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Israeli startup Oramed Pharmaceuticals, a developer of oral drug delivery systems, announced that it entered into purchase agreements with several institutional investors for a registered direct placement.
The Stock Purchase Agreements provide for the sale of $5.36 million of common stock at $7.50 per share. The Stock Purchase Agreements also provide a non-transferrable oversubscription option for the investors to purchase up to $7.1 million of common stock at $10.00 per share that becomes exercisable six months after the date of the closing of the initial sale and is exercisable for twelve months.
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The placement is expected to close on or about June 10, 2015, subject to satisfaction of customary closing conditions. H.C. Wainwright & Co. acted as the exclusive placement agent for the transaction.
Oramed Pharmaceuticals is a technology pioneer in the field of oral delivery solutions for drugs currently delivered via injection. Established in 2006, Oramed’s Protein Oral Delivery (POD™) technology is based on over 30 years of research by top 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).
Having completed separate Phase IIa clinical trials, the company anticipates the initiation of separate Phase IIb clinical trials, in patients with both type 1 and type 2 diabetes under an Investigational New Drug application with the U.S. Food and Drug Administration. In addition the company is developing an oral GLP-1 analog capsule (ORMD-0901).
