JERUSALEM, Dec. 24, 2013 /PRNewswire/ -- Oramed
Pharmaceuticals Inc. (NASDAQCM: ORMP), a developer of oral drug
delivery systems, today announced that it has entered into
definitive agreements with investors to purchase an aggregate of
1,580,000 shares of common stock at a price of $10.00 per share in a registered direct offering.
The offering is expected to close on or about December 31, 2013, subject to the satisfaction of
customary closing conditions.
Oramed intends to use the net proceeds from this offering for
expenses primarily related to the company's anticipated U.S.
focused clinical development of its oral insulin for type 1 and
type 2 diabetes indications as well as preclinical and clinical
studies for its oral GLP-1 analog project, and for general
corporate purposes, including general working capital purposes.
Aegis Capital Corp. is acting as sole placement agent for the
offering.
This offering is being made pursuant to a shelf registration
statement that Oramed previously filed with the Securities and
Exchange Commission (SEC) and which became effective on
March 22, 2013. A prospectus
supplement and accompanying base prospectus will be filed with the
SEC. Electronic copies of the prospectus supplement and
accompanying prospectus relating to this offering may be obtained
from the SEC's website at www.sec.gov. or from Aegis Capital Corp,
810 7th Avenue, 18th Floor, New York,
NY 10019 or via telephone at 212-813-1010 or email:
prospectus@aegiscap.com.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any of the Company's securities. No
offer, solicitation or sale will be made in any jurisdiction in
which such offer, solicitation or sale is unlawful.
About Oramed Pharmaceuticals
Oramed Pharmaceuticals is a technology pioneer in the field of
oral delivery solutions for drugs and vaccines currently delivered
via injection. Established in 2006, Oramed's Protein Oral Delivery
(PODTM) technology is based on over 30 years of research by top
research scientists at Jerusalem's
Hadassah Medical Center. Oramed is seeking to revolutionize the
treatment of diabetes through its proprietary flagship product, an
orally ingestible insulin capsule (ORMD-0801) currently in Phase 2
clinical trials on patients with type 2 diabetes (T2DM) under an
Investigational New Drug application with the U.S. Food and Drug
Administration, and with its oral exenatide capsule (ORMD-0901; a
GLP-1 analog), with trials on healthy volunteers. Oramed is also
moving forward with clinical trials of ORMD-0801 for the treatment
of type 1 diabetes. The company's corporate and R&D
headquarters are based in Jerusalem.
Forward-looking statements: This press release contains
forward-looking statements. For example, we are using
forward-looking statements when we discuss the expected closing of
our offering and our intended use of proceeds, or when we discuss
revolutionizing the treatment of diabetes with our products, or
when we discuss our clinical trials. These forward-looking
statements are based on the current expectations of the management
of Oramed only, and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements, including
closing conditions being met for the offering and the risks and
uncertainties related to the progress, timing, cost, and results of
clinical trials and product development programs; difficulties or
delays in obtaining regulatory approval or patent protection for
our product candidates; competition from other pharmaceutical or
biotechnology companies; and our ability to obtain additional
funding required to conduct our research, development and
commercialization activities. In addition, the following factors,
among others, could cause actual results to differ materially from
those described in the forward-looking statements: changes in
technology and market requirements; delays or obstacles in
launching our clinical trials; changes in legislation; inability to
timely develop and introduce new technologies, products and
applications; lack of validation of our technology as we progress
further and lack of acceptance of our methods by the scientific
community; inability to retain or attract key employees whose
knowledge is essential to the development of our products;
unforeseen scientific difficulties that may develop with our
process; greater cost of final product than anticipated; loss of
market share and pressure on pricing resulting from competition;
laboratory results that do not translate to equally good results in
real settings; our patents may not be sufficient; and final that
products may harm recipients, all of which could cause the actual
results or performance of Oramed to differ materially from those
contemplated in such forward-looking statements. Except as
otherwise required by law, Oramed undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. For a more detailed
description of the risks and uncertainties affecting Oramed,
reference is made to Oramed's reports filed from time to time with
the Securities and Exchange Commission.
SOURCE Oramed Pharmaceuticals Inc.