Full Press Release Details
Pharmaceuticals was Awarded an NIS 3.1 million Grant from the Israeli
Office of the Chief Scientist
Israel - August 4, 2009- 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.
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
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
About the Office of the
Chief Scientist and its Grant Application Criteria
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
Oramed Pharmaceuticals
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
information, please visit www.oramed.com
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
and Investor Relation Contacts:
Email: tara@oramed.com