Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) (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 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.
