NEW
YORK, June 26, 2024 /PRNewswire/ -- Oramed
Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) (the
"Company") (www.oramed.com), a clinical-stage pharmaceutical
company focused on the development of oral drug delivery platforms,
today announced today that its Board of Directors has authorized a
common stock repurchase plan allowing for the buy-back of up to
$20,000,000 in maximum value of its
common stock through open market purchases, privately-negotiated
transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934,
as amended, over the next 12 months (the "Stock Buy Back
Program").
The manner, timing and number of shares purchased will be at the
Company's discretion, depending on a number of factors,
including price, general business and market conditions, and
alternative investment opportunities. The Stock Buy Back Program
does not obligate the Company to purchase any shares and expires in
12 months. The authorization for the Stock Buy Back Program may be
terminated, increased or decreased by the Company's Board of
Directors in its discretion at any time. Payment for shares
repurchased under the program will be funded using the Company's
cash on hand.
About Oramed Pharmaceuticals
Oramed Pharmaceuticals Inc. (Nasdaq/TASE: ORMP) is a platform
technology pioneer in the field of oral delivery solutions for
drugs currently delivered via injection. Oramed's novel Protein
Oral Delivery (POD™) technology is designed to protect drug
integrity and increase absorption. Oramed has offices in
Israel. For more information,
please visit www.oramed.com.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" and similar expressions
or variations of such words are intended to identify
forward-looking statements. For example, we are using
forward-looking statements when we discuss our potential repurchase
of our shares. These forward-looking statements are based on the
current expectations of the management of Oramed only, and are
subject to a number of factors and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements, including the risks and uncertainties
related to the progress, timing, cost, and results of clinical
trials and product development programs; difficulties or delays in
obtaining regulatory approval or patent protection for our product
candidates; competition from other pharmaceutical or biotechnology
companies; and our ability to obtain additional funding required to
conduct our research, development and commercialization activities.
In addition, the following factors, among others, could cause
actual results to differ materially from those described in the
forward-looking statements: changes in technology and market
requirements; delays or obstacles in launching our clinical trials;
changes in legislation; inability to close the transactions
contemplated by our JV with HTIT in a timely manner or at all;
inability of Scilex to repay the Note or our inability to realize
the value of the Scilex warrants issued or transferred to us;
inability to timely develop and introduce new technologies,
products and applications; lack of validation of our technology as
we progress further and lack of acceptance of our methods by the
scientific community; inability to retain or attract key employees
whose knowledge is essential to the development of our products;
unforeseen scientific difficulties that may develop with our
process; greater cost of final product than anticipated; loss of
market share and pressure on pricing resulting from competition;
laboratory results that do not translate to equally good results in
real settings; our patents may not be sufficient; and finally that
products may harm recipients, all of which could cause the actual
results or performance of Oramed to differ materially from those
contemplated in such forward-looking statements. Except as
otherwise required by law, Oramed undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. For a more detailed
description of the risks and uncertainties affecting Oramed,
reference is made to Oramed' s reports filed from time to time with
the Securities and Exchange Commission.
Company Contact:
+1-844-9-ORAMED
ir@oramed.com
Logo -
https://mma.prnewswire.com/media/1724339/Oramed_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/oramed-pharmaceuticals-inc-announces-the-buy-back-of-its-common-stock-302183179.html
SOURCE Oramed Pharmaceuticals Inc.