TEL-AVIV, Israel and RALEIGH, N.C. - RedHill Biopharma Ltd. (NASDAQ: NASDAQ:RDHL), a specialty biopharmaceutical company with a current market capitalization of $10.88 million, has been awarded a judgment of approximately $8 million plus costs by the New York Supreme Court in a legal case against South Korea-based Kukbo Co. Ltd. The judgment, which includes $6.5 million plus about $1.5 million in interest, concludes a dispute over Kukbo's failure to fulfill payment obligations under a Subscription Agreement and an Exclusive License Agreement with RedHill.
The court dismissed all of Kukbo's counterclaims, affirming RedHill's adherence to the terms of the agreements. Dror Ben-Asher, CEO of RedHill, expressed gratitude for the court's decision and the legal representation provided by Haynes and Boone, LLP. Kukbo retains the right to appeal the judgment, and RedHill intends to pursue the collection of the awarded amount as well as its attorneys' fees.
RedHill Biopharma focuses on the commercialization and development of drugs for gastrointestinal diseases, infectious diseases, and oncology. The company markets Talicia® for the treatment of Helicobacter pylori infection in adults and has several late-stage development programs for other medical conditions.
This news follows a series of other developments for RedHill, including advancements in its clinical programs and commercial product launches. The company's recent success in court may further bolster its financial and operational stability.
This report is based on a press release statement from RedHill Biopharma.
In other recent news, RedHill Biopharma Ltd. has seen significant strides in various areas. The U.S. Biomedical Advanced Research and Development Authority (BARDA) has selected RedHill's opaganib for development funding as a potential Ebola virus disease treatment. The funding supports opaganib's development under the Animal Rule pathway, which allows for animal model efficacy studies to support FDA approval when human trials are not feasible. Opaganib has shown mutation-resistant antiviral and anti-inflammatory activity, and its development is part of a broader effort to address the need for medical countermeasures for Ebola and other potential biodefense threats.
Simultaneously, RedHill has renewed its contract with Medi-Cal, ensuring continued access to Talicia, a treatment for H. pylori infection, for roughly 15 million Californians. The renewal aligns with the new American College of Gastroenterology Clinical Guideline, which recommends Talicia as a first-line treatment. These are recent developments as the company continues to explore additional treatment options and enhance pandemic preparedness.
In financial developments, RedHill Biopharma has finalized a Global Termination Agreement, augmenting its cash position by approximately $9.9 million and potentially granting access to an additional $0.74 million. This agreement concludes credit relationships with Movantik Acquisition Co., Valinor Pharma, LLC, and HCR Redhill SPV, LLC, thereby enhancing RedHill's financial flexibility.
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