Oramed Pharmaceuticals, an Israeli developer of novel oral delivery drugs, raised $5 million in a private placement with Guangxi Wuzhou Zhongheng Group. Oramed will use the proceeds for clinical trials of ORMD-0801, an oral insulin product, and development of its oral GLP-1 analog project, also for diabetes. Oramed expects Zhongheng to develop its oral drug products in China.
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