On Monday, Shares of Oramed Pharmaceuticals, Inc. (NASDAQ:ORMP), gained 16.67% to $9.10.
Oramed Pharmaceuticals Inc. (ORMP), a clinical-stage pharmaceutical company focused on the development of oral drug delivery systems, declared it has signed definitive licensing and investment agreements valued at up to $50,000,000 with Hefei Tianhui Incubator of Technologies Co., Ltd. (“HTIT”) for exclusive rights to market Oramed’s oral insulin capsule, ORMD-0801, in China, Hong Kong and Macau. The agreements were signed at the Israel Knesset (Parliament).
The license agreement payments comprise a $3 million payment due upon execution of the agreement, $8 million in near-term payments subject to Oramed entering into certain agreements and the balance payable upon achievement of certain milestones. In addition, if all conditions are met, HTIT will pay a 10% royalty on net sales of the related commercialized products.
In addition to the contemplated payments under the license agreement, following the investment agreement, Oramed will issue to HTIT 1,155,469 restricted shares of Oramed’s common stock at a price per share of about $10.39 and $12 million in total, subject to customary closing conditions.
Oramed Pharmaceuticals Inc. engages in the research and development of pharmaceutical solutions for the use of orally ingestible capsules or pills for delivery of polypeptides. Its product portfolio comprises ORMD-0801, an oral insulin capsule that is in Phase IIb clinical trials for the treatment of diabetes; and ORMD-0901, an analog for GLP-1 gastrointestinal hormone, which is in Phase Ib clinical trials for the treatment of type 2 diabetes.
Shares of Mosaic Co (NYSE:MOS), inclined 1.90% to $31.64, during its last trading session.
Mobi724 Global Solutions Inc., declares that its board of directors has authorized the terms of a bridge financing according to which the Company would issue secured convertible debentures (“SCD”) or proceeds of up to $750,000.00 (“Bridge Financing”). The SCD mature on June 30th, 2016 (“Maturity Date”) and will accrue interest at a rate of 18% per annum. The SCD shall be convertible at the option of the Company upon completion of the $3,000,000.00 financing declared in June 2015 at a price of $0.0825 per share and shall count towards said financing. As of this date, $850,000.00 or the $3,000,000.00 has been raised. The holder shall be entitled to receive one (1) common share purchase warrant for every common share received following conversion and shall expire on December 31, 2016. The SCD are secured by first ranking hypothec on the assets of the Company. The Convertible Debentures will be sold following exemptions from prospectus requirements to purchasers in Canada and will not be listed on the Canadian Securities Exchange (CSE). The common shares issuable upon conversion will be listed on the CSE and will be subject to a four month hold period from the date of closing.
In addition, the Company is happy to declare that it has accomplished the first tranche of the Bridge Financing in the amount of $260,704.00. The proceeds received will be utilized to support solution the Company’s working capital requirements.
The Company further declares that it has converted bona fide debt to a creditor (the “Interested Party”) totalling $22,340 into common shares of the Company (the “Debt to Equity Transaction”) at a conversion price of $0.11 per share. As a result of this Debt to Equity Transaction the Company issued 203,091 common shares to the Interested Party.
The Mosaic Company produces and markets concentrated phosphate and potash crop nutrients for the agricultural industry worldwide. It operates through two segments, Phosphates and Potash.
Finally, Shares of Next Era Energy Inc (NYSE:NEE), ended its last trade with 0.49% gain, and closed at $99.86.
Next Era Energy, and Hawaiian Electric Industries, declared that support for the companies’ projected merger continues to grow at a steady pace, as evidenced by the more than 25 diverse groups that in recent weeks have voiced support for the transaction.
“As we continue to listen, learn and constructively engage with customers and communities throughout the state, we are extremely happy to see so many diverse and important stakeholders – from organized labor such as the AFL-CIO and IBEW to business leaders and organizations counting multiple chambers of commerce – all echo their support in recognition of the noteworthy and tangible benefits this merger will bring to Hawaii,” said Eric Gleason, president of Next Era Energy Hawaii. “The support we have received from these organizations, alongside our recent agreements with the Department of Defense and the Honolulu Board of Water Supply, further strengthens our belief that Next Era Energy is the right partner to assist Hawaiian Electric achieve Hawaii’s 100 percent renewable portfolio standard by 2045, while integrating more rooftop solar, modernizing the electric grids and lowering customer bills.”
“We are thankful and happy to see so many Hawaii residents and local groups across our state publicly lend their support for the merger of Next Era Energy and Hawaiian Electric,” said Alan Oshima, Hawaiian Electric’s president and chief executive officer. “With its comprehensive commitments to our customers and our communities, NextEra Energy stands ready to be a strong, long-term partner as we work together to build a more affordable, clean energy future for Hawaii.”
Next Era Energy, Inc., through its auxiliaries, generates, transmits, and distributes electric energy in the United States and Canada. The company generates electricity from gas, oil, solar, coal, petroleum coke, nuclear, and wind sources.