Wednesday, July 27, 2016 11:56:10 AM
Payment comes in wake of positive topline phase IIB results
JERUSALEM,/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.”
Recent ORMP News
- Form SC 13G - Statement of Beneficial Ownership by Certain Investors • Edgar (US Regulatory) • 09/16/2024 08:42:03 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/02/2024 08:05:24 PM
- Oramed Letter to Shareholders • PR Newswire (US) • 06/26/2024 01:05:00 PM
- Oramed Pharmaceuticals Inc. Announces the Buy-Back of its Common Stock • PR Newswire (US) • 06/26/2024 01:00:00 PM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 06/20/2024 11:32:05 AM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 06/20/2024 11:30:08 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/10/2024 09:28:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/10/2024 09:15:29 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 09:00:57 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/06/2024 01:00:27 PM
- Scilex Holding Company Announces Repayment in Full of the Remaining Balance of Convertible Debentures and Early Payment of the Senior Secured Promissory Note, Paving the Way for Future Growth and Innovation • GlobeNewswire Inc. • 03/19/2024 01:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/06/2024 10:00:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/20/2024 01:42:26 PM
- Oramed Letter to Shareholders • PR Newswire (US) • 02/20/2024 01:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/30/2024 10:30:32 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/23/2024 09:45:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/19/2024 09:45:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/08/2024 09:43:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/08/2024 09:41:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/08/2024 09:40:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/08/2024 09:39:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/08/2024 09:37:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/08/2024 09:36:18 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM