Oramed Pharmaceuticals Completes $5.6 Million Funding to Advance Clinical Trials

JERUSALEM, December 11, 2012 /PRNewswire/ --

Oramed Pharmaceuticals Inc. (OTCBB:ORMP) (http://www.oramed.com), a developer of oral drug delivery systems, announced today that it has completed a capital raise of $4,973,075, net of finder's fee, priced at $0.37 per unit. Each unit includes one share of stock. Unit holders were also issued one warrant for each two shares of stock purchased, at an exercise price of $0.50 per share for five years. A total of 13,647,866 shares of common stock and 6,823,938 warrants were issued. The Company also issued 13,514 shares of common stock and 6,757 common stock purchase warrant, and will also issue 152,939 shares of common stock and 76,470 common stock purchase warrant as a finder's fee.

In addition, on October 30, 2012, the Company issued 2,390,057 shares of common stock to D.N.A Biomedical Solutions Ltd., valued at such time at approximately $628,630, for a warrant to purchase up to 21,637,611 ordinary shares of D.N.A.

"The funds from this raise, which was done at a premium to our current and recent trading price, will afford the Company the necessary capital as it approaches Phase 2 trials on its oral insulin capsule in the U.S. We intend to file an IND (Investigative New Drug) application for the trial with the FDA in the upcoming weeks," commented Nadav Kidron, CEO of Oramed.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

About Oramed Pharmaceuticals

Oramed Pharmaceuticals is a technology pioneer in the field of oral delivery solutions for drugs and vaccines currently delivered via injection. Established in 2006, Oramed's technology is based on over 25 years of research by top research scientists at Jerusalem's Hadassah Medical Center. Oramed is seeking to revolutionize the treatment of diabetes through its patented flagship product, an orally ingestible insulin capsule (ORMD-0801) currently approaching FDA-approved Phase 2 clinical trials; and with its oral exenatide capsule (ORMD-0901), currently approaching Phase 1b/2a trials, the results of which are expected in Q1 2013. The Company's corporate and R&D headquarters are based in Jerusalem.  

The Company's fact sheet can be viewed here.

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. For example, we are using forward-looking statements when we discuss the projected commencement dates for our upcoming clinical trials, timeline for submission of the IND application, or when results are anticipated. 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 our 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
Aviva Sherman
Cell: +972-54-792-4438
Office: +972-2-566-0001       
Email: aviva@oramed.com 


SOURCE Oramed Pharmaceuticals Inc.



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