Oramed Pharmaceuticals Inc (NASDAQ:ORMP) (TASE:ORMP) announced on Friday the sale of USD18.1m of shares of its common stock and warrants in a registered direct offering with several healthcare-focused institutional investors.
Under the terms of the agreement, the company has sold USD18.1m of shares of its common stock and warrants to purchase shares of its common stock at a combined price of USD6.25 per share and related warrant.
HC Wainwright & Co acted as the exclusive placement agent for the offering.
Established in 2006, the technology company is engaged in the field of oral delivery solutions for drugs currently delivered via injection. Its Protein Oral Delivery (POD) technology is based on over 30 years of research by top scientists at Jerusalem's Hadassah Medical Center. It is seeking to revolutionize the treatment of diabetes through its proprietary flagship product, an orally ingestible insulin capsule (ORMD-0801).
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