Millions of people in the region could benefit
from the COVID-19 vaccine candidate- faster, easier, without the
cold chain: The Oravax Oral Vaccine
The new partnership builds on the respective
strengths of Oravax Medical and Genomma Lab to create compelling
value for both companies and their stakeholders
MyMD Pharmaceuticals, Inc. (Nasdaq: MYMD) (“MyMD” or “the
Company”), a clinical-stage pharmaceutical company committed to
extending healthy lifespan, announced today that its investment
company Oravax Medical Inc. (“Oravax”), partially owned with its
majority partner Oramed Pharmaceuticals Inc. (Nasdaq: ORMP)
(“Oramed”), has established a 50–50 joint venture with Genomma Lab
Internacional, S.A.B. de C.V. (BMV: LABB), a leading pharmaceutical
and personal care products company in Latin America with an
expanding international presence, to develop and commercialize
Oravax’s oral COVID‑19 vaccine candidate in Mexico.
Nadav Kidron, Oramed CEO and Oravax Chairman, and Rodrigo
Herrera, Genomma Lab Chairman, will hold a joint press event today,
Thursday, November 18, 2021 at 11:00 am EST. The live press event
will be available via Zoom.
Josh Silverman, Chairman of the Board of MyMD, commented, “We
believe Oravax’s vaccine technology for COVID-19 is best in its
class, and the opportunities for commercializing the product are
far-reaching. The global COVID-19 vaccine market is expected to
grow to US$25 billion by 2024, and Latin America represents a
substantial part. Genomma Lab’s vast network and market presence in
Latin America is expected to be of enormous value for the roll-out
of Oravax’s vaccine throughout the region.
“In addition to Latin America, Oravax is taking great strides in
other regions of the world,” Mr. Silverman continued. “Oravax has
received clearance from the South African Health Products
Regulatory Authority to begin patient enrollment in a
first-in-human clinical trial for its oral COVID-19 vaccine, and
preparations to begin the trial are underway. Oravax is also
preparing to commence clinical trials in Israel.”
In a statement, Oramed CEO and Oravax Chairman Nadav Kidron
said, “We are very excited to be partnering with Genomma. The
synergies between our respective companies’ core competencies made
it clear that the combination of our particular strengths
represents a unique and significant opportunity. The winning
combination of Oravax’s cutting edge science and Genomma’s
exceptional sales and distribution network throughout Mexico and
Latin America, as well as their local regulatory expertise, results
in a powerful venture.”
Oravax’s COVID-19 vaccine is being developed for use both as a
standalone vaccine and as a booster for previously vaccinated
individuals. MyMD believes that Oravax’s COVID-19 vaccine
candidate, as a triple antigen targeting three SARS CoV-2 (severe
acute respiratory syndrome coronavirus 2) surface proteins instead
of one, including proteins less susceptible to mutation, could be a
strong candidate to provide protection even against emerging
mutated viruses. The oral delivery of the vaccine could allow for
widescale inoculation and easier distribution than injection.
Oramed and MYMD are currently evaluating several options with
respect to their interest in Oravax, including a potential
distribution of Oravax shares to both Oramed and MYMD shareholders.
This would make Oravax a publicly held company. MyMD’s ownership of
Oravax consists of 13% of Oravax’s outstanding shares of capital
stock and a 2.5% royalty on all future net sales.
To align interests and deepen the collaboration, Oramed and
Genomma Lab announced their intention to enter into a US$20 million
share swap. Genomma Lab has also committed to participate in a
future investment in Oravax.
About Oravax Medical
Oravax was established in March 2021 by Oramed Pharmaceuticals
Inc. (Nasdaq: ORMP), the largest shareholder in Oravax, along with
MYMD, Premas Biotech and certain other shareholders, with a mission
to bring an oral COVID-19 vaccine to the market. Oravax combines
cutting edge vaccine technology acquired from Premas Biotech and
the proprietary POD™ oral delivery technology of Oramed
Pharmaceuticals. For more information, please visit
www.ora-vax.com
About MyMD Pharmaceuticals, Inc.
MyMD Pharmaceuticals, Inc. (Nasdaq: MYMD), a clinical-stage
pharmaceutical company committed to extending healthy lifespan, is
focused on developing two novel therapeutic platforms that treat
the causes of disease rather than only addressing the symptoms.
MYMD-1 is a drug platform based on a clinical stage small molecule
that regulates the immune system to control TNF-α, which drives
chronic inflammation, and other pro-inflammatory cell signaling
cytokines. MYMD-1 is being developed to delay aging, increase
longevity, and treat autoimmune diseases and COVID-19- associated
depression. The Company’s second drug platform, Supera-CBD, is
being developed to treat chronic pain, addiction and epilepsy.
Supera-CBD is a novel synthetic derivative of cannabidiol (CBD) and
is being developed to address and improve upon the rapidly growing
CBD market, which includes both FDA approved drugs and CBD products
not currently regulated as drugs. For more information, visit
www.mymd.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release may contain forward-looking statements. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from any
expected future results, performance, or achievements.
Forward-looking statements speak only as of the date they are made
and none of MyMD nor its affiliates assume any duty to update
forward-looking statements. Words such as "anticipate," "believe,"
"could," "estimate," "expect," "may," "plan," "will," "would'' and
other similar expressions are intended to identify these
forward-looking statements. Important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements include, without limitation: the timing
of, and MyMD’s ability to, obtain and maintain regulatory approvals
for clinical trials of MyMD’s pharmaceutical candidates; the timing
and results of MyMD’s planned clinical trials for its
pharmaceutical candidates; the amount of funds MyMD requires for
its pharmaceutical candidates; increased levels of competition;
changes in political, economic or regulatory conditions generally
and in the markets in which MyMD operates; MyMD’s ability to retain
and attract senior management and other key employees; MyMD’s
ability to quickly and effectively respond to new technological
developments; MyMD’s ability to protect its trade secrets or other
proprietary rights, operate without infringing upon the proprietary
rights of others and prevent others from infringing on MyMD’s
proprietary rights; and the impact of the ongoing COVID-19 pandemic
on MyMD’s results of operations, business plan and the global
economy. A discussion of these and other factors with respect to
MyMD is set forth in the Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2021, filed by MyMD on
November 12, 2021 (as amended on November 15, 2021).
Forward-looking statements speak only as of the date they are made
and MyMD disclaims any intention or obligation to revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211118005821/en/
MyMD: Robert Schatz (646) 421-9523 rschatz@mymd.com
www.mymd.com
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