U.S. Markets closed

Oramed surges after canceling $13M stock offering

NEW YORK (AP) -- Shares of Oramed Pharmaceuticals Inc. jumped Friday after the company canceled a $13 million stock offering, citing market conditions.

Oramed said Monday that it planned to sell $13 million in stock. The underwriters would have had an option to buy about $2 million in additional shares to cover any over allotments.

The company had planned to use the proceeds to help pay for the development of two experimental diabetes drugs.

Shares of Oramed jumped $2.76, or 50.9 percent, to $8.18 in morning trading. The stock fell 36.9 percent between Monday and Thursday.