JERUSALEM, December 29, 2015 /PRNewswire/ --

Oramed Pharmaceuticals Inc. (NASDAQ: ORMP) (http://www.oramed.com), a developer of oral drug delivery systems, today announced the closing of its previously-announced license and investment deal with Hefei Tianhui Incubation of Technologies Co. Ltd. ("HTIT"). Oramed has sold 1,155,367 restricted shares of Common Stock at a price of $10.39 per Share, for an aggregate amount of $12 million. Oramed has additionally received approval from the Office of the Chief Scientist of the Israeli Ministry of Economy ("OCS") for the out-licensing agreement with HTIT. Following receipt of the OCS's approval, the out-licensing deal for ORMD-0801, a novel oral insulin capsule, has now closed. Under the terms of the agreement, Oramed has granted HTIT exclusive rights for commercialization of ORMD-0801 in Greater China. The license includes multiple milestone payments aggregating $38 million and up to a 10% royalty, based on net sales of the product in China.

"We are excited to have HTIT as a strategic partner as we enter into the huge and highly lucrative diabetes market in China," stated Oramed's CEO Nadav Kidron. "We regard the closing of these transactions as a huge achievement and we now look forward towards our continued collaboration with the creative and experienced team at HTIT."

About Oramed Pharmaceuticals 

Oramed Pharmaceuticals is a technology pioneer in the field of oral delivery solutions for drugs currently delivered via injection. Established in 2006, Oramed's Protein Oral Delivery (POD^TM) technology is based on over 30 years of research by top scientists at Jerusalem's Hadassah Medical Center. Oramed is seeking to revolutionize the treatment of diabetes through its proprietary flagship product, an orally ingestible insulin capsule (ORMD-0801). Having completed multiple Phase IIa clinical trials, the company has started its Phase IIb on type 2 diabetes under an Investigational New Drug application with the U.S. Food and Drug Administration. In addition the company is developing an oral GLP-1 analog capsule (ORMD-0901).

For more information, the content of which is not part of this press release, please visit http://www.oramed.com

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