Jerusalem-based Oramed Pharmaceuticals announced on Monday that it has successfully completed a $2 million capital campaign The placement was at $0.50 per share with a warrant priced at $0.75.
Oramed, a leading developer of the oral insulin gel capsule 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. The $2m. financing, raised by a number of leading private investors, will allow the company to fully focus on its research and development efforts and complete phase 1 product trials, which will ensure that there are both no negative side effects in healthy humans as well as help formulate the proper dosage for diabetic patients in the future.