Oral Insulin Capsule Developer Oramed Raises $18 Million in Direct Offering

Nasdaq and Tel Aviv-listed clinical-stage drug developer Oramed Pharmaceuticals Inc. has raised $18.1 million from healthcare-focused institutional investors in a registered direct offering of shares and warrants, the company announced Friday. Jerusalem-headquartered Oramed develops delivery systems for oral drugs. Its flagship product is an oral insulin capsule for type 1 and type 2 diabetics. The company intends to use the recent proceeds for research and development and for clinical trials.