JERUSALEM, Israel, December 23, 2010 /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 2.9 million ($807,000 USD), from the Office of the Chief Scientist (OCS) at the Ministry of Industry, Trade and Labor of Israel.
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 have received the support of the Office of the Chief Scientist for the second year in a row. This grant will allow for further development of our product pipeline."
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 currently in phase 2 clinical trials. Established in 2006, Oramed's technology is based on over 25 years of research by top research scientists at Jerusalem's Hadassah Medical Center. The Company's corporate and R&D headquarters are based in Jerusalem.
For more information, please visit http://www.oramed.com
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Company and Investor Relation Contacts: Oramed Pharmaceuticals Tara Horn USA: +1-646-240-4193 Int'l: +972-54-334-318 Office: +972-2-566-0001 Email: firstname.lastname@example.org
SOURCE Oramed Pharmaceticals