Oramed Closes $5 Million Investment From Guangxi Wuzhou Pharmaceutical Company December 10, 2014
Oramed Pharmaceuticals Inc. (NASDAQCM: ORMP), a developer of oral drug delivery systems, today announced that it has received$5 million in connection with the definitive agreement with Guangxi Wuzhou Pharmaceutical Co., Ltd., a subsidiary of Guangxi Wuzhou Zhongheng Group Company Ltd (SHA:600252) previously reported on November 3, 2014, for the purchase of 696,378 restricted shares of common stock for $7.18 per share, the closing price of Oramed's common stock on Friday, October 31, 2014, in a private placement.
Guangxi Wuzhou Zhongheng Group Company Ltd is an investment holding company publicly traded on the Shanghai Stock Exchange.
"We are pleased to have Wuzhou as a new shareholder," noted Nadav Kidron, Chief Executive Officer of Oramed. "China offers a substantial market opportunity for our diabetes focused pipeline and we are delighted to have Wuzhou as a supportive shareholder, as they can help strategically guide our development and commercial entrance into China," commented CEO Nadav Kidron.
Oramed intends to use the net proceeds from this offering for expenses primarily related to the Company's anticipated U.S. focused clinical development programs for its oral insulin for type 1 and type 2 diabetes indications, for preclinical and clinical studies of its oral GLP-1 analog project, and for general corporate purposes, including general working capital purposes.
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. |