Oramed Pharmaceuticals Raises $5 Million Through a Private Placement
July 15 2008 - 7:30AM
PR Newswire (US)
The Equity Financing was led by Montaur Capital Partners JERUSALEM,
Israel, July 15 /PRNewswire-FirstCall/ -- Oramed Pharmaceuticals,
Inc. (OTCBB: ORMP.OB) (http://www.oramed.com/), a 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 of its common
stock with a select group of investors, led by Montaur Capital
Partners. In connection with the private placement, investors
received three year warrants to purchase an aggregate of 4,262,337
shares of common stock at an exercise price of $0.90 per share.
"The investors in this round of funding, including Montaur Capital
Partners, whose principal, Dr. Michael Goldberg, is an expert in
the oral insulin market, bring a strategic added value to the
company," said Nadav Kidron, CEO of Oramed. "We are excited to have
these investors involved with Oramed and we look forward to moving
ahead with the development of our entire line of products." Oramed
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 the
next few weeks. Oramed is planning on launching Phase 2B trials of
its oral insulin capsule by the end of 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. "Oramed's oral
insulin product represents a significant potential product
opportunity;" said Dr. Goldberg. "I am 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." This press release shall not constitute an offer to
sell or the solicitation of an 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. About Oramed
Pharmaceuticals Oramed Pharmaceuticals is a technology pioneer in
the field of oral delivery solutions for drugs and vaccines
presently delivered via injection. Oramed is seeking to
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. For more information,
please visit http://www.oramed.com/ Forward-looking statements Some
of the statements contained in this press release are
forward-looking statements which involve known and unknown risks,
uncertainties and other factors which may 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. Company and Investor
Relation Contacts: Oramed Pharmaceuticals Eric Rosenberg Cell:
+972-54-566-7713 Office: +972-2-566-0001 Email: Media Contacts:
Ruder Finn Israel for Oramed Matthew Krieger Cell: +972-54-467-6950
Office: +972-2-589-2003 Email: DATASOURCE: Oramed Pharmaceuticals
Inc. CONTACT: Company and Investor Relation Contacts: Oramed
Pharmaceuticals, Eric Rosenberg, Cell: + 972-54-566-7713, Office: +
972-2-566-0001, Email: . Media Contacts: Ruder Finn Israel for
Oramed, Matthew Krieger, Cell: +972-54-467-6950, Office:
+972-2-589-2003, Email:
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