Investors include D.N.A Biomedical; proceeds will fund clinical trials
By Devika Patel
Knoxville, Tenn., March 9 - Oramed Pharmaceuticals, Inc. said it completed a private placement of stock. The deal raised $3.36 million.
The company sold 10,487,500 common shares at $0.32 per share. The price per share reflects a 14.29% premium to the March 8 closing share price of $0.28.
Investors also received warrants for 3,670,625 shares, which are each exercisable at $0.50. The strike price is a 78.57% premium to the March 8 closing share price.
D.N.A Biomedical Solutions Ltd. invested $250,000.
Proceeds will be used for research and development, clinical trials and product development.
Based in Jerusalem, Oramed develops oral-delivered treatments for diabetes.
| Issuer: | Oramed Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $3,356,000
|
| Shares: | 10,487,500
|
| Price: | $0.32
|
| Warrants: | For 3,670,625 shares
|
| Warrant strike price: | $0.50
|
| Investor: | D.N.A Biomedical Solutions Ltd. (for $250,000)
|
| Settlement date: | March 9
|
| Stock symbol: | OTCBB: ORMP
|
| Stock price: | $0.28 at close March 8
|
| Market capitalization: | $17.62 million
|
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