RedHill Biopharma Wins $8M Court Judgment

TL;DR

RedHill just won an $8M+ court judgment in NY!

AI Summary

RedHill Biopharma Ltd. announced on December 2, 2024, that it was awarded a judgment of approximately $8 million plus costs by the New York Supreme Court. This award stems from a legal dispute and is incorporated by reference into the company's SEC filings.

Why It Matters

This significant court judgment provides a substantial financial inflow for RedHill Biopharma, potentially strengthening its financial position and ability to fund ongoing operations or development.

Risk Assessment

Risk Level: medium — While a significant judgment is positive, the actual collection of the funds and the details of the legal dispute's resolution introduce some uncertainty.

Key Numbers

• $8.0M+ — Court Judgment (Represents a significant financial award to RedHill Biopharma.)

Key Players & Entities

• RedHill Biopharma Ltd. (company) — The company that received the judgment.
• $8 million (dollar_amount) — The approximate amount of the judgment awarded.
• New York Supreme Court (company) — The court that issued the judgment.
• December 2, 2024 (date) — The date of the announcement and filing.

FAQ

Key Financial Figures

• $8 Million — harma Awarded Judgment of Approximately $8 Million Plus Costs by New York Supreme Court".
• $8 million — een awarded a judgment of approximately $8 million plus costs in a summary judgment by t
• $6.5 million — approximately $8 million (consisting of $6.5 million plus interest amounting to approximatel
• $1.5 million — lus interest amounting to approximately $1.5 million), plus costs in a summary judgment by t

Filing Documents

• zk2432417.htm (6-K) — 26KB
• image00002.jpg (GRAPHIC) — 4KB
• 0001178913-24-003886.txt ( ) — 32KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. REDHILL BIOPHARMA LTD. (the "Registrant") Date: December 2, 2024 By: /s/ Dror Ben-Asher Name: Dror Ben-Asher Title: Chief Executive Officer 2 Press Release RedHill Biopharma Awarded Judgment of Approximately $8 Million Plus Costs by New York Supreme Court RedHill has been awarded a judgment of approximately $8 million plus costs in a summary judgment by the New York Supreme Court in its legal proceedings against Kukbo Co. Ltd -- The Court dismissed the entirety of Kukbo's counterclaims, ruling in favor of RedHill's demonstrated good faith commitment to the spirit and the letter of the agreements TEL-AVIV, Israel / RALEIGH, NC, December 2, 2024 /PRNewswire/ -- RedHill Biopharma Ltd. (Nasdaq: RDHL) ("RedHill" or the "Company"), a specialty biopharmaceutical company, today announced that the Company has been awarded approximately $8 million (consisting of $6.5 million plus interest amounting to approximately $1.5 million), plus costs in a summary judgment by the Supreme Court of the State of New York, New York County (the "Court"), in its legal proceedings (Index number: 653200/2022) against Kukbo Co. Ltd. ("Kukbo"), domiciled in South Korea. The case refers to Kukbo's failure to make agreed payments to RedHill, pursuant to a Subscription Agreement (the "SA"), dated October 25, 2021, and a subsequent Exclusive License Agreement (the "ELA" and together with the SA, the "Agreements"), dated March 14, 2022, entered into by the two companies. Dror Ben-Asher, RedHill's CEO: "RedHill thanks the Court for this crystal-clear judgment, affirming the Company's just position from the beginning of the relationship, and in making correct provision for full reparation for the contractual breaches. The Company is also grateful to Haynes and Boone, LLP for their e

Forward-Looking Statements

Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may discuss investment opportunities, stock analysis, financial performance, investor relations, and market trends. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words and include, among others, statements regarding the legal process going forward including Kukbo's rights to appeal. Forward-looking differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation: market and other conditions; the risk that the Court's ruling will not be upheld in any subsequent appeal or that the provisions for reparation for the contractual breaches will not be honored; the Company's ability to maintain compliance with the Nasdaq Capital Market's listing requirements; the risk that the addition of new revenue generating products or out-licensing transactions will not occur; the risk that acceptance onto the RNCP Product Development Pipeline will not guarantee ongoing development or that any such development will not be completed or successful; the risk that the FDA does not agree with the Company's proposed development plans for opaganib for any indication; the risk that observations from preclinical studies are not indicative or predictive of results in clinical trials; the risk that the FDA pre-study requirements will not be met and/or that the Phase 3 study of RHB-107 in COVID-19 outpatients will not be approved to commence or if approved, will not be completed or

View Full Filing

View this 6-K filing on SEC EDGAR