ORMP - Oramed to hand Korean rights for insulin capsule

• Oramed Pharmaceuticals Inc. ( NASDAQ: ORMP ), a company focused on treatments for diabetes, announced a non-binding agreement with Medicox Co., Ltd. granting the latter exclusive right and license to seek regulatory nod and distribute ORMP’s oral insulin capsule ORMD-0801 in South Korea.
• The non-binding memorandum of agreement is only for discussion purposes and forms the basis for a definitive distribution license agreement, ORMP said in a regulatory filing Thursday.
• The 10-year deal includes a transfer price per capsule, milestone, and royalty payments.
• ORMP has also received a $2M non-refundable payment from Medicox in connection with an undertaking not to grant distribution and license rights to ORMD-0801 in the Republic of Korea until Dec. 15, 2022.
• The company expects an early 2023 topline data readout for ORMD-0801 from an ongoing Phase 3 trial in type 2 diabetes ahead of a potential submission of a marketing application to the FDA in 2024.

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