UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
On November 13, 2022, Oramed Pharmaceuticals Inc. and its subsidiary, Oramed Ltd., (collectively, “Oramed”) entered into a definitive distribution license agreement (the “Agreement”) with Medicox Co., Ltd. (“Medicox”). The Agreement grants Medicox the exclusive license to apply for regulatory approval for and distribute Oramed’s proprietary oral insulin candidate (ORMD-0801), currently in development, for ten years in the Republic of Korea. Medicox will comply with agreed distribution targets and will purchase ORMD-0801 at an agreed upon transfer price per capsule. In addition, Medicox will pay Oramed up to $18 million in developmental milestones, $2 million of which have already been received by Oramed to date in connection with the non-binding memorandum of agreement entered into by Oramed and Medicox on September 1, 2022, and up to 15% royalties on gross sales. Medicox will also be responsible for gaining regulatory approval in the Republic of Korea.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ORAMED PHARMACEUTICALS INC. | ||
| By: | /s/ Nadav Kidron | |
| Name: | Nadav Kidron | |
| Title: | President and CEO | |
November 14, 2022
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