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Oramed Pharmaceuticals Completes $5.6 Million Funding To Advance Clinical Trials

JERUSALEM, December 11, 2012 /PRNewswire/ --

Oramed Pharmaceuticals Inc. (OTCBB:ORMP) ( http://www.oramed.com), a developer of oral drug delivery systems, announced today that it has completed a capital raise of $4,973,075, net of finder's fee, priced at $0.37 per unit. Each unit includes one share of stock. Unit holders were also issued one warrant for each two shares of stock purchased, at an exercise price of $0.50 per share for five years. A total of 13,647,866 shares of common stock and 6,823,938 warrants were issued. The Company also issued 13,514 shares of common stock and 6,757 common stock purchase warrant, and will also issue 152,939 shares of common stock and 76,470 common stock purchase warrant as a finder's fee.

In addition, on October 30, 2012, the Company issued 2,390,057 shares of common stock to D.N.A Biomedical Solutions Ltd., valued at such time at approximately $628,630, for a warrant to purchase up to 21,637,611 ordinary shares of D.N.A.

"The funds from this raise, which was done at a premium to our current and recent trading price, will afford the Company the necessary capital as it approaches Phase 2 trials on its oral insulin capsule in the U.S. We intend to file an IND (Investigative New Drug) application for the trial with the FDA in the upcoming weeks," commented Nadav Kidron, CEO of Oramed.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

About Oramed Pharmaceuticals

Stock quotes in this article: ORMP 

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