JERUSALEM, June 21, 2016 /PRNewswire/ -- Oramed
Pharmaceuticals Inc. (NASDAQ: ORMP) (www.oramed.com), a developer
of oral drug delivery systems, today announced that Hefei Tianhui
Incubator of Technologies Co. Ltd. (HTIT) is transferring a
$6.5 million milestone payment from
the previously-announced license and investment agreement between
Oramed and HTIT. The payment follows Oramed's positive
top-line results from its Phase IIb U.S. Food and Drug
Administration trial designed to evaluate the safety and efficacy
of Oramed's oral insulin capsule ORMD-0801 in patients with type 2
diabetes.
Per the terms of the agreement signed in December 2015, Oramed granted HTIT exclusive
rights for commercialization of ORMD-0801 in Greater China. The up to $50 million license deal includes multiple
milestone payments aggregating $38
million, with a $3 million
upfront payment received by Oramed upon execution of the agreement,
plus a $12 million investment made by
HTIT in Oramed at $10.39 per share in
December 2015. Oramed will receive a
10% royalty on net sales of ORMD-0801 and related commercialized
products in Greater China.
"The completion of this milestone signifies our deepening
partnership with HTIT as we move closer to bringing oral insulin to
the vast and growing Chinese diabetes market," said Nadav Kidron, CEO of Oramed.
"The positive Phase IIb data has further illustrated the huge
potential this technology can have in China," said HTIT CFO & Oramed Board
Member Xiaopeng Li. "We are working diligently to lay the
groundwork for the successful production and commercialization of
ORMD-0801 focused on the Greater
China market."
About Oramed Pharmaceuticals
Oramed Pharmaceuticals is
a platform technology pioneer in the field of oral delivery
solutions for drugs currently delivered via injection. Established
in 2006, Oramed's Protein Oral Delivery (POD™)
technology is based on over 30 years of research by 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). The Company completed
multiple Phase II clinical trials under an Investigational New Drug
application with the U.S. Food and Drug Administration. In
addition, Oramed 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 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 Phase IIb study, the
potential to bring oral insulin to the Chinese market and its
potential production and commercialization in China, or when we discuss revolutionizing the
treatment of diabetes with our products. 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
the 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
Estee Yaari
Office: +972-2-566-0001
US: 1-718-831-2512
Email: estee@oramed.com
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SOURCE Oramed Pharmaceuticals Inc.