Date: 2013-12-24
Type of information: Private placement
Company: Oramed Pharmaceuticals (Israel)
Investors:
Amount: $15.8 million
Funding type: private placement
Planned used: Oramed intends to use the net proceeds from this offering for expenses primarily related to the company\'s anticipated U.S. focused clinical development of its oral insulin for type 1 and type 2 diabetes indications as well as preclinical and clinical studies for its oral GLP-1 analog project, and for general corporate purposes, including general working capital purposes.
Others: * On December 24, 2013, Oramed Pharmaceuticals, a developer of oral drug delivery systems, has announced that it has entered into definitive agreements with investors to purchase an aggregate of 1,580,000 shares of common stock at a price of $10.00 per share in a registered direct offering. The offering is expected to close on or about December 31, 2013, subject to the satisfaction of customary closing conditions. 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.
Oramed\'s orally ingestible insulin capsule (ORMD-0801) is currently in Phase 2 clinical trials on patients with type 2 diabetes (T2DM) under an Investigational New Drug application with the FDA. The company is also moving forward with clinical trials of ORMD-0801 for the treatment of type 1 diabetes. Its oral exenatide capsule (ORMD-0901) is currently in phase 1 clinical trials.
Therapeutic area: Metabolic diseases
