Oramed to Raise $4,600,000 in Registered Direct Offering
JERUSALEM, July 10, 2013 /PRNewswire/ –
Oramed Pharmaceuticals Inc. (NASDAQCM: ORMP), a developer of oral drug delivery
systems, today announced it has entered into definitive agreements with investors to
purchase an aggregate of 657,144 shares of common stock at a price of $7.00 per share in a
registered direct offering. The offering is expected to close on or about July 16, 2013,
subject to the satisfaction of customary closing conditions.
Oramed intends to use the net proceeds from this offering for expenses related to its
clinical trials, research and product development activities, and for general corporate
purposes, including general working capital purposes.
Aegis Capital Corp. is acting as the lead placement agent for the offering.
Maxim Group LLC is acting as a co-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
http://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: email@example.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
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 initiating 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 (Phase 1b) and T2DM patients (Phase 2a) underway. The company’s corporate and
R&D headquarters are based in Jerusalem.
For more information, the content of which is not part of this press release, please
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 Securities and Exchange
Company Contact: Oramed Pharmaceuticals Aviva Sherman Mobile: +972-54-792-4438 Office: +972-2-566-0001 Email: firstname.lastname@example.org
SOURCE Oramed Pharmaceuticals Inc.