Oramed Pharmaceuticals to purchase $15,800,000 shares in registered direct offering

Dec 26 2013

Oramed Pharmaceuticals Inc. (NASDAQCM: ORMP), a developer of oral drug delivery systems, today 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.

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.

Aegis Capital Corp. is acting as sole placement agent for the offering.

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. Electronic copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained from the SEC's website at www.sec.gov. or from Aegis Capital Corp, 810 7th Avenue, 18th Floor, New York, NY 10019 or via telephone at 212-813-1010 or email: [email protected].

SOURCE Oramed Pharmaceuticals Inc.