Oramed to Raise $15,800,000 in Registered Direct Offering

PR Newswire

JERUSALEM, Dec. 24, 2013 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (ORMP), a developer of oral drug delivery systems, today announced that it has entered into definitive agreements with investors to purchase an aggregate of 1,580,000 shares of common stock at a price of $10.00 per share in a registered direct offering. The offering is expected to close on or about December 31, 2013, subject to the satisfaction of customary closing conditions.

Oramed intends to use the net proceeds from this offering for expenses primarily related to the company's anticipated U.S. focused clinical development of its oral insulin for type 1 and type 2 diabetes indications as well as preclinical and clinical studies for its oral GLP-1 analog project, and for general corporate purposes, including general working capital purposes.

Aegis Capital Corp. is acting as sole placement agent for the offering.

This offering is being made pursuant to a shelf registration statement that Oramed previously filed with the Securities and Exchange Commission (SEC) and which became effective on March 22, 2013. A prospectus supplement and accompanying base prospectus will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained from the SEC's website at www.sec.gov. or from Aegis Capital Corp, 810 7th Avenue, 18th Floor, New York, NY 10019 or via telephone at 212-813-1010 or email: prospectus@aegiscap.com.

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 and vaccines currently delivered via injection. Established in 2006, Oramed's Protein Oral Delivery (PODTM) technology is based on over 30 years of research by top research 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) currently in Phase 2 clinical trials on patients with type 2 diabetes (T2DM) under an Investigational New Drug application with the U.S. Food and Drug Administration, and with its oral exenatide capsule (ORMD-0901; a GLP-1 analog), with trials on healthy volunteers. Oramed is also moving forward with clinical trials of ORMD-0801 for the treatment of type 1 diabetes. The company's corporate and R&D headquarters are based in Jerusalem.

Forward-looking statements: This press release contains forward-looking statements. For example, we are using forward-looking statements when we discuss the expected closing of our offering and our intended use of proceeds, or when we discuss revolutionizing the treatment of diabetes with our products, or when we discuss our clinical trials. 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 closing conditions being met for the offering and 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.

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