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JERUSALEM, May 30, 2013 /PRNewswire/ --
Oramed Pharmaceuticals Inc. (NASDAQCM: ORMP) (http://www.oramed.com), a developer of oral drug delivery systems, announced today that its wholly owned Israeli subsidiary, Oramed Ltd., was awarded a government grant from the Office of the Chief Scientist ("OCS") at the Ministry of Industry, Trade and Labor of Israel.
Nadav Kidron, CEO of Oramed Pharmaceuticals, commented: "We are very pleased that Oramed was recognized as being a competitive developer of innovative oral drug delivery systems for the fourth year in a row. This grant will assist Oramed as we initiate Phase 2 clinical trials in the US on our oral insulin candidate."
The awarded grant amounts to a net sum of NIS 975,000 (approximately US$265,000). Once received, the funds will be designated and used by Oramed Ltd. to support further R&D and clinical studies on its oral insulin capsule (ORMD-0801) and oral exenatide capsule (ORMD-0901) from January 2013 to December 2013. Oramed Ltd. is required to pay royalties in the rate of 3% - 5% on sales of products and services derived from the technology developed using this and other OCS grants until the full dollar amount of the grants are repaid, plus interest. In the absence of such sales, no payment is required.
About The Office of the Chief Scientist
The OCS is the arm of the Israeli government tasked with cultivating the development of industrial R&D within the State of Israel. The mission of the OCS, as defined by the "Law for the Encouragement of Industrial Research and Development-1984," is to assist the advancement of Israel's knowledge-based science and technology industries in order to encourage entrepreneurship and innovative technology development. This support plays a role in stimulating economic growth within Israel and in keeping Israel on the competitive edge of the global hi-tech industry.
About Oramed Pharmaceuticals
Oramed Pharmaceuticals is a technology pioneer in the field of oral delivery solutions for drugs and vaccines currently delivered via injection. Established in 2006, Oramed's technology is based on over 30 years of research by top research scientists at Jerusalem's Hadassah Medical Center. Oramed is seeking to revolutionize the treatment of diabetes through its proprietary flagship product, an orally ingestible insulin capsule (ORMD-0801) currently initiating Phase 2 clinical trials under an Investigational New Drug application with the U.S. Food and Drug Administration, and with its oral exenatide capsule (ORMD-0901; a GLP-1 analog), with trials on healthy volunteers (Phase 1b) and diabetic patients (Phase 2a) underway. The company's corporate and R&D headquarters are based in Jerusalem.
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