Oral insulin developer Oramed to list on Nasdaq
Nasdaq approved the company's listing application, after it raised $5.6 million a month ago.
Oramed, a developer of oral drug delivery systems, is waiting for US Food and Drug Administration (FDA) approval to begin a Phase IIb clinical trial of its leading candidate, an insulin table.
“Oramed is ready to begin trading on a higher profile exchange like Nasdaq” said Oramed CEO Nadav Kidron. “We are very excited and believe that this is the right marketplace for our shares. Listing on Nasdaq should enable us to broaden our investor reach and increase visibility and liquidity of our shares.”
Oramed was founded in 2006 on the basis of research by Dr. Miram Kidron of Hadassah Medical Organization. Nadav Kidron is her son. The company merged with a stock market shell later that year. It had considering a listing on the Tel Aviv Stock Exchange (TASE) or American Stock Exchange (AMEX), but decided that Nasdaq was its goal. Major investors are Australia's Regals Fund, and Leonard Sank.
Oramed's diabetes tablet for adult diabetics who are not treated with intravenous insulin and who are not insulin dependent. Studies have found that oral delivery of insulin, even if the dosages and timing are less precise than an intravenous insulin regime, can improve diabetics' condition and delay the onset of insulin dependency a condition that greatly disrupts daily routine and is liable to result in complications. Several companies are working on oral insulin, including Denmark's Novo Nordisk A/S (NYSE: NVO; OMX: NOVO), the global leader in intravenous insulin, but many companies have suffered painful defeats in attempting to develop an oral product.
Published by Globes [online], Israel business news - www.globes-online.com - on February 7, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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