Oral drug delivery system developer Oramed Pharmaceuticals Inc. (Bulletin Board:ORMP.OB)) announced today that it raised $5 million in a private placement.
The offering consisted of 8.67 million shares of its common stock sold to a 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.
Jerusalem-based Oramed will use the funds for its ongoing R&D efforts as well as for the next phase of its clinical trials on its lead product, an oral insulin capsule. The firm is currently conducting Phase IIa trials, testing the capsule for both safety and efficacy. The results from these trials are expected within the next few weeks.
Oramed CEO Nadav Kidron said, "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.”
Oramed was one of the 60 “enterprises of tomorrow" that presented at Israel's first presidential conference, “Facing Tomorrow”, hosted by President Shimon Peres in May.
Published by Globes [online], Israel business news - www.globes-online.com - on July 15, 2008
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