Oramed Pharmaceuticals Inc. (Bulletin Board:ORMP); DAX:OJU) has been awarded a NIS 2.9 million ($807,000) grant from the Office of the Chief Scientist (OCS) to support further R&D and clinical study of its oral insulin capsule and Oral GLP1 analog hormone.
Oramed develops oral delivery solutions for drugs and vaccines presently delivered via injection. The company's lead product is an insulin capsule, which has already succeeded in a clinical trial in South Africa.
Oramed's second product is an oral version of the hormone GLP-1, which encourages the secretion of insulin by the pancreas. Eli Lilly's (NYSE: LLY) Byetta treatment for adult diabetes is based on material similar to this hormone.
Oramed CEO Nadav Kidron said, "We are pleased to have received the support of the Office of the Chief Scientist for the second year in a row."
Oramed's share price closed at $0.30 in New York yesterday, giving a market cap of $17.6 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2010
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