Oramed Pharmaceuticals Inc. to Raise $4,600,000 in Registered Direct Offering

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JERUSALEM, July 10, 2013 /PRNewswire/ --

Oramed Pharmaceuticals Inc. (NASDAQCM: ORMP), a developer of oral drug delivery systems, today announced it has entered into definitive agreements with investors to purchase an aggregate of 657,144 shares of common stock at a price of $7.00 per share in a registered direct offering. The offering is expected to close on or about July 16, 2013, subject to the satisfaction of customary closing conditions.

Oramed intends to use the net proceeds from this offering for expenses related to its clinical trials, research and product development activities, and for general corporate purposes, including general working capital purposes.

Aegis Capital Corp. is acting as the lead placement agent for the offering.

Maxim Group LLC is acting as a co-placement agent for the offering

This offering is being made pursuant to a shelf registration statement that Oramed previously filed with the Securities and Exchange Commission (SEC) and which became effective on March 22, 2013. A prospectus supplement and accompanying base prospectus will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained from the SEC's website at http://www.sec.gov. or from Aegis Capital Corp, 810 7th Avenue, 18th Floor, New York, NY 10019 or via telephone at 212-813-1010 or email: prospectus@aegiscap.com.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of the Company's securities. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Oramed Pharmaceuticals

Oramed Pharmaceuticals is a technology pioneer in the field of oral delivery solutions for drugs and vaccines currently delivered via injection. Established in 2006, Oramed's technology is based on over 30 years of research by top research scientists at Jerusalem's Hadassah Medical Center. Oramed is seeking to revolutionize the treatment of diabetes through its proprietary flagship product, an orally ingestible insulin capsule (ORMD-0801) currently initiating Phase 2 clinical trials on patients with type 2 diabetes (T2DM) under an Investigational New Drug application with the U.S. Food and Drug Administration, and with its oral exenatide capsule (ORMD-0901; a GLP-1 analog), with trials on healthy volunteers (Phase 1b) and T2DM patients (Phase 2a) underway. The company's corporate and R&D headquarters are based in Jerusalem.

For more information, the content of which is not part of this press release, please visit http://www.oramed.com.

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