ORAMED PHARM INC (ticker: ORMP, exchange: OTC Bulletin Board (.OB))
News Release -
Oramed Pharmaceuticals Completes $2 million in Financing
JERUSALEM--(BUSINESS WIRE)--Oramed Pharmaceuticals, Inc. (OTCBB:ORMP - News), a
leading developer of the oral insulin gel capsule, is pleased to announce the closing of a
financing of over $2 million into the Company by a number of leading private investors with
strong connections to the pharmaceutical industry. The placement was at $0.50 per share with a
warrant priced at $0.75.
CEO, Nadav Kidron, stated, "This
investment, at a premium to the market,
ensures that Oramed has enough funds
to reach completion of Phase 1 trials,
which we expect by mid-2008. In fact,
we hope to complete our Phase 1A trials
shortly. This investment marks a
milestone for Oramed's stability,
allowing the company to fully focus on
its research and development efforts
and complete its Phase 1 product trials."
Phase 1A trials presently entail safety
studies to ensure that there are no
negative side effects in healthy humans.
Phase 1B will help formulate the proper
dosage for diabetic patients in the future.
About Oramed Pharmaceuticals
Oramed Pharmaceuticals' is an Israeli-based company focused on the development of oral
delivery solutions based on proprietary technology. Diabetes is one of the most rapidly growing
diseases in the world and is one that requires constant and often unpleasant monitoring and drug
therapy regimen. Oramed is currently developing an orally ingestible soft gel insulin capsule for
the treatment of diabetes. The Company is also pursuing the development of oral delivery
solutions for other drugs and vaccines. For more information please visit our website at:
Legal Notice and Forward-Looking Statements for Oramed Pharmaceuticals
This news release contains statements which may constitute "forward-looking statements."
Those statements include statements regarding the intent, belief or current expectations of
Oramed Pharmaceutical Inc. and members of our management as well as the assumptions on
which such statements are based. Forward-looking statements in this release include: that we
are currently developing an orally ingestible soft gel insulin capsule for the treatment of type 1
and 2 diabetes; that we are pursuing the development of oral delivery solutions for other drugs
and vaccines; that we will use funds from the private placement to complete product trials; that
Phase 1A trials entail safety studies to ensure that there are no negative side effects in healthy
humans; and that Phase 1B will help formulate the proper dosage for diabetic patients in the
future. Factors which may significantly change or prevent our forward-looking statements from
fruition include that we may be unsuccessful in developing any products; that human trials may
suffer unforeseen difficulties or adverse medical effects on participants; that our technology may
not be validated as we progress further and our methods may not be accepted by the scientific
community; that we are unable to retain or attract key employees whose knowledge is essential
to the development of our products; that unforeseen scientific difficulties develop with our
process; that our patents are not sufficient to protect essential aspects of our technology; that
competitors may invent better technology to treat or cure diabetes or that the market for diabetes
drugs does not increase; that studies are cut short by unexpected problems with our
methodology; that our products may not work as well as hoped or, worse, that our products may
harm recipients; and that we may not be able to raise funds for development or working capital
when we require it. As well, our products may never develop into useful products and, even if
they do, they may not be approved for sale to the public. For further risk factors see the
Company's latest 10-KSB filed with the SEC.
Oramed Pharmaceuticals, Inc.
Vinisha Agnihotri, Investor Relations, 646-467-2252