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Oramed Pharmaceuticals Awarded Grant by the Office of the Chief Scientist of Israel
Date:5/30/2013

JERUSALEM, May 30, 2013 /PRNewswire/ --

Oramed Pharmaceuticals Inc. (NASDAQCM: ORMP) (http://www.oramed.com), a developer of oral drug delivery systems, announced today that its wholly owned Israeli subsidiary, Oramed Ltd., was awarded a government grant from the Office of the Chief Scientist ("OCS") at the Ministry of Industry, Trade and Labor of Israel.

Nadav Kidron , CEO of Oramed Pharmaceuticals, commented: "We are very pleased that Oramed was recognized as being a competitive developer of innovative oral drug delivery systems for the fourth year in a row. This grant will assist Oramed as we initiate Phase 2 clinical trials in the US on our oral insulin candidate."

The awarded grant amounts to a net sum of NIS 975,000 (approximately US$265,000). Once received, the funds will be designated and used by Oramed Ltd. to support further R&D and clinical studies on its oral insulin capsule (ORMD-0801) and oral exenatide capsule (ORMD-0901) from January 2013 to December 2013. Oramed Ltd. is required to pay royalties in the rate of 3% - 5% on sales of products and services derived from the technology developed using this and other OCS grants until the full dollar amount of the grants are repaid, plus interest. In the absence of such sales, no payment is required.

About The Office of the Chief Scientist

The OCS is the arm of the Israeli government tasked with cultivating the development of industrial R&D within the State of Israel. The mission of the OCS, as defined by the "Law for the Encouragement of Industrial Research and Development-1984," is to assist the advancement of Israel's knowledge-based science and technology industries in order to encourage entrepreneurship and innovative technology development. This support plays a role in stimulating eco
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SOURCE Oramed Pharmaceuticals Inc.
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