Press release
Oramed Signs Definitive Deal with Medicox to Commercialize Oral Insulin in South Korea
Medicox to Distribute Oramed's Oral Insulin in South Korea, if approvedOramed to Receive Up to $18 Million in Developmental MilestonesOramed to Receive up to
About this update from Oramed Pharmaceuticals Inc.
[{"type":"text","content":"Medicox to Distribute Oramed's Oral Insulin in South Korea, if approvedOramed to Receive Up to $18 Million in Developmental MilestonesOramed to Receive up to 15% Royalties on Gross SalesLarge Market Potential: 1 in 7 Koreans Over Age 30 Has DiabetesNEW YORK , Nov. 14, 2022 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq/TASE: ORMP) (www.oramed.com), a clinical-stage pharmaceutical company focused on the development of oral drug delivery platforms, today announced it has signed an exclusive commercial distribution agreement for the Republic of Korea (formerly South Korea) with Medicox Co., Ltd., an emerging biotech company with an excellent consortium of proven partnerships in the Republic of Korea.\nThe agreement grants Medicox an exclusive license to apply for regulatory approval for and distribute Oramed's oral insulin candidate (ORMD-0801) for ten years in the Republic of Korea. Medicox will purchase ORMD-0801 at an agreed upon transfer price and will additionally pay Oramed up to $18 million, $2 million of which have already been received by Oramed to date, in developmental milestones and up to 15% royalties on gross sales. Medicox will additionally be responsible for gaining regulatory approval in Republic of Korea.\nOramed is seeking to transform the treatment of diabetes through its proprietary lead candidate, ORMD-0801, which is currently in two pivotal Phase 3 studies, with top-line results of the first Phase 3 study expected in January 2023. ORMD-0801 has the potential to be the first commercial oral insulin capsule for the treatment of diabetes. The unmet need for diabetes treatment is significant in the Republic of Korea, with one in every seven Koreans over the age of 30 having diabetes.\n\"This collaboration offers Oramed a great opportunity to participate in the large and growing Korean market and leverages the commercialization strength of our partner, while allowing Oramed to focus on other key markets, including the United States,\" stated Oramed Chief Executive Officer Nadav Kidron.\n\"We are very excited to grow and expand our pharma business by partnering with Oramed to bring a potentially breakthrough treatment to the Republic of Korea,\" commented Medicox Chief Executive Officer Dae Hwan Oh.\nAbout OramedOramed Pharmaceuticals (Nasdaq/TASE: ORMP) is a platform technology pioneer in the field of oral de...