Oramed Pharmaceuticals was Awarded a NIS 3.1 Million Grant From the Israeli Office of the Chief...( JERUSALEM Israel August 4 /- Oram...)

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 curren
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