Alpha Tau Medical Ltd. (DRTS), Monday announced the successful closing of a $36.9 million registered direct offering and the formation of a strategic marketing alliance with Oramed Pharmaceuticals Inc. (ORMP), a move that comes amid rapid business expansion and clinical momentum for Alpha Tau's flagship cancer therapy, Alpha DaRT.
Alpha Tau said the offering involved the sale of 14,110,121 ordinary shares at a purchase price of $2.612 per share to an affiliate of Oramed.
The gross proceeds from the offering are expected to support general corporate purposes, including R&D initiatives, manufacturing scale-up, and commercial readiness for its alpha-radiation cancer treatment platform.
In addition to the equity investment, Alpha Tau and Oramed have entered into a three-year strategic services agreement, under which Oramed will provide investor relations and public relations support. In return, Alpha Tau will issue warrants and make service-related payments over the duration of the agreement.
"We are delighted to welcome Oramed as a strategic partner and to leverage their extensive expertise in navigating diverse capital markets channels," said Uzi Sofer, CEO of Alpha Tau.
"This investment comes at the perfect time for Alpha Tau given the rapid expansion of our business activities, including four U.S. trial approvals, expansion into multiple internal organ indications, and commercial preparations now underway."
Alpha Tau noted that the Alpha DaRT (Diffusing Alpha-emitters Radiation Therapy) platform is designed to deliver localized alpha radiation to solid tumors via radium-224 impregnated sources, with the goal of destroying tumor tissue while sparing surrounding healthy tissue due to the short path length of alpha particles.
"This alliance reflects our strong belief in Alpha DaRT's therapeutic potential and Alpha Tau's leadership team," said Nadav Kidron, CEO of Oramed.
"We see significant opportunity in supporting Alpha Tau's clinical and commercial roadmap and look forward to being part of their next phase of growth."
The announcement follows the SEC's effectiveness of Alpha Tau's Form F-3 on April 13, 2023, under which the registered direct offering was conducted.
Alpha Tau plans to continue expanding its clinical programs and manufacturing infrastructure as it moves toward potential commercialization in multiple oncology indications.
Currently, DRTS is trading at $2.61 down by 2.06 percent on the Nasdaq.
Currently, ORMP is trading at $2.29 down by 1.71 percent on the Nasdaq.
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