NEW YORK, Feb. 27, 2020 /PRNewswire/ -- Oramed
Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) ("Oramed" or
"Company"), a clinical-stage pharmaceutical company focused on the
development of oral drug delivery systems, announced today the
pricing of an underwritten public offering of 5,250,000 shares of
its common stock at a public offering price of $4.00 per share. All of the shares in the
offering are to be sold by Oramed. Oramed has granted the
underwriters a 45-day option to purchase up to 787,500 additional
shares of common stock at the public offering price, less the
underwriting discount. The offering is expected to close on or
about March 2, 2020, subject to the
satisfaction of customary closing conditions.
The gross proceeds from the offering, before deducting the
underwriting discount and estimated offering expenses payable by
Oramed, are expected to be $21
million. 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 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 is being made
only by means of a prospectus supplement and accompanying
prospectus. A preliminary prospectus supplement and
accompanying prospectus relating to the underwritten public
offering have been filed with the SEC and are available on the
SEC's website at http://www.sec.gov. A final prospectus
supplement and accompanying prospectus relating to the offering
will be filed with the SEC and will be available on the SEC's
website. When available, copies of the final prospectus supplement
and the accompanying prospectus relating to the offering may also
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.
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 closing
of the offering, the possible sale of additional shares pursuant to
the underwriters' option 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.
Company Contact
Estee
Yaari
+1-844-9-ORAMED
estee@oramed.com
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SOURCE Oramed Pharmaceuticals Inc.