Oramed Pharmaceuticals (ORMP) said on Monday it has closed on a $36.9 million strategic investment in Alpha Tau Medical (DRTS), acquiring 14.1 million of the clinical-stage oncology therapeutics company's shares at $2.61 apiece.
Under terms of their collaboration agreement, Oramed will provide investor and shareholder outreach support to Alpha Tau over the next three years along with other business and capital markets expertise. It also will take on an active role in governance at Alpha Tau and will select two new members to the company's board of directors.
After first paying costs associated with the now-completed stock sale, Alpha Tau is planning to use the net proceeds for general corporate purposes, including research and development as well as expanding its production capacities and commercialization of its product candidates.
Alpha Tau shares recently were down over 1% while Oramed was falling about 1.3% during Monday trading.
Price: 2.30, Change: -0.03, Percent Change: -1.29
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