Oramed Pharmaceuticals Awarded Grant by the Office of the Chief Scientist of Israel

 Oramed Pharmaceuticals Awarded Grant by the Office of the Chief Scientist of

PR Newswire

JERUSALEM, May 30, 2013

JERUSALEM, May 30, 2013 /PRNewswire/ --

Oramed Pharmaceuticals Inc. (NASDAQCM: ORMP) (http://www.oramed.com), a
developer of oral drug delivery systems, announced today that its wholly owned
Israeli subsidiary, Oramed Ltd., was awarded a government grant from the
Office of the Chief Scientist ("OCS") at the Ministry of Industry, Trade and
Labor of Israel.

Nadav Kidron, CEO of Oramed Pharmaceuticals, commented: "We are very pleased
that Oramed was recognized as being a competitive developer of innovative oral
drug delivery systems for the fourth year in a row. Thisgrant will assist
Oramed as we initiate Phase 2 clinical trials in the US on our oral insulin

The awarded grant amounts to a net sum of NIS 975,000 (approximately
US$265,000). Once received, the funds will be designated and used by Oramed
Ltd. to support further R&D and clinical studies on its oral insulin capsule
(ORMD-0801) and oral exenatide capsule (ORMD-0901) from January 2013 to
December 2013. Oramed Ltd. is required to pay royalties in the rate of 3% - 5%
on sales of products and services derived from the technology developed using
this and other OCS grants until the full dollar amount of the grants are
repaid, plus interest. In the absence of such sales, no payment is required.

About The Office of the Chief Scientist

The OCS is the arm of the Israeli government tasked with cultivating the
development of industrial R&D within the State of Israel. The mission of the
OCS, as defined by the "Law for the Encouragement of Industrial Research and
Development-1984," is to assist the advancement of Israel's knowledge-based
science and technology industries in order to encourage entrepreneurship and
innovative technology development. This support plays a role in stimulating
economic growth within Israel and in keeping Israel on the competitive edge of
the global hi-tech industry. 

About Oramed Pharmaceuticals

Oramed Pharmaceuticals is a technology pioneer in the field of oral delivery
solutions for drugs and vaccines currently delivered via injection.
Established in 2006, Oramed's technology is based on over 30 years of research
by top research 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) currently
initiating Phase 2 clinical trials under an Investigational New Drug
application with the U.S. Food and Drug Administration, and with its oral
exenatide capsule (ORMD-0901; a GLP-1 analog), with trials on healthy
volunteers (Phase 1b) and diabetic patients (Phase 2a) underway. The company's
corporate and R&D headquarters are based in Jerusalem.

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

Forward-looking statements: This press release contains forward-looking
statements. For example, we are using forward-looking statements when we
discuss receiving OCS grants and initiating Phase 2 clinical trials on our
oral insulin. These forward-looking statements are based on the current
expectations of the management of Oramed only, and are subject to a number of
factors and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements, including the risks
and uncertainties related to the progress, timing, cost, and results of
clinical trials and product development programs; difficulties or delays in
obtaining regulatory approval or patent protection for our product candidates;
competition from other pharmaceutical or biotechnology companies; and our
ability to obtain additional funding required to conduct our research,
development and commercialization activities. In addition, the following
factors, among others, could cause actual results to differ materially from
those described in the forward-looking statements: changes in technology and
market requirements; delays or obstacles in launching our clinical trials;
changes in legislation; inability to timely develop and introduce new
technologies, products and applications; lack of validation of our technology
as we progress further and lack of acceptance of our methods by the scientific
community; inability to retain or attract key employees whose knowledge is
essential to the development of our products; unforeseen scientific
difficulties that may develop with our process; greater cost of final product
than anticipated; loss of market share and pressure on pricing resulting from
competition; laboratory results that do not translate to equally good results
in real settings; our patents may not be sufficient; and final that products
may harm recipients, all of which could cause the actual results or
performance of Oramed to differ materially from those contemplated in such
forward-looking statements. Except as otherwise required by law, Oramed
undertakes no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events. For a more
detailed description of the risks and uncertainties affecting Oramed,
reference is made to Oramed's reports filed from time to time with the
Securities and Exchange Commission.

Company Contact:
Oramed Pharmaceuticals
Aviva Sherman
Mobile: +972-54-792-4438
Email: aviva@oramed.com

SOURCE Oramed Pharmaceuticals Inc.
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