JERUSALEM, June 5, 2015 /PRNewswire/ --
Oramed Pharmaceuticals Inc. (NASDAQ: ORMP)
(http://www.oramed.com), a developer of oral drug delivery systems,
today announced that it entered into purchase agreements with
several institutional investors for a registered direct placement.
The Stock Purchase Agreements provide for the sale of $5.36 million of common stock at $7.50 per share. The Stock Purchase Agreements
also provide a non-transferrable oversubscription option for the
investors to purchase up to $7.1
million of common stock at $10.00 per share that becomes exercisable six
months after the date of the closing of the initial sale and is
exercisable for twelve months.
The placement is expected to close on or about June 10, 2015, subject to satisfaction of
customary closing conditions.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the transaction.
The securities described above are being offered pursuant to a
shelf registration statement (File No. 333-193557), which was
declared effective by the United States Securities and Exchange
Commission ("SEC") on April 10, 2014.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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 registration or qualification under the
securities laws of any such state or jurisdiction. When filed with
the SEC, copies of the prospectus supplement and the accompanying
base prospectus relating to this offering may be obtained at the
SEC's website at http://www.sec.gov or by request at H.C.
Wainwright & Co. at placements@hcwco.com.
About Oramed Pharmaceuticals
Oramed Pharmaceuticals is a technology pioneer in the field of
oral delivery solutions for drugs currently delivered via
injection. Established in 2006, Oramed's Protein Oral Delivery
(POD™) technology is based on over 30 years of research by top
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). Having completed separate
Phase IIa clinical trials, the company anticipates the initiation
of separate Phase IIb clinical trials, in patients with both type 1
and type 2 diabetes under an Investigational New Drug application
with the U.S. Food and Drug Administration. In addition the company
is developing an oral GLP-1 analog capsule (ORMD-0901).
For more information, the content of which is not part of
this press release, please
visithttp://www.oramed.com
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, 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 SEC.
Company Contact
Oramed Pharmaceuticals
Ariella Vaystooch
Office: +972-2-566-0001 ext. 2
US: +1-718-831-2512 ext. 2
Email: ariella@oramed.com
SOURCE Oramed Pharmaceuticals Inc.