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news.Israel-based developer of oral drug delivery systems Oramed has signed a joint venture agreement with Laser Detect Systems, to establish a new company to be called Entera Bio. The new JV will be owned in equal parts by Oramed and Laser Detect Systems.
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Under the terms of the agreement, Oramed will out-license technology to Entera for the development of oral delivery drugs for certain indications. The out-licensed technology differs from Oramed’s main delivery technology that is used for oral insulin and is subject to a different patent application. Initially, Entera’s development effort will be an oral formulation for the treatment of osteoporosis.
Phillip Schwartz will serve as Entera’s CEO. He has over 10 years of experience in the pharmaceutical and biotech industries and served as a lecturer at Harvard Medical School. Prior to joining Entera, he served as the scientific and medical development manager for Endo Pharmaceuticals.
Reportedly, Entera’s board of directors will be comprised of four members, one director designated by each of Oramed and Laser Detect, Mr Schwartz and Mr Kenneth Abramowitz, co-founder and managing general partner of NGN Capital.
According to the agreement, Laser Detect will invest $600,000 in Entera. Entera’s CEO will be granted options to purchase ordinary shares of Entera, reflecting 9.9% of its share capital, immediately following the dilution by these options.
Nadav Kidron, CEO of Oramed Pharmaceuticals, said: “This joint venture affords an opportunity to explore a technology with different characteristics from Oramed’s main technology, which has the potential to make a significant contribution in the oral drug delivery arena.”
However, the closing of the transaction is subject to the approval of Laser Detect’s shareholders.