Oramed Pharmaceuticals Inc. agreed to sell common shares and warrants to investors in a registered direct offering for gross proceeds of $18.1 million.

The company is selling 2,892,000 common shares and warrants to buy up to 2,892,000 common shares at a combined price of $6.25 per share and related warrant. The warrants will be exercisable six months after being issued at $7.25 per share and will expire 3.5 years from the issuance date.

The offering is expected to close on or around July 6. Oramed plans to use gross proceeds for research and development, clinical trials, working capital, and general corporate purposes.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

Jerusalem-based Oramed develops orally ingestible capsules to treat diabetes.