A Clinical Trial to Evaluate the Efficacy and Safety of Two Aramchol Doses Versus Placebo in Patients With NASH

Inclusion Criteria: 1. Male or female age 18 to 75 years. 2. BMI between 25kg/m2 to 40kg/m2 or waist circumference between 88 cm to 200 cm for women, and between 102 cm to 200 cm for men. If there is deviation above the upper limit, please consult the MRI center, to ensure that the machine is suitable for the patient. 3. Known type II Diabetes Mellitus or pre-Diabetes according to American Diabetes Association. One of the following 3 criteria is needed for pre-Diabetes: Fasting Plasma Glucose \> 100mg/dl (5.5 mmol/l) or 2hPG following 75g OGTT \> 140 (7.8 mmol/l) mg/dl or HbA1c \> 5.7%. HbA1c can be repeated at Investigator's discretion. 4. Histologically proven Steatohepatitis on a diagnostic liver biopsy performed either during screening or within 6 months before screening visit, confirmed by central laboratory reading of the slides.(Steatosis ≥1 + inflammation ≥1 + ballooning ≥1).Total activity NAS score of 4 or more. 5. Liver fat concentration in the liver of 5.5% or more as measured by NMRS. 6. Biopsies with an activity NAS score of 4 or more. 7. Normal synthetic liver function (serum albumin \>3.2g/dl, INR 0.8-1.2, conjugated bilirubin \< 35 µmol/L). 8. Understanding the nature of the study and signature of the written informed consent. 9. Negative pregnancy test at study entry for females of child bearing potential. 10. Females of child bearing potential practicing reliable contraception throughout the study period (including oral contraceptives) as well as negative pregnancy test at study entry. 11. Hypertensive patients must be well controlled by stable dose of anti-hypertensive medication for at least 2 months prior to screening. 12. Patients previously treated with vitamin E (\>400IU/day), Polyunsaturated fatty acid (\>2g/day) or Ursodeoxycholic acid or fish oil can be included if stopped or at least maintained on stable dose at least 3 months prior to diagnostic liver biopsy (and are not started during the trial). These treatments-dosages are allowed if they were stable for at least 12 months prior to biopsy and can remain stable throughout the study. (Dosages less than the amounts stated above are allowed without washout- or stable-period restrictions). 13. For patients with type II Diabetes, glycaemia must be controlled (Glycosylated Hemoglobin A1c ≤9%) while any HbA1c change should not exceed 1.5% during 6 months prior to enrolment). Treatments with anti-diabetic medications (except for those mentioned in Exclusion 16) are permitted if glycaemia is self-monitored by the patient. HbA1c can be repeated at Investigator's discretion. Exclusion Criteria: 1. Patients with other active (acute or chronic) liver disease other than NASH (e.g. viral hepatitis, unless eradicated at least 3 years prior to screening; genetic hemochromatosis; Wilson disease; alpha 1antitripsin deficiency; alcohol liver disease; drug-induced liver disease) at the time of randomization. 2. Patients with clinically or histologically documented liver cirrhosis 3. Known alcohol and/or any other drug abuse or dependence in the last five years. 4. Known history or presence of clinically significant cardiovascular, gastrointestinal, metabolic other than Diabetes Mellitus, neurologic, pulmonary, endocrine, psychiatric, neoplastic disorder or nephrotic syndrome, that in the opinion of the Investigator warrant exclusion from the study. 5. Patients with familial (i.e., genetic) hypertriglyceridemia and familial (i.e., genetic) hypercholesterolemia. 6. History or presence of any disease or condition known to interfere with the absorption distribution, metabolism or excretion of drugs including bile salt metabolites (e.g. inflammatory bowel disease (IBD)), previous intestinal (ileal or colonic) operation, chronic pancreatitis, celiac disease or previous vagotomy. Ongoing Chronic constipation 7. Patients with heart or brain pacemaker (i.e., implantable neurological devices). 8. Surgery during the last three month before screening which involved stent implantation of metal devices (e.g. knee, hip etc.) 9. Weight loss of more than 5% within 6 months prior to randomization. 10. History of bariatric surgery within 5 years of liver biopsy. 11. Uncontrolled arterial hypertension. 12. Women who are pregnant and breast feeding. 13. Diabetes Mellitus other than type II (type I, endocrinopathy, genetic syndromes etc.). 14. Patients with HIV infection. 15. Daily alcohol intake \>20 g/day for women and \>30 g/day for men (on average per day) as per medical history. 16. Treatment with other anti-diabetic medications: GLP-1 receptor agonists and Thiazolidinediones (TZDs), unless started at least 12 months prior to biopsy and on stable dose for 6 months. In case of GLP-1 receptor agonists stopped, it should be at least 6 months before biopsy as per medical history. 17. SGLT-2 Inhibitors, Metformin, fibrates, statins, insulin, DPP-4 inhibitors and sulfonylurea unless prescribed dose has been stable for the last 6 months prior to the biopsy. 18. Treatment with Valproic acid, Tamoxifen, Methotrexate, Amiodarone or chronic treatment with anti-cholinergic agents, corticosteroids, high dose estrogen and tetracycline within 12 months prior to the screening visit. 19. Chronic treatment with antibiotics (e.g. Rifaximin). 20. Homeopathic and/or alternative treatments. Any treatment should be stopped during the screening period at least 48 hours before randomization. 21. Uncontrolled hypothyroidism defined as Thyroid Stimulating hormone \>2X the upper limit of normal (ULN). Thyroid dysfunction controlled for at least 6 months prior to screening is permitted. 22. Patients with renal dysfunction eGFR\< 40. 23. Unexplained serum creatine phosphokinase (CPK) \>3X the upper limit of normal (UNL). Patients with a reason for CPK elevation may have the measurement repeated prior to randomization; a CPK retest \> 3X ULN leads to exclusion. 24. Patients with condition(s) that makes them unsuitable to perform the NMRS (as determined by the PI or the MRI facility). 25. Hypersensitivity to Aramchol or to any of the excipients in the tablets 26. Hypersensitivity to cholic acid or bile acid sequestrants