Full Press Release Details
Kitov Pharmaceuticals
Holdings Announces Pricing of U.S. Initial Public Offering and NASDAQ Listing
Israel, November 20, 2015 - Kitov Pharmaceuticals
Holdings Ltd. (NASDAQ: KTOV), a biopharmaceutical company
focused on the development of therapeutic candidates for the simultaneous treatment of various clinical conditions, today
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 $4.13. The warrants will have a per ADS exercise price of $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 $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 ongoing development plan, for the repayment of indebtedness and for working capital and other general
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.
and Exchange Commission declared effective a registration statement on Form F-1 relating to these securities on November 20, 2015.
A final prospectus relating to this offering will be filed with the SEC. The offering is being made only by means of a prospectus.
Copies of the prospectus relating to the offering may be obtained by contacting H.C. Wainwright & Co., 430 Park Avenue, New
York, NY 10022, email: placements@hcwco.com or Joseph Gunnar & Co, LLC, Prospectus Department, 30 Broad Street, 11th
Floor, New York, NY 10004, telephone 212-440-9600, email: prospectus@jgunnar.com. Investors may also
obtain these documents at no cost by visiting the Securities and Exchange Commission's website at http://www.sec.gov. Before
you invest, you should read the prospectus and other documents the Company has filed or will file with the Securities and Exchange
Commission for more complete information about the Company and the offering.
This press release shall not constitute
an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws
of any such state or jurisdiction.
About Kitov Pharmaceuticals Holdings Ltd.
Kitov Pharmaceuticals Holdings
Ltd. is a biopharmaceutical company focused on the development of therapeutic candidates for the simultaneous treatment of various
clinical conditions. In particular, Kitov focuses on developing combinations of existing drugs in advanced stages of development.
Kitov's lead drug, KIT-302, is formulated for the simultaneous treatment of two clinical conditions - pain caused by
osteoarthritis (OA) and hypertension (high blood pressure), which can be pre-existing or caused by the treatment for OA. KIT-302
is based on celecoxib, the active ingredient of a known and approved-for-use drug designed primarily to relieve pain caused by
OA, and the generic drug amlodipine. Kitov is traded on the Tel-Aviv Stock Exchange (TASE: KTOV).
Forward-Looking Statements
This press release contains forward-looking
statements about the Company's expectations, beliefs and intentions. Forward-looking statements can be identified by the
use of forward-looking words such as "believe", "expect", "intend", "plan", "may",
"should", "could", "might", "seek", "target", "will", "project",
"forecast", "continue" or "anticipate" or their negatives or variations of these words or other
comparable words or by the fact that these statements do not relate strictly to historical matters. These forward-looking statements
involve certain risks and uncertainties, including, among others, risks impacting the ability of the Company to complete any public
offering of its securities because of general market conditions or other factors and risks that could cause the Company's
results to differ materially from those expected by Company management. Any forward-looking statement in this press release speaks
only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable
securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading
"Risk Factors" in Kitov Pharmaceuticals Holdings Ltd.'s Registration Statement on Form F-1 filed with the SEC, which
is available on the SEC's website, www.sec.gov.