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Oramed completes USD 2m financing round

Oramed Pharmaceuticals, an Israeli-headquartered developer of oral insulin gel capsules, has closed a financing round of over USD 2m by private investors.

Oramed Pharmaceuticals, an Israeli-headquartered developer of oral insulin gel capsules, has closed a financing round of over USD 2m by private investors.

The placement was at USD 0.50 per share with a warrant priced at USD 0.75.

Oramed's CEO, Nadav Kidron, said: "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. We hope to complete our phase Ia trials shortly. This investment...allows the company to fully focus on its R&D efforts and complete its phase I product trials."

Oramed is currently developing an orally ingestible soft gel insulin capsule for the treatment of diabetes. The company says it is also pursuing the development of oral delivery solutions for other drugs and vaccines.

6th August 2007

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