JERUSALEM, December 29, 2015 /PRNewswire/ --
Oramed Pharmaceuticals Inc. (NASDAQ: ORMP)
(http://www.oramed.com), a developer of oral drug delivery systems,
today announced the closing of its previously-announced license and
investment deal with Hefei Tianhui Incubation of Technologies Co.
Ltd. ("HTIT"). Oramed has sold 1,155,367 restricted shares of
Common Stock at a price of $10.39 per
Share, for an aggregate amount of $12
million. Oramed has additionally received approval from the
Office of the Chief Scientist of the Israeli Ministry of Economy
("OCS") for the out-licensing agreement with HTIT. Following
receipt of the OCS's approval, the out-licensing deal for
ORMD-0801, a novel oral insulin capsule, has now closed. Under the
terms of the agreement, Oramed has granted HTIT exclusive rights
for commercialization of ORMD-0801 in Greater China. The license includes multiple
milestone payments aggregating $38
million and up to a 10% royalty, based on net sales of the
product in China.
"We are excited to have HTIT as a strategic partner as we enter
into the huge and highly lucrative diabetes market in China," stated Oramed's CEO Nadav Kidron. "We regard the closing of these
transactions as a huge achievement and we now look forward towards
our continued collaboration with the creative and experienced team
at HTIT."
About Oramed Pharmaceuticals
Oramed Pharmaceuticals is a technology pioneer in the field of
oral delivery solutions for drugs currently delivered via
injection. Established in 2006, Oramed's Protein Oral Delivery
(PODTM) technology is based on over 30 years of research
by top 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). Having completed
multiple Phase IIa clinical trials, the company has started its
Phase IIb on type 2 diabetes under an Investigational New Drug
application with the U.S. Food and Drug Administration. In addition
the company is developing an oral GLP-1 analog capsule
(ORMD-0901).
For more information, the content of which is not part of
this press release, please visit
http://www.oramed.com
Forward-looking statements: This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" and similar expressions
or variations of such words are intended to identify
forward-looking statements. For example, we are using
forward-looking statements when we discuss our clinical trials and
revolutionizing the treatment of diabetes with our products, as
well as when we discuss future milestone payments and possible
royalties under the license agreement with HTIT. These
forward-looking statements are based on the current expectations of
the management of Oramed only, and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements,
including that we and HTIT may not succeed in the
commercialization of the products, and, even if the products are
commercialized, they may not be sold in the applicable territory
for various reasons and therefore we may not receive any royalties
on such products. In addition, we face risks and
uncertainties related to the progress, timing, cost, and results of
clinical trials and product development programs; difficulties or
delays in obtaining regulatory approval or patent protection for
our product candidates; competition from other pharmaceutical or
biotechnology companies; and our ability to obtain additional
funding required to conduct our research, development and
commercialization activities. In addition, the following factors,
among others, could cause actual results to differ materially from
those described in the forward-looking statements: changes in
technology and market requirements; delays or obstacles in
launching our clinical trials; changes in legislation; inability to
timely develop and introduce new technologies, products and
applications; lack of validation of our technology as we progress
further and lack of acceptance of our methods by the scientific
community; inability to retain or attract key employees whose
knowledge is essential to the development of our products;
unforeseen scientific difficulties that may develop with our
process; greater cost of final product than anticipated; loss of
market share and pressure on pricing resulting from competition;
laboratory results that do not translate to equally good results in
real settings; our patents may not be sufficient; and finally that
products may harm recipients, all of which could cause the actual
results or performance of Oramed to differ materially from those
contemplated in such forward-looking statements. Except as
otherwise required by law, Oramed undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. For a more detailed
description of the risks and uncertainties affecting Oramed,
reference is made to Oramed's reports filed from time to time with
the Securities and Exchange Commission.
Company Contact
Oramed Pharmaceuticals
Ariella Vaystooch
Office: +972-2-566-0001 ext. 2
US: +1-718-831-2512 ext. 2
Email: ariella@oramed.com
SOURCE Oramed Pharmaceuticals Inc.