Oramed Pharmaceuticals was Awarded a NIS 3.1 Million Grant From the Israeli Office of the Chief Scientist
04 August 2009 - 10:45PM
PR Newswire (US)
JERUSALEM, Israel, August 4 /PRNewswire-FirstCall/ -- Oramed
Pharmaceuticals Inc. (OTCBB: ORMP.OB) ( http://www.oramed.com/), a
developer of oral delivery systems, today reported that its wholly
owned Israeli subsidiary, Oramed Ltd., was awarded a government
grant amounting to a total net amount of NIS 3.1 million
($828,000), from the Office of the Chief Scientist (OCS) at the
Ministry of Industry, Trade and Labor of Israel. This grant was
awarded as government participation in research and development
expenses for the period of February 2009 to January 2010. The grant
is subject to return according to the terms determined by the OCS.
The OCS awards grants to industry in Israel in order to foster
technological innovations. The funds will be designated and used by
Oramed Ltd. to support further R&D and clinical study of its
Oral Insulin capsule and Oral GLP1-Analog. Nadav Kidron Esq., CEO
of Oramed Pharmaceuticals, commented: "We are pleased to get the
support of the Office of the Chief Scientist, which demonstrates
confidence in Oramed's innovative technology. Our company looks
forward to further continuing its relationship with the Office of
the Chief Scientist." About the Office of the Chief Scientist and
its Grant Application Criteria The OCS selects its recipients on
various criteria including the financial strength of a company, the
exceptionality of a company's innovative technology, and the
potential of a company's technology to significantly improve an
existing product or process. About Oramed Pharmaceuticals Oramed
Pharmaceuticals is a technology pioneer in the field of oral
delivery solutions for drugs and vaccines presently delivered via
injection. Oramed is seeking to revolutionize the treatment of
diabetes through its patented flagship product, an orally
ingestible insulin capsule currently in phase 2 clinical trials.
Established in 2006, Oramed's technology is based on over 25 years
of research by top research scientists at Jerusalem's Hadassah
Medical Center. The Company's corporate and R&D headquarters
are based in Jerusalem. For more information, please visit
http://www.oramed.com/ Forward-looking statements 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 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; and the company's ability to obtain
additional funding required to conduct its research, development
and commercialization activities. 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 USA: +1-646-240-4193 Int'l:
+972-54-334-318 Office: +972-2-566-0001 Email: DATASOURCE: Oramed
Pharmaceuticals Inc. CONTACT: Company and Investor Relation
Contacts: Oramed Pharmaceuticals, Tara Horn, USA: +1-646-240-4193,
Int'l: +972-54-334-318, Office: +972-2-566-0001, Email:
Copyright