Oramed Pharmaceuticals (NASDAQ, TASE:ORMP) signed an exclusive commercial distribution agreement for the Republic of Korea with Medicox, an emerging biotech company with proven partnerships in the Korea.
The agreement grants Medicox an exclusive license to apply for regulatory approval for and distribute Oramed’s oral insulin candidate (ORMD-0801) for 10 years in Korea, if approved.
Medicox would purchase ORMD-0801 at an agreed upon transfer price and also would pay Oramed up to $18-million, of which $2-million has already been received by Oramed, in developmental milestones and up to 15% royalties on gross sales. Medicox will be responsible for gaining regulatory approval in Korea.
ORMD-0801 is currently in two pivotal Phase 3 studies, with top-line results of the first Phase 3 study expected in January 2023. ORMD-0801 has the potential to be the first commercial oral insulin capsule for the treatment of diabetes.
The unmet need for diabetes treatment is significant in Korea, with one in every seven Koreans over the age of 30 having diabetes.
“This collaboration offers Oramed a great opportunity to participate in the large and growing Korean market and leverages the commercialization strength of our partner, while allowing Oramed to focus on other key markets, including the United States,” Nadav Kidron, CEO of Oramed, said in a statement.
