JERUSALEM, June 11, 2015 /PRNewswire/ --
Oramed Pharmaceuticals Inc. (NASDAQ:
ORMP), a developer of oral drug delivery systems, today announced
the closing of its previously-announced registered direct placement
with institutional investors. Oramed has sold $5.36 million of shares of common stock at
$7.50 per share. Investors have also
received an oversubscription option to purchase up to an additional
$7.1 million of common stock at
$10.00 per share that becomes
exercisable six months from today and is exercisable for twelve
months.
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. 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 visit http://www.oramed.com
Forward-looking statements: This press release contains
forward-looking statements. For example, we are using
forward-looking statements 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 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.