Capital Partners
|
|
|
Co-Managers
|
| |||
| Maxim Group LLC | | |
Seaport Global Securities
|
|
| | |
PAGE
|
| |||
Prospectus Supplement | | | | | | | |
| | | | S-1 | | | |
| | | | S-3 | | | |
| | | | S-7 | | | |
| | | | S-8 | | | |
| | | | S-12 | | | |
| | | | S-14 | | | |
| | | | S-15 | | | |
| | | | S-15 | | | |
| | | | S-16 | | | |
| | | | S-17 | | | |
| | | | S-18 | | | |
| | | | S-29 | | | |
| | | | S-32 | | | |
| | | | S-37 | | | |
| | | | S-37 | | | |
| | | | S-37 | | | |
| | | | S-37 | | | |
| | | | S-38 | | | |
| | | | S-38 | | | |
EXPENSES | | | | | S-38 | | |
| | |
PAGE
|
| |||
Prospectus | | | | | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 6 | | | |
| | | | 6 | | | |
| | | | 7 | | | |
| | | | 7 | | | |
| | | | 8 | | | |
| | | | 15 | | | |
| | | | 16 | | | |
| | | | 17 | | | |
| | | | 24 | | | |
| | | | 25 | | | |
| | | | 28 | | | |
| | | | 28 | | | |
| | | | 28 | | | |
| | | | 28 | | | |
| | | | 29 | | | |
| | | | 29 | | | |
| | | | 30 | | |
| | |
Placebo
|
| |
Aramchol
400mg |
| |
Aramchol
600mg |
| | |||||
MRS-Absolute change frombaseline in mean liver fat(1)
|
| | | | -0.09% | | | |
-3.41%
|
| |
-3.18%
|
| | ||
| | | | | | | | |
P=0.0450
|
| |
P=0.0655
|
| | ||
MRS responders- Reduction of ≥5% in absolute change from baseline(1)
|
| | | | 24.4% | | | |
36.7%
|
| |
47.0%
|
| | ||
| | | | | | | | |
P=0.0878
|
| |
P=0.0279
|
| | ||
NASH resolution withoutworsening of fibrosis(2)
|
| | | | 5% | | | |
7.5%
|
| |
16.7%
|
| | ||
| | | | | | | | |
P=0.4955
|
| |
P=0.0514
|
| | ||
NASH resolution(2)
|
| | | | 7.5% | | | |
12.5%
|
| |
19.2%
|
| | ||
| | | | | | | | |
P=0.2237
|
| |
P=0.0462
|
| | ||
Fibrosis improvement (≥1 stage) withoutworsening of
NASH(2) |
| | | | 17.5% | | | |
21.3%
|
| |
29.5%
|
| | ||
| | | | | | | | |
P=0.8425
|
| |
P=0.2110
|
| | ||
Progression to Cirrhosis (Post-Hoc Analysis)worsening of NASH (2)
|
| | | | 7.5% | | | |
7.5%
|
| |
1.3%
|
| | | |
| | | | | | | | |
P=0.5693
|
| |
P=0.1008
|
| | ||
ALT (U/L) Change from baseline(3)
|
| | | | +11.82 | | | |
-12.0
|
| |
-17.3
|
| | ||
| | | | | | | | |
P=0.0002
|
| |
P<0.0001
|
| | ||
AST (U/L) Change from baseline(3)
|
| | | | +6.67 | | | |
-7.20
|
| |
-10.83
|
| | ||
| | | | | | | | |
p=0.0011
|
| |
p<.0001
|
| |
| | |
March 31, 2018
(in thousands) (unaudited) |
| ||||||||||||
| | |
Actual
|
| |
As-Adjusted
|
| |
Pro Forma
As-Adjusted |
| ||||||
Shareholders’ equity: | | | | | | | | | | | | | | | | |
Ordinary shares, par value NIS 0.01 per share; Authorized 50,000,000 shares; Issued and outstanding: 14,472,414 shares as of March 31, 2018
|
| | | $ | 40 | | | | | $ | 44 | | | | ||
Additional paid-in capital
|
| | | $ | 92,723 | | | | | $ | 102,447 | | | | ||
Accumulated other comprehensive income (loss)
|
| | | $ | (36) | | | | | $ | (36) | | | | ||
Accumulated deficit
|
| | | $ | (79,125) | | | | | $ | (79,125) | | | | ||
Total shareholders’ equity
|
| | | $ | 13,602 | | | | | $ | 23,330 | | | |
|
Public Offering price per share
|
| | | | | | | | | $ | | | |
|
Net tangible book value per share as of March 31, 2018
|
| | | $ | 0.94 | | | | | | | | |
|
Increase in net tangible book value per share after this offering
|
| | | $ | | | | | | | | | |
|
As-adjusted pro forma net tangible book value per share as of March 31, 2018, after giving effect to this offering
|
| | | | | | | | | $ | | | |
|
Dilution per share to investors participating in this offering
|
| | | | | | | | | $ | | | |
|
| | |
Low
|
| |
High
|
| ||||||
Annual Information: | | | | | | | | | | | | | |
2014
|
| | | $ | 4.58 | | | | | $ | 18.73 | | |
2015
|
| | | $ | 5.54 | | | | | $ | 13.50 | | |
2016
|
| | | $ | 2.78 | | | | | $ | 7.91 | | |
2017
|
| | | $ | 3.43 | | | | | $ | 9.78 | | |
Quarterly Information: | | | | | | | | | | | | | |
First Quarter 2016
|
| | | $ | 3.50 | | | | | $ | 7.91 | | |
Second Quarter 2016
|
| | | $ | 3.88 | | | | | $ | 7.72 | | |
Third Quarter 2016
|
| | | $ | 3.53 | | | | | $ | 5.77 | | |
Fourth Quarter 2016
|
| | | $ | 2.78 | | | | | $ | 4.74 | | |
First Quarter 2017
|
| | | $ | 3.43 | | | | | $ | 5.79 | | |
Second Quarter 2017
|
| | | $ | 4.40 | | | | | $ | 7.09 | | |
Third Quarter 2017
|
| | | $ | 6.20 | | | | | $ | 9.39 | | |
Fourth Quarter 2017
|
| | | $ | 6.55 | | | | | $ | 9.78 | | |
First Quarter 2018
|
| | | $ | 3.61 | | | | | $ | 12.22 | | |
Second Quarter 2018 (through June 15, 2018)
|
| | | $ | 4.84 | | | | | $ | 27.06 | | |
Monthly Information: | | | | | | | | | | | | | |
December 2017
|
| | | $ | 7.84 | | | | | $ | 9.78 | | |
January 2018
|
| | | $ | 9.01 | | | | | $ | 12.22 | | |
February 2018
|
| | | $ | 3.61 | | | | | $ | 10.79 | | |
March 2018
|
| | | $ | 5.02 | | | | | $ | 7.06 | | |
April 2018
|
| | | $ | 4.84 | | | | | $ | 6.55 | | |
May 2018
|
| | | $ | 5.36 | | | | | $ | 6.60 | | |
June 2018 (through June 15, 2018)
|
| | | $ | 6.36 | | | | | $ | 27.06 | | |
Underwriters
|
| |
Number of
Shares |
| |||
Stifel, Nicolaus & Company, Incorporated
|
| | |||||
SunTrust Robinson Humphrey, Inc.
|
| | |||||
Cantor Fitzgerald & Co.
|
| | |||||
Raymond James & Associates, Inc.
|
| | |||||
Roth Capital Partners, LLC
|
| | |||||
Maxim Group LLC
|
| | |||||
Seaport Global Securities LLC
|
| | | | | | |
Total
|
| | | | | | |
|
| | |
Per Share
|
| |
Total
|
| ||||||||||||||||||
| | |
No
Exercise |
| |
Full
Exercise |
| |
No
Exercise |
| |
Full
Exercise |
| ||||||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Underwriting discount
|
| | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | |
Proceeds, before expenses, to us
|
| | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | |
|
Legal fees and expenses
|
| | | $ | | | |
|
Accounting fees and expenses
|
| | | $ | | | |
|
Printing expenses
|
| | | $ | | | |
|
Miscellaneous
|
| | | $ | | | |
|
Total
|
| | | $ | | | |
|
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 6 | | | |
| | | | 6 | | | |
| | | | 7 | | | |
| | | | 7 | | | |
| | | | 8 | | | |
| | | | 15 | | | |
| | | | 16 | | | |
| | | | 17 | | | |
| | | | 24 | | | |
| | | | 25 | | | |
| | | | 28 | | | |
| | | | 30 | | | |
| | | | 28 | | | |
| | | | 28 | | | |
| | | | 29 | | | |
| | | | 30 | | |
| | |
December 31, 2017
|
| |||
| | |
(U.S. Dollars in
thousands, except share data) |
| |||
Shareholders’ equity: | | | | | | | |
Ordinary shares, par value NIS 0.01 per share; Authorized 50,000,000 shares; Issued and outstanding: 14,435,161 shares as of December 31, 2017
|
| | | $ | 40 | | |
Additional paid-in capital
|
| | | $ | 92,381 | | |
Accumulated other comprehensive loss
|
| | | $ | (7) | | |
Accumulated deficit
|
| | | $ | (76,619) | | |
Total shareholders’ equity
|
| | | $ | 15,795 | | |
| | |
Low
|
| |
High
|
| ||||||
Annual Information: | | | | | | | | | | | | | |
2014 (since March 13, 2014)
|
| | | $ | 4.58 | | | | | $ | 18.73 | | |
2015
|
| | | $ | 5.54 | | | | | $ | 13.50 | | |
2016
|
| | | $ | 2.78 | | | | | $ | 7.91 | | |
2017
|
| | | $ | 3.43 | | | | | $ | 9.78 | | |
Quarterly Information | | | | | | | | | | | | | |
First Quarter 2016
|
| | | $ | 3.50 | | | | | $ | 7.91 | | |
Second Quarter 2016
|
| | | $ | 3.88 | | | | | $ | 7.72 | | |
Third Quarter 2016
|
| | | $ | 3.53 | | | | | $ | 5.77 | | |
Fourth Quarter 2016
|
| | | $ | 2.78 | | | | | $ | 4.74 | | |
First Quarter 2017
|
| | | $ | 3.43 | | | | | $ | 5.79 | | |
Second Quarter 2017
|
| | | $ | 4.40 | | | | | $ | 7.09 | | |
Third Quarter 2017
|
| | | $ | 6.20 | | | | | $ | 9.39 | | |
Fourth Quarter 2017
|
| | | $ | 6.55 | | | | | $ | 9.78 | | |
Monthly Information: | | | | | | | | | | | | | |
September 2017
|
| | | $ | 7.52 | | | | | $ | 9.39 | | |
October 2017
|
| | | $ | 7.16 | | | | | $ | 9.59 | | |
November 2017
|
| | | $ | 6.55 | | | | | $ | 8.42 | | |
December 2017
|
| | | $ | 7.84 | | | | | $ | 9.78 | | |
January 2018
|
| | | $ | 9.01 | | | | | $ | 12.22 | | |
February 2018
|
| | | $ | 3.61 | | | | | $ | 10.79 | | |
|
SEC registration fees
|
| | | $ | 2,473 | | |
|
FINRA filing fee
|
| | | $ | 23,000 | | |
|
Legal fees and expenses
|
| | | $ | 30,000 | | |
|
Accountants fees and expenses
|
| | | $ | 15,000 | | |
|
Printing Fees
|
| | | $ | 2,200 | | |
|
Miscellaneous
|
| | | $ | 5,000 | | |
|
Total
|
| | | $ | 77,673 | | |
|