Company sells 13,647,866 units of one share and one half-share warrant
By Devika Patel
Knoxville, Tenn., Dec. 11 - Oramed Pharmaceuticals Inc. said it settled a $5.05 million private placement of units.
The company sold 13,647,866 units of one common share and one half-share warrant at $0.37 per unit. Each whole warrant is exercisable at $0.50 for five years. The strike price reflects a 66.67% premium to the Dec. 10 closing share price of $0.30.
"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 United States. We intend to file an IND (Investigative New Drug) application for the trial with the FDA in the upcoming weeks," chief executive officer Nadav Kidron said in a press release.
Based in Jerusalem, Oramed develops oral-delivered treatments for diabetes.
| Issuer: | Oramed Pharmaceuticals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $5,049,710
|
| Units: | 13,647,866
|
| Price: | $0.37
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Settlement date: | Dec. 11
|
| Stock symbol: | OTCBB: ORMP
|
| Stock price: | $0.30 at close Dec. 10
|
| Market capitalization: | $24.31 million
|
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