Oramed Pharmaceuticals (NASDAQ:ORMP) has received a milestone payment of $4-million from Hefei Tianhui Incubator of Technologies (HTIT) of China.
The milestone is part of a license and investment agreement between Oramed and HTIT, and follows Oramed’s report of additional positive efficacy and safety data from a recently completed Phase 2b trial of its oral insulin product, ORMD-0801.
“China is currently the largest single diabetes population in the world,” Oramed CEO, Nadav Kidron, said in a statement. “We continue to be very pleased with the fortification of our partnership with HTIT in bringing ORMD-0801 to this important market.”
Xiaopeng Li, CFO of HTIT, said the positive Phase 2b data combined with Oramed’s completion of other milestones has further illustrated the huge potential this technology can have in China.
“Beyond our existing insulin facility, we are working diligently to lay the groundwork for the successful production and commercialization of ORMD-0801 focused on the Greater China market,” he added.