JERUSALEM, Israel, December 3, 2014 /PRNewswire/ --
Oramed Pharmaceuticals Inc. (NASDAQCM:
ORMP), a developer of oral drug delivery systems, today announced
that it has received $5 million in
connection with the definitive agreement with Guangxi Wuzhou
Pharmaceutical Co., Ltd., a subsidiary of Guangxi Wuzhou Zhongheng
Group Company Ltd (SHA:600252) previously reported on November 3, 2014, for the purchase of 696,378
restricted shares of common stock for $7.18 per share, the closing price of Oramed's
common stock on Friday, October 31,
2014, in a private placement.
Guangxi Wuzhou Zhongheng Group Company Ltd is an investment
holding company publicly traded on the Shanghai Stock Exchange.
"We are pleased to have Wuzhou as a new shareholder," noted
Nadav Kidron, Chief Executive
Officer of Oramed. "China offers a
substantial market opportunity for our diabetes focused pipeline
and we are delighted to have Wuzhou as a supportive shareholder, as
they can help strategically guide our development and commercial
entrance into China," commented
CEO Nadav Kidron.
Oramed intends to use the net proceeds from this offering for
expenses primarily related to the Company's anticipated U.S.
focused clinical development programs for its oral insulin for type
1 and type 2 diabetes indications, for preclinical and clinical
studies of its oral GLP-1 analog project, and for general corporate
purposes, including general working capital purposes.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any of the Company's securities. No
offer, solicitation or sale will be made in any jurisdiction in
which such offer, solicitation or sale is unlawful.
About Oramed Pharmaceuticals
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).
For more information, the content of which is not part of
this press release, please
visit http://www.oramed.com
Forward-looking statements: This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" and similar expressions
or variations of such words are intended to identify
forward-looking statements. For example, we are using
forward-looking statements when we discuss our clinical trials,
including the expected timing thereof, and revolutionizing the
treatment of diabetes with our products. 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
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 our product candidates; competition from other
pharmaceutical or biotechnology companies; and our ability to
obtain additional funding required to conduct our 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 our clinical trials; changes in
legislation; inability to timely develop and introduce new
technologies, products and applications; lack of validation of our
technology as we progress further and lack of acceptance of our
methods by the scientific community; inability to retain or attract
key employees whose knowledge is essential to the development of
our products; unforeseen scientific difficulties that may develop
with our 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; our patents may not be sufficient;
and final 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
Oramed Pharmaceuticals
Ariella Nachman
Office: +972-2-566-0001 ext. 2
US: +1-718-831-2512 ext. 2
Email: ariella@oramed.com
SOURCE Oramed Pharmaceuticals Inc.