UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 18, 2008
ORAMED PHARMACEUTICALS
INC.
(Exact name of registrant as specified in its
charter)
Nevada
(State or other jurisdiction of
incorporation)
000-50298
(Commission File Number)
98-0376008
(IRS Employer Identification No.)
2 Elza Street, Jerusalem, Israel 93706
(Address of
principal executive offices and Zip Code)
972-54-790-9058
(Registrant's telephone number,
including area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d
- -2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e -4(c))
Item 1.01 Entry into a Material Definitive Agreement.
Effective January 29, 2008, we entered into a master service agreement (the “Master Service Agreement”) with OnQ Consulting (“OnQ”), whereby OnQ agreed to carry out clinical research services in South Africa. We will pay OnQ for satisfactory performance of services as agreed to in each project-specific addendum to be attached to the Master Service Agreement attached hereto.
Effective January 18, 2008, we entered into an expense agreement with Leonard Sank (“Sank”), whereby Sank provided and continues to provide management services as a director of our company and we therefore wish to remunerate Sank for expenses incurred by him.
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Item 9.01 Financial Statements and Exhibits.
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.
| /s/ Nadav Kidron |
| Nadav Kidron |
| President, CEO and Director |
Date: January 31, 2008
EXPENSES AGREEMENT
THIS AGREEMENT dated for reference the 18th day of January, 2008.
BETWEEN:
| ORAMED PHARMACEUTICALS INC., a body corporate having an office at | |
| 2 Elza Street, Jerusalem, 93706, Israel | |
| (the “Company”) |
AND:
| LEONARD SANK, | ||
| (“Sank”) | ||
WHEREAS:
A. Sank is an active director of the Company and has provided and continues to provide valuable management services (“Services”) as a director of the Company;
B. In providing the Services, the Company acknowledges that Sank has incurred and will from time to time incur expenses on behalf of the Company (the “Expenses”); and
C. The Company and Sank wish to ensure that Sank is properly remunerated for such Expenses.
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and mutual covenants herein and payment of $10, the receipt and sufficiency of which is hereby acknowledged, the parties covenant and agree as follows:
1. In consideration of Sank providing and continuing to provide Services to the Company, the Company agrees to pay Sank an amount of US$15,000 annually on the first day of January of each year to reimburse Sank’s Expenses.
2. This Agreement may not be amended or otherwise modified except by an instrument in writing signed by both parties.
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3. The parties hereto will execute such further and other documents and instruments and do such further and other things as may be necessary to implement and carry out the terms of this Agreement.
4. This Agreement shall not be assigned by either party hereto except with the prior written consent of the other party hereto.
5. This Agreement and all matters arising hereunder will be governed by, construed and enforced in accordance with the laws of the Courts of Israel and all disputes arising under this Agreement will be referred to the Courts of Israel.
6. This Agreement represents the entire agreement between the parties and supersedes any and all prior agreements and understandings, whether written or oral, between the parties.
7. This Agreement will be binding upon and will enure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.
8. This Agreement may be executed in one or more counterparts, each of which so executed, by facsimile or otherwise, will constitute one and the same agreement.
IN WITNESS WHEREOF the parties hereto have duly executed this Agreement as of the day and year first above written.
ORAMED PHARMACEUTICALS INC.
| Per: | ||
| Authorized Signatory |
| EXECUTED by LEONARD SANK in | ) | |
| the presence of: | ) | |
| ) | ||
| ) | ||
| Name | ) | |
| ) | ||
| Address | ) | LEONARD SANK |
| ) | ||
| ) | ||
| ) |
| Press Release | Source: Oramed Pharmaceuticals, Inc. |
Oramed Pharmaceuticals Teams up with OnQ
Consulting
Wednesday January 30, 8:34 am ET
Biotechnology Company Signs Agreement with South African CRO to Conduct Phase 1 Trials with Rectal Application of Insulin
JERUSALEM--(BUSINESS WIRE)--Oramed Pharmaceuticals, Inc. (ORMP.OB, www.oramed.com) announced today the signing of an agreement with OnQ consulting, a clinical research organization (CRO) located in Johannesburg, South Africa, to conduct Phase 1 clinical trials for its rectal application of insulin. These studies are intended to assess the safety and feasibility of Oramed’s product, that the company is developing using its cutting-edge technology. The product is targeted towards individuals diagnosed with diabetes who are unable, or find it difficult, to receive insulin via injection. These trials are scheduled to be completed by the third quarter of 2008.
About Oramed Pharmaceuticals, Inc.:
Oramed Pharmaceuticals is an Israel-based company that focuses on the development of oral delivery solutions based on proprietary technology. Diabetes, one of the most rapidly growing diseases in the world, requires constant and an often unpleasant monitoring and drug therapy regimen. Oramed is concurrently developing an oral insulin capsule for the treatment of diabetes, and has recently commenced Phase 1B of its clinical trials. The company is also pursuing the development of oral delivery solutions for other drugs and vaccines. For more information on Oramed Pharmaceuticals please visit our website at www.oramed.com.
About OnQ Consulting:
OnQ Consulting is a full service CRO based in South Africa. Started nine years ago, OnQ offers services such as protocol conception and design, project management, monitoring, pharmacoeconomics and pharmacovigilance, data management, biostatistical services, and report writing. OnQ Consulting has an established client base from the CRO, pharmaceutical, NGO and biotech sectors, and is able to conduct clinical trials internationally through reputable collaborations. For more information, please visit their website at www.onqsa.co.za.
Forward looking statements
Some of the statements contained in this press release, including the statement, “These trials are scheduled to be completed by June 2008,” are forward-looking statements which involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Please refer to the company’s filings with the Securities and Exchange commission for a comprehensive list of risk factors that could cause actual results, performance or achievements of the company to differ materially from those expressed or implied in such forward looking statements. The company undertakes no obligation to update or revise any forward-looking statements.
| Contact: | |
| Oramed Pharmaceuticals, Inc. | |
| Investor Relations: | Erika Moran, |
| 212-825-3210 | |
| or | |
| Public Relations: | Lynn Granito or |
| Steve Melfi | |
| 212-825-3210 | |
| info@oramed.com | |
| www.oramed.com | |
Source: Oramed Pharmaceuticals, Inc.