Oramed restructures Scilex debt: exchanges $25M note for convertible notes, warrants, and royalty

ORAMED PHARMACEUTICALS INC.

Oramed exchanged $22.5M of its Scilex note for a $25M 5.5% convertible note due 2026 and 3.75M warrants at $1.09.
Oramed exchanged $2.5M of note for a 4.0% royalty on global net sales of ZTlido and SP-103.
Oramed entered binding term sheet for 50% JV with other investors to license lidocaine products outside US, investing $200K/year.
Transactions closed Oct 8, 2024; proceeds repaid $12.5M of Oramed's note and eCapital credit facility.
Scilex issued $50M aggregate convertible notes to Oramed and other investors; Oramed bought $22.5M of that.

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