On February 26, 2020 Oramed Pharmaceuticals Inc. (NASDAQ: ORMP), (TASE: ORMP), a clinical-stage pharmaceutical company focused on the development of oral drug delivery systems, reported that it intends to offer and sell shares of its common stock in an underwritten public offering (Press release, Oramed Pharmaceuticals, FEB 26, 2020, View Source [SID1234554830]). All of the shares in the underwritten public offering are to be sold by Oramed. Oramed intends to grant the underwriters a 45-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering at the public offering price, less the underwriting discount.
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The Company intends to use the net proceeds of the offering for its anticipated Phase 3 clinical trial in ORMD-0801 (Oral Insulin) and for other clinical trials and research and development activities as well as for general corporate purposes.
National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation, is acting as the sole book running manager for the offering.
A.G.P./Alliance Global Partners is acting as financial advisor for the proposed offering.
The shares of common stock are being offered by Oramed pursuant to its shelf registration statement on Form S-3 (File No. 333-236194) previously filed and declared effective by the Securities and Exchange Commission (the "SEC") on February 10, 2020. The offering may be made only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus, when available, may be obtained from National Securities Corporation, Attn: Charles Wanyama, 200 Vesey Street, 25th Floor, New York, New York 10281, telephone: (212) 417-3634, or by email at [email protected]; or on the SEC’s website at View Source
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.