Date: 2014-12-03
Type of information: Private placement
Company: Oramed Pharmaceuticals (Israel)
Investors: Guangxi Wuzhou Pharmaceutical Company (China)
Amount: $5 million
Funding type: private placement
Planned used: Oramed Pharmaceuticals intends to use the net proceeds from this offering for expenses primarily related to the Company’s anticipated U.S. focused clinical development programs for its oral insulin for type 1 and type 2 diabetes indications, for preclinical and clinical studies of its oral GLP-1 analog project, and for general corporate purposes, including general working capital purposes.
Others: * On December 3, 2014, Oramed Pharmaceuticals, a developer of oral drug delivery systems, announced that it has received $5 million in connection with the definitive agreement with Guangxi Wuzhou Pharmaceutical Co., Ltd., a subsidiary of Guangxi Wuzhou Zhongheng Group Company previously reported on November 3, 2014, for the purchase of 696,378 restricted shares of common stock for $7.18 per share, the closing price of Oramed’s common stock on Friday, October 31, 2014, in a private placement. Guangxi Wuzhou Zhongheng Group Company Ltd is an investment holding company publicly traded on the Shanghai Stock Exchange.
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