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8-K - ORAMED PHARMACEUTICALS INC. | v187283_8k.htm |
Oramed
Pharmaceuticals Forms Joint Venture -
Launches
Entera Bio Ltd.
Jerusalem,
Israel — June 2, 2010 — Oramed Pharmaceuticals Inc. (OTCBB: ORMP), a developer
of oral drug delivery systems, announced today that its subsidiary Oramed Ltd.
entered into a joint venture agreement with Laser Detect Systems
Ltd. ("Laser
Detect"), an Israeli company listed on the Tel Aviv Stock Exchange, for
the establishment of a new company to be called Entera Bio Ltd.
("Entera"). Under the terms of the agreement, Oramed will out-license
technology to Entera for the development of oral delivery drugs for certain
indications. The out-licensed technology differs from Oramed’s main
delivery technology that is used for oral insulin and is subject to a different
patent application. Entera's initial development effort will be an oral
formulation for the treatment of osteoporosis.
Dr.
Phillip Schwartz will serve as Entera's Chief Executive Officer. Dr. Schwartz
has over 10 years of experience in the pharmaceutical and biotech industries and
served as a lecturer at Harvard Medical School. Prior to joining Entera, Dr.
Schwartz served as the Scientific and Medical Development Manager for Endo
Pharmaceuticals (NasdaqGS: ENDP).
Nadav
Kidron, Chief Executive Officer of Oramed Pharmaceuticals, commented, “This
joint venture affords an opportunity to explore a technology with different
characteristics from Oramed’s main technology, which has the potential to make a
significant contribution in the oral drug delivery arena. We look forward to a
successful relationship with Laser Detect and Entera.”
According
to the agreement, Laser Detect will invest $600,000 in Entera, and Entera will
be owned in equal parts by Oramed and Laser Detect. Entera's Chief Executive
Officer will be granted options to purchase ordinary shares of Entera,
reflecting 9.9% of the Entera's share capital, immediately following the
dilution by these options. Entera's board of directors will be comprised of four
members – one director designated by each of Oramed and Laser Detect, Dr.
Schwartz and Mr. Kenneth Abramowitz, co-founder and Managing General Partner of
NGN Capital.
Mr. Zeev
Bronfeld, who is one of Laser Detect's controlling shareholders, is also an
affiliated shareholder of Oramed Pharmaceuticals Inc. Accordingly,
the closing of the transaction is subject to the approval of Laser Detect's
shareholders.
For more
information about Oramed’s clinical development programs, please visit www.oramed.com.
Oramed Pharmaceuticals,
Inc. | Kefar Hi-Tech 2/5 Po Box
39098, Jerusalem, Israel 91390. |
www.oramed.com Phone:
011-972-2-566-0001 | Fax: 011
972-2-566-0004 | Email:
office@oramed.com
Safe
Harbor Statement
Some of
the statements contained in this press release are forward-looking statements
which involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the company, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward looking
statements, including the risk that the transaction will not be approved by the
shareholders of Laser Detect, 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 for our
product candidates; competition from other pharmaceutical or biotechnology
companies; Entera’s ability to obtain additional funding required to conduct its
research, development and commercialization activities; and Oramed's ability to
maintain a significant equity stake in Entera. Please refer to the company’s
filings with the Securities and Exchange Commission for a comprehensive list of
risk factors that could cause actual results, performance or achievements of the
company to differ materially from those expressed or implied in such forward
looking statements. The company undertakes no obligation to update or revise any
forward-looking statements.
Company
and Investor Relation Contacts:
Oramed
Pharmaceuticals
Tara
Horn
Office:
646-240-4193
Cell: +
972-54-334-4318
Email:
tara@oramed.com
Oramed Pharmaceuticals,
Inc. | Kefar Hi-Tech 2/5 Po Box
39098, Jerusalem, Israel 91390. |
www.oramed.com Phone:
011-972-2-566-0001 | Fax: 011
972-2-566-0004 | Email:
office@oramed.com