Oramed Pharmaceuticals Completes $2 Million in Financing
07 August 2007 - 12:00AM
PR Newswire (US)
JERUSALEM, Israel, August 6 /PRNewswire-FirstCall/ -- Oramed
Pharmaceuticals, Inc.(OTCBB: ORMP), a leading developer of the oral
insulin gel capsule, is pleased to announce the closing of a
financing of over $2 million dollars into the Company by a number
of leading private investors with strong connections to the
Pharmaceutical industry. The placement was at $0.50 per share with
a warrant priced at $0.75. CEO, Nadav Kidron stated, "This
investment, at a premium to the market, ensures that Oramed has
enough funds to reach completion of Phase 1 trials, which we expect
by mid-2008. In fact, we hope to complete our phase 1A trials
shortly. This investment marks a milestone for Oramed's stability,
allowing the company to fully focus on its research and development
efforts and complete its phase 1 product trials. " Phase 1A trials
presently entail safety studies to ensure that there are no
negative side effects in healthy humans. Phase 1B will help
formulate the proper dosage for Diabetic patients in the future.
About Oramed Pharmaceuticals : Oramed Pharmaceuticals' is an
Israeli based company focused on the development of oral delivery
solutions based on proprietary technology. Diabetes is one of the
most rapidly growing diseases in the world and is one that requires
constant and often unpleasant monitoring and drug therapy regimen.
Oramed is currently developing an orally ingestible soft gel
insulin capsule for the treatment of diabetes. The Company is also
pursuing the development of oral delivery solutions for other drugs
and vaccines. For more information please visit our website at:
http://www.oramedpharma.com/. Legal Notice and Forward Looking
Statements For Oramed Pharmaceuticals This news release contains
statements, which may constitute "forward-looking statements".
Those statements include statements regarding the intent, belief or
current expectations of Oramed Pharmaceutical Inc., and members of
our management as well as the assumptions on which such statements
are based. Forward-looking statements in this release include: that
we are currently developing an orally ingestible soft gel insulin
capsule for the treatment of type 1 and 2 diabetes; that we are
pursuing the development of oral delivery solutions for other drugs
and vaccines; that we will use funds from the private placement to
complete product trials; that phase 1A trials entail safety studies
to ensure that there are no negative side effects in healthy
humans; and that phase 1B will help formulate the proper dosage for
Diabetic patients in the future. Factors which may significantly
change or prevent our forward looking statements from fruition
include that we may be unsuccessful in developing any products;
that human trials may suffer unforeseen difficulties or adverse
medical effects on participants; that our technology may not be
validated as we progress further and our methods may not be
accepted by the scientific community; that we are unable to retain
or attract key employees whose knowledge is essential to the
development of our products; that unforeseen scientific
difficulties develop with our process; that our patents are not
sufficient to protect essential aspects of our technology; that
competitors may invent better technology to treat or cure diabetes
or that the market for diabetes drugs does not increase; that
studies are cut short by unexpected problems with our methodology;
that our products may not work as well as hoped or worse, that our
products may harm recipients; and that we may not be able raise
funds for development or working capital when we require it. As
well, our products may never develop into useful products and even
if they do, they may not be approved for sale to the public. For
further risk factors see the Company's latest 10-KSB filed with the
SEC. DATASOURCE: Oramed Pharmaceuticals Inc. CONTACT: For further
information, please contact: ORAMED PHARMACEUTICALS, INC, Investor
Relations: Vinisha Agnihotri, +1-646-467-2252 (Office),
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