On February 27, 2020 Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) ("Oramed" or "Company"), a clinical-stage pharmaceutical company focused on the development of oral drug delivery systems, reported the pricing of an underwritten public offering of 5,250,000 shares of its common stock at a public offering price of $4.00 per share (Press release, Oramed Pharmaceuticals, FEB 27, 2020, View Source [SID1234554941]). All of the shares in the offering are to be sold by Oramed. Oramed has granted the underwriters a 45-day option to purchase up to 787,500 additional shares of common stock at the public offering price, less the underwriting discount. The offering is expected to close on or about March 2, 2020, subject to the satisfaction of customary closing conditions.

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The gross proceeds from the offering, before deducting the underwriting discount and estimated offering expenses payable by Oramed, are expected to be $21 million. 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 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 is being made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the underwritten public offering have been filed with the SEC and are available on the SEC’s website at View Source A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website. When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also 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].

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.