Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

ORAMED PHARMACEUTICALS INC.

(ORMP)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

ORAMED PHARMACEUTICALS INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

06/16/2021 | 04:20pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

On June 16, 2021, Oramed Pharmaceuticals Inc. (the "Company") entered into an equity distribution agreement (the "Equity Distribution Agreement") with Canaccord Genuity LLC, as agent ("Canaccord Genuity"), pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $28,000,000 from time to time through Canaccord Genuity. The Equity Distribution Agreement will replace that certain Equity Distribution Agreement, dated as of December 1, 2020 (the "2020 Equity Distribution Agreement"), between the Company and Canaccord Genuity, as amended, once it has been exhausted. From December 1, 2020 through June 14, 2021, the Company sold an aggregate of 3,956,220 shares of common stock pursuant to the 2020 Equity Distribution Agreement for aggregate gross proceeds of $38,548,161, and as a result an aggregate of $1,451,839 remains available for sale under the 2020 Equity Distribution Agreement in addition to the $28,000,000 that the Company may offer and sell under the Equity Distribution Agreement.

Any sales of shares of common stock pursuant to the Equity Distribution Agreement will be made under the Company's currently effective shelf registration statement on Form S-3 (File No. 333-236194) and an additional registration statement pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the "Securities Act"), the prospectus contained therein and the prospectus supplement dated and filed on June 16, 2021. Canaccord Genuity may sell common stock (A) in privately negotiated transactions with the Company's consent; (B) as block transactions; or (C) by any other method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act, including sales made directly on The Nasdaq Capital Market or sales made into any other existing trading market for the Company's common stock. Subject to the terms and conditions of the Equity Distribution Agreement, Canaccord Genuity will use its commercially reasonable efforts to sell the shares of the Company's common stock from time to time, based upon the Company's instructions (including any price, time or size limits or other parameters or conditions that the Company may impose). The Company will pay to Canaccord Genuity a cash commission of 3.0% of the gross proceeds from the sale of any shares of common stock by Canaccord Genuity under the Equity Distribution Agreement. The Company will also reimburse Canaccord Genuity for certain specified expenses in connection with entering into the Equity Distribution Agreement. The Company and Canaccord Genuity have also provided each other with customary indemnification rights.

The Company is not obligated to make any sales of common stock under the Equity Distribution Agreement and no assurance can be given that the Company will sell any shares under the Equity Distribution Agreement, or, if it does, as to the price or amount of shares that the Company will sell, or the dates on which any such sales will take place. The Equity Distribution Agreement may be terminated by either party at any time upon five days' notice to the other party, or by Canaccord Genuity at any time in certain circumstances.

The foregoing description of the Equity Distribution Agreement is not complete and is qualified in its entirety by reference to the full text of the Equity Distribution Agreement, a copy of which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy 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.

Item 9.01. Financial Statements and Exhibits.



(d) Exhibits.



1.1 Equity Distribution Agreement, dated June 16, 2021, by and between the

     Company and Canaccord Genuity.
5.1    Opinion of Sullivan & Worcester LLP.
23.1   Consent of Sullivan & Worcester LLP (contained in Exhibit 5.1).




                                       1

© Edgar Online, source Glimpses

All news about ORAMED PHARMACEUTICALS INC.
07/29ORAMED PHARMACEUTICALS : Appoints Chief Commercial Officer
PR
07/21ORAMED PROVIDES UPDATE ON ORAVAX : Oral Vaccine Maker Gets IRB Approval for Clin..
PR
07/21ORAMED PHARMACEUTICALS INC. PROVIDES : Oral Vaccine Maker Gets IRB Approval for ..
CI
07/15ORAMED PHARMACEUTICALS : Equity Distribution Agreement (Form 8-K)
PU
07/15ORAMED PHARMACEUTICALS INC. : Entry into a Material Definitive Agreement, Amendm..
AQ
07/14ORAMED : Fiscal Q3 Earnings Snapshot
AQ
07/14ORAMED PHARMACEUTICALS : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDI..
AQ
07/12ORAMED PHARMACEUTICALS : Jumps Amid Heavy Trading Volume
MT
06/25ORAMED PHARMACEUTICALS INC.(NASDAQCM : ORMP) added to Russell 2000 Index
CI
06/25ORAMED PHARMACEUTICALS INC.(NASDAQCM : ORMP) added to Russell 2000 Dynamic Index
CI
More news
Financials (USD)
Sales 2021 3,70 M - -
Net income 2021 -24,8 M - -
Net Debt 2021 - - -
P/E ratio 2021 -16,2x
Yield 2021 -
Capitalization 474 M 474 M -
Capi. / Sales 2021 128x
Capi. / Sales 2022 221x
Nbr of Employees -
Free-Float 90,5%
Chart ORAMED PHARMACEUTICALS INC.
Duration : Period :
Oramed Pharmaceuticals Inc. Technical Analysis Chart | ORMP | US68403P2039 | MarketScreener
Technical analysis trends ORAMED PHARMACEUTICALS INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 14,58 $
Average target price 23,00 $
Spread / Average Target 57,8%
EPS Revisions
Managers and Directors
Nadav Kidron President, Chief Executive Officer & Director
David Silberman Chief Financial Officer, Secretary & Treasurer
Kevin L. Rakin Chairman
Miriam Kidron Director & Chief Scientific Officer
Joshua Hexter Chief Operating & Business Officer
Sector and Competitors
1st jan.Capi. (M$)
ORAMED PHARMACEUTICALS INC.243.87%474
MODERNA, INC.230.85%138 784
LONZA GROUP AG21.77%56 806
IQVIA HOLDINGS INC.38.81%47 656
CELLTRION, INC.-29.39%31 282
SEAGEN INC.-16.10%26 668