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news.The Office of the Chief Scientist (OCS) at the Ministry of Industry, Trade and Labor of Israel has awarded a grant of NIS975,000 ($265,000) to Oramed Pharmaceuticals.
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Oramed Pharmaceuticals CEO Nadav Kidron said, "This grant will assist Oramed as we initiate Phase 2 clinical trials in the US on our oral insulin candidate."
The funds will be used to advance R&D and clinical studies on oral insulin capsule (ORMD-0801) and oral exenatide capsule (ORMD-0901) from January to December 2013.
About 3% – 5% royalties on the sales of products and services, which results from the technology developed using the grants, are to be paid by the company to OCS untill full amount in addition to interest is repaid.
No such payments are required if such sales do not take place.