Oramed Pharmaceuticals Inc., a developer of oral drug delivery systems, announced today that its subsidiary Oramed Ltd. entered into a joint venture agreement with Laser Detect Systems Ltd., an Israeli company listed on the Tel Aviv Stock Exchange, for the establishment of a new company to be called Entera Bio Ltd.
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. Entera’s initial development effort will be an oral formulation for the treatment of osteoporosis.
Dr. Phillip Schwartz will serve as Entera’s Chief Executive Officer.
Dr. Schwartz 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, Dr. Schwartz served as the Scientific and Medical Development Manager for Endo Pharmaceuticals (NasdaqGS: ENDP).
Nadav Kidron, Chief Executive Officer of Oramed Pharmaceuticals, commented, “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. We look forward to a successful relationship with Laser Detect and Entera.”
