Oramed rises on tie-up for oral insulin delivery tech

Oramed Pharmaceuticals

02/08/2023 13:58

** Shares of Oramed Pharmaceuticals Inc  ORMP.O  rise 4.5%
to $3.46 premarket
    ** Co says it has signed non-binding agreement with
privately-held China-based Hefei Tianhui Biotech to develop and
commercialize Hefei's experimental oral insulin using ORMP's
drug delivery platform
    ** It says cos will establish joint venture that will have
global marketing rights to ORMP's oral drug delivery technology
    ** Hefei will invest $60 million, Oramed $10 million in the
joint venture
    ** Joint venture will initiate late-stage study to test
Hefei's oral insulin in the U.S.
    ** Up to last close, stock down ~72.5% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))