NEW YORK, Feb. 26, 2020 /PRNewswire/ -- Oramed
Pharmaceuticals Inc. (NASDAQ: ORMP), (TASE: ORMP), a clinical-stage
pharmaceutical company focused on the development of oral drug
delivery systems, today announced that it intends to offer and sell
shares of its common stock in an underwritten public offering. All
of the shares in the underwritten public offering are to be sold by
Oramed. Oramed intends to grant the underwriters a 45-day option to
purchase up to an additional 15% of the shares of common stock
offered in the public offering at the public offering price, less
the underwriting discount.
The Company intends to use the net proceeds of the offering for
its anticipated Phase 3 clinical trial in ORMD-0801 (Oral Insulin)
and for other clinical trials and research and development
activities as well as for general corporate purposes.
National Securities Corporation, a wholly owned subsidiary of
National Holdings Corporation, is acting as the sole book running
manager for the offering.
A.G.P./Alliance Global Partners is acting as financial advisor
for the proposed offering.
The shares of common stock are being offered by Oramed pursuant
to its shelf registration statement on Form S-3 (File No.
333-236194) previously filed and declared effective by the
Securities and Exchange Commission (the "SEC") on February 10, 2020. The offering may be made only
by means of a prospectus supplement and accompanying prospectus.
Copies of the preliminary prospectus supplement and accompanying
prospectus, when available, may be obtained from National
Securities Corporation, Attn: Charles
Wanyama, 200 Vesey Street, 25th Floor, New York, New York 10281, telephone: (212)
417-3634, or by email at prospectusrequest@nationalsecurities.com;
or on the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Oramed Pharmaceuticals
Oramed Pharmaceuticals is a platform technology pioneer in
the field of oral delivery solutions for drugs currently delivered
via injection. Established in 2006, with offices in New
York and Israel, Oramed has developed a novel Protein
Oral Delivery (PODTM) technology that is based on more
than 30 years of research by scientists
at Jerusalem's Hadassah Medical Center. Oramed is seeking
to revolutionize the treatment of diabetes through its proprietary
lead candidate, ORMD-0801, which has the potential to be the
first commercial oral insulin capsule for the treatment of
Type 2 and Type 1 diabetes. The Company has completed multiple
Phase II clinical trials under an Investigational New Drug
application with the U.S. Food and Drug Administration. In
addition, Oramed is developing an oral GLP-1 (Glucagon-like
peptide-1) analog capsule, ORMD-0901.
Forward-looking Statements
This press release contains forward-looking statements. For
example, Oramed is using forward-looking statements when it
discusses the expected offering, the possible offering of
additional shares and its intended use of proceeds, as well as
future clinical trials or revolutionizing the treatment of diabetes
with its products. In addition, historic results of scientific
research and clinical trials do not guarantee that the conclusions
of future research or trials will suggest identical or even similar
conclusions. These forward-looking statements are based on the
current expectations of the management of Oramed only, and are
subject to a number of factors and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements, including market risks and
uncertainties, the success of the public offering, use of proceeds
of the public offering, and the satisfaction of all conditions to,
and the timely closing of, the offering; the risks and
uncertainties related to the progress, timing, cost, and results of
clinical trials and product development programs; difficulties or
delays in obtaining regulatory approval or patent protection for
Oramed's product candidates; competition from other pharmaceutical
or biotechnology companies; and Oramed's ability to obtain
additional funding required to conduct its research, development
and commercialization activities. In addition, the following
factors, among others, could cause actual results to differ
materially from those described in the forward-looking statements:
changes in technology and market requirements; delays or obstacles
in launching Oramed's clinical trials; changes in legislation;
inability to timely develop and introduce new technologies,
products and applications; lack of validation of Oramed's
technology as it progresses further and lack of acceptance of
Oramed's methods by the scientific community; inability to retain
or attract key employees whose knowledge is essential to the
development of Oramed's products; unforeseen scientific
difficulties that may develop with Oramed's process; greater cost
of final product than anticipated; loss of market share and
pressure on pricing resulting from competition; laboratory results
that do not translate to equally good results in real settings;
Oramed's patents may not be sufficient; and finally that products
may harm recipients, all of which could cause the actual results or
performance of Oramed to differ materially from those contemplated
in such forward-looking statements. Except as otherwise required by
law, Oramed undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. For a more detailed description of the risks
and uncertainties affecting Oramed, reference is made to Oramed's
reports filed from time to time with the Securities and
Exchange Commission.
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Company Contact
Estee Yaari
+1-844-9-ORAMED
estee@oramed.com
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SOURCE Oramed Pharmaceuticals Inc.