Full Press Release Details
Pharmaceuticals Raises
$5 Million Through a Private Placement
- Oramed Pharmaceuticals, Inc. (OTCBB: ORMP.OB; www.oramed.com),
developer of oral delivery systems, announced today that it has completed a
raise of $5 million in a private placement of 8,668,002 shares
common stock with a select group of investors, led by
connection with the private placement, investors received three year warrants
purchase an aggregate of 4,262,337 shares of common stock at an exercise price
investors in this round of funding, including
Montaur Capital Partners, whose principal, Dr. Michael
expert in the oral insulin market, bring a strategic added value to the
Nadav Kidron, CEO of Oramed. "We are excited
these investors involved with Oramed and we look forward to moving ahead with
the development of our entire line of products."
will use the funds for its ongoing R&D efforts as well as for the next phase
of the Company's clinical trials on its lead product, an oral insulin capsule.
The Company is currently conducting Phase 2A trials, testing the capsule for
both safety and efficacy. The results from these trials are expected within
planning on launching Phase 2B trials of its oral insulin capsule by the end
the year. The trial is intended to evaluate the safety, tolerability and
efficacy on diabetic type 2 volunteers. It is anticipated that this study will
be conducted over several months, and the subjects will each receive the
treatment for a period of 6 weeks.
oral insulin product represents a significant potential product
impressed with the management team at Oramed and their commitment to this
important unmet medical need and I am excited by the potential for this
technology to be used with many other large commercial product opportunities."
press release shall not constitute an offer to sell or the solicitation of
offer to buy any security. The securities issued in the private placement have
not been registered under the Securities Act of 1933 or applicable state
securities laws and may not be offered or sold absent registration or an
applicable exemption from the registration requirements of the Securities Act
and applicable state securities laws.
Oramed Pharmaceuticals
Pharmaceuticals is a technology pioneer in the field of oral delivery solutions
for drugs and vaccines presently delivered via injection. Oramed is seeking
revolutionize the treatment of diabetes through its patented flagship product,
an orally ingestible insulin capsule currently in phase 2 clinical trials.
Established in 2006, Oramed's technology is based on over 25 years of research
by top research scientists at Jerusalem's Hadassah Medical Center. The Company's
corporate and R&D headquarters are based in Jerusalem.
more information, please visit www.oramed.com
the statements contained in this press release are forward-looking statements
which involve known and unknown risks, uncertainties and other factors which
cause the actual results, performance or achievements of the company, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such 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 for our product
candidates; competition from other pharmaceutical or biotechnology companies;
and the company's ability to obtain additional funding required to conduct its
research, development and commercialization activities. Please refer to the
company's filings with the Securities and Exchange Commission for a
comprehensive list of risk factors that could cause actual results, performance
or achievements of the company to differ materially from those expressed or
implied in such forward looking statements. The company undertakes no obligation
to update or revise any forward-looking statements.
and Investor Relation Contacts:
Finn Israel for Oramed