Oramed closes $2 million financing

Oramed Pharmaceuticals, an Israeli developer of the oral insulin gel capsule, says it has closed a financing of over $2.0 million by a number of private investors with strong connections to the pharmaceutical industry. The placement was at $0.50 per share with a warrant priced at $0.75.

Chief executive Nadav Kidron stated: "this investment, at a premium to the market, ensures that Oramed has enough funds to reach completion of Phase I trials, which we expect by mid-2008. In fact, we hope to complete our Phase Ia 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 I product trials." The company is developing an orally-ingestible soft-gel insulin capsule for the treatment of type 1 and 2 diabetes.

Phase Ia trials presently entail safety studies to ensure that there are no negative side effects in healthy humans. Phase Ib will help formulate the proper dosage for diabetic patients in the future.