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Oramed Announces $6.5 Million Milestone Payment from Sinopharm

Jun. 21, 2016

On June 21, 2016 Oramed Pharmaceuticals Inc., an Israeli developer of oral drug delivery systems, announced that Hefei Tianhui Incubator of Technologies Co. Ltd. (HTIT) has transferred a $6.5 million milestone payment in connection with the license and investment agreement between Oramed and HTIT.  The payment follows Oramed’s positive top-line results from its Phase IIb U.S. FDA trial designed to evaluate the safety and efficacy of Oramed’s oral insulin capsule ORMD-0801 in patients with type 2 diabetes. Per the terms of the agreement signed in December 2015, Oramed granted HTIT exclusive rights for commercialization of ORMD-0801 in Greater China. The up to $50 million license deal includes multiple milestone payments aggregating to $38 million, with a $3 million upfront payment received by Oramed upon execution of the agreement, plus a $12 million investment made by HTIT in Oramed at $10.39 per share in December 2015. Oramed will receive a 10% royalty on net sales of ORMD-0801 and related commercialized products in Greater China.