Oramed Pharmaceuticals Signs Manufacturing Agreement for Oral Insulin Pill Jerusalem, Israel

Oramed Pharmaceuticals Signs Manufacturing Agreement for Oral Insulin

Jerusalem, Israel November 2,

Oramed Pharmaceuticals, Inc., a publicly

traded company on both the OTCBB with the symbol ORMP and on the Frankfurt

exchange under the ticker OJU, is pleased to announce they have signed a

manufacturing agreement with Swiss Caps AG, one of the largest soft gel capsule

manufacturers in the world. Under the terms of the agreement, Swiss Caps AG will

provide gel capsules for the upcoming Phase I clinical trials of Oramed s

Healthy volunteers. Following a stringent due diligence process and an in depth

review of Oramed s oral delivery technology, Swiss Caps responded with an offer

of a straight equity exchange for their services. This is in lieu of a cash

payment, According to the agreement, the amount due in payment to Swiss Caps

will be paid in shares.

Oramed believes this is a tribute to the

science behind their technology, and a sign of support for their next steps.

This type of agreement means cooperation with Swiss Caps rather than just

out-service the production line, Swiss Caps brings to the table skills and

knowledge that goes beyond the direct execution of our formula and we are

looking forward to seeing the benefits from our group effort , stated Nadav

Kidron, Oramed Pharmaceuticals CEO.

This agreement is solely for the

manufacturing of the product for proof of efficacy in the clinical trials. As

stated, if at a future date, Swiss Caps manufactures Oramed s drug product for

commercial purposes, the contract will be further negotiated.

As a full service provider and contract

manufacturer, Swiss Caps conceives, develops, produces and packages solid dosage

forms such as soft capsules, two pieces capsules, standard tablets,

effervescent, film- and sugar-coated tablets for the pharmaceutical, nutritional

and cosmetic industry. Swiss Caps is a company with head quarters in

Switzerland. Production sites are in Kirchberg, Lugano, Bad Aibling, Cornu and

Miami. Main pharmaceutical development site is Kirchberg.

For more information on Swiss Caps please

About Oramed Pharmaceuticals,

Oramed Pharmaceuticals is an Israeli

based company focused on the development of oral delivery solutions based on

proprietary technology. Diabetes is one of the most rapidly growing diseases in

the world and is one that requires constant and often unpleasant monitoring and

drug therapy regimen. Oramed is currently developing an orally ingestible soft

gel insulin capsule for the treatment of diabetes. The Company is also pursuing

the development of oral delivery solutions for other drugs and

For more information on Oramed

Pharmaceuticals please visit our website at www.oramedpharma.com

Investor Relations Contact:

Oramed Pharmaceuticals, Inc.

Legal Notice Regarding Forward

This news release contains statements,

which may constitute forward-looking statements . Those statements include

statements regarding the intent, belief or current expectations of Oramed

Pharmaceutical Inc., and members of our management as well as the assumptions on

which such statements are based. Forward-looking statements in this release

include: that Swiss Caps AG will provide gel capsules for our upcoming Phase I

clinical trials; that the amount due in payment to Swiss Caps will be paid in

shares ; we are currently developing an orally ingestible soft gel insulin

capsule for the treatment of diabetes and for other diseases. Factors which may

significantly change or prevent our forward looking statements from fruition

include that Swiss Caps gel capsules may not be suitable for our purposes or

there may be a contract dispute whereby the capsules are not delivered; we may

be able to grant equity in our company in payment of Swiss Caps or there may be

cost overruns that require cash payments; we may be unsuccessful in developing

any products; we may be unable to raise funds and resources to pursue research

and development; we may be unable to successfully defend our patents from

infringement by third parties, there is a risk that our patent may be

subsequently shown to be invalid or infringe the patents of others, our products

may never gain FDA or other regulatory body approval for human consumption and

we may be unable to successfully commercialize our future products. Readers

should refer to our most recent 10-KSB filed on Edgar and the 8-K announcing our

acquisition of the Oramed technology filed March 8, 2006.