Oramed Pharmaceuticals Inc., an Israeli drugmaker, announced on Thursday that a mid-stage trial for its oral insulin pill for the treatment of diabetes showed promising "therapeutic potential," BusinessWeek reported.

The one-week trial, conducted under a U.S. Food and Drug Administration new drug protocol, involved 30 patients with type 2 diabetes. The study, which required the participants to take part in an in-patient setting, met all primary and secondary endpoints and safety goals.

Diabetes is a condition where the body causes blood glucose (sugar) levels to rise higher than normal and does not use insulin properly.

"The results we announced today give us confidence about the chances of success in a bigger trial going forward," Chief Executive Officer Nadav Kidron said at a press conference today at the Tel Aviv Stock Exchange, according to BusinessWeek. "We are also excited about the potential of this drug for type 1 diabetes."

Oramed seeks to develop the first oral insulin pill.

Despite being years away from potential approval, the Israeli drugmaker is "taking advantage of the growing attention to raise money," BusinessWeek reported. On Dec. 25, the company raised about $16 million, just five days after it announced it had successful results in an early-stage type 1 diabetes study.

The company is expected to raise as much as $100 million with the Phase 2a trial results.

"We are extremely pleased with the results, which give a solid validation for Oramed's platform technology in general and our oral insulin program in particular," Nadav Kidron, Oramed's chief executive, told Reuters.

The mid-stage trial will be followed by a phase 2b study later in 2014, Reuters reported.