Oramed to raise $15.8 mln in direct offering to investors

JERUSALEM Wed Dec 25, 2013 9:09am EST

JERUSALEM Dec 25 (Reuters) - Oramed, an Israeli developer of oral drug delivery systems, said it had agreed to sell 1.58 million shares of its common stock at $10 per share in a registered direct offering.

Net proceeds of $15.8 million will go towards expenses primarily related to the company's U.S. focused clinical development of its oral insulin for type 1 and type 2 diabetes indications, as well as pre clinical and clinical studies for its oral GLP-1 analog project, and for general corporate purposes, Oramed said.

Aegis Capital Corp. is acting as sole placement agent for the offering.

Oramed's Nasdaq-listed shares closed at $15 on Tuesday.

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