- Millions of people in the region could benefit from
the COVID-19 vaccine candidate- faster, easier, without the cold
chain: The Oravax Oral Vaccine
- The new partnership builds on the respective
strengths of Oravax Medical and Genomma Lab to create compelling
value for both companies and their stakeholders
- Press conference with Nadav
Kidron, CEO of Oramed & Chairman of Oravax, and
Rodrigo Herrera, Chairman of Genomma
Lab, took place Thursday, November 18 at 11:00 am EST
NEW YORK and MEXICO CITY, Nov. 19,
2021 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq:
ORMP) (TASE: ORMP) (www.oramed.com), a clinical-stage
pharmaceutical company focused on the development of oral drug
delivery systems, and Genomma Lab Internacional, S.A.B. de C.V.
(BMV: LABB) (www.genommalab.com/en/), a leading pharmaceutical and
personal care product company in Latin
America with an expanding international presence, today
announced the formation of a 50/50 joint venture between Genomma
Lab and Oramed's majority-owned subsidiary Oravax Medical Inc.
(www.ora-vax.com) to develop and commercialize Oravax's oral
COVID-19 vaccine candidate in Mexico.
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Genomma Lab is expected to contribute resources to the joint
venture's oral COVID-19 vaccine development, as well as clinical,
regulatory, and commercial activities in Mexico supported by close strategic
cooperation between the two companies. Genomma Lab will leverage
its extensive supply chain capabilities, partnerships and market
presence in Latin America to
support the business development process and vaccine roll-out
throughout the region. To align interests and deepen the
collaboration, Oramed and Genomma Lab announced their intention to
enter into a US$20 million share swap
based on the average closing price of their respective shares
during the past 15 trading days. Genomma Lab has also committed to
participate in a future investment in Oravax.
Nadav Kidron, Oramed CEO and
Oravax Chairman, and Rodrigo
Herrera, Genomma Lab Chairman, held a joint press event
Thursday, November 18, 2021, at
11:00 am EST.
To view the recording of the press event:
https://us02web.zoom.us/webinar/register/WN_QTGUI13dTdmWdUFKrg_Tbg
"We are very excited to be partnering with Genomma. The
synergies between our respective companies' core competencies made
it clear that the combination of our particular strengths
represents a unique and significant opportunity. The winning
combination of Oravax's cutting edge science and Genomma's
exceptional sales and distribution network throughout Mexico and Latin
America, as well as their local regulatory expertise,
results in a powerful venture," stated Nadav Kidron CEO of Oramed
and Chairman of Oravax.
Rodrigo Herrera Chairman of
Genomma Lab, commented, "The joint venture announced today
represents a unique opportunity for Genomma and its stakeholders.
We are thrilled to be forming this strategic alliance with Oramed
to bring Oravax's next-generation oral vaccine and booster
candidate once developed and authorized, to Mexico and potentially throughout Latin America to protect our populations from
the COVID-19 virus. Based on our initial discussion with the
authorities, we are already beginning to prepare for a Phase 2
trial immediately upon successful completion of the Phase 1 trial
of the oral vaccine in South
Africa. Oravax's oral vaccine's superior target profile
makes it an ideal candidate for an expedited approval process
(Emergency Use Approval). We are excited to play a pivotal role in
bringing this revolutionary solution to a vaccine market of an
estimated 662 million Latin Americans. Our partnership with Oravax
is therefore closely aligned with Genomma's mission to empower
people in 20 countries throughout the Americas to have excellent
health and well-being."
Oravax's oral VLP vaccine in development targets three SARS
CoV-2 virus surface proteins, including proteins less susceptible
to mutation, thus making the oral vaccine potentially more
effective against current and future variants of the COVID-19
virus. If approved, it would be used either as a standalone or as a
booster for previously vaccinated individuals. The oral method of
administration may result in greater safety by reducing potential
side effects. Oravax's VLP vaccine technology is highly scalable
for manufacturing and is easily transferable for wide scale
logistical distribution as there is no need for freezer
storage.
About Genomma Lab Internacional
Genomma Lab Internacional S.A.B. de C.V, is a leading
pharmaceutical and personal care products company in Mexico with an increasing international
presence. Genomma develops, sells, and markets a broad range
of premium branded products, many of which are leaders in their
categories. The company operates in 20 countries in the Americas,
selling over 50 brands through more than 300,000 points of
sale.
Genomma Lab's shares are listed on the Mexican Stock Exchange
under the ticker "LAB B" (Bloomberg: LABB:MM). For more
information, please visit www.genommalab.com/en/
About Oravax
Oravax Medical Inc. was established in 2021 by Oramed
Pharmaceuticals Inc., the largest shareholder in Oravax, along with
Premas Biotech, MyMD Pharmaceuticals, and certain other
shareholders with a mission to bring an oral COVID-19 vaccine to
the market. Oravax combines cutting-edge vaccine technology
acquired from Premas Biotech and the proprietary POD™ oral delivery
technology of Oramed Pharmaceuticals.
For more information, please visit www.ora-vax.com
About Oramed Pharmaceuticals
Oramed Pharmaceuticals (Nasdaq/TASE: ORMP) is a platform
technology pioneer in the field of oral delivery solutions for
drugs currently delivered via injection. Established in 2006, with
offices in the United States and
Israel, Oramed has developed a
novel Protein Oral Delivery (POD™) technology. Oramed is seeking to
transform the treatment of diabetes through its proprietary lead
candidate, ORMD-0801, which is being evaluated in two pivotal Phase
3 studies and has the potential to be the first commercial oral
insulin capsule for the treatment of diabetes. In addition,
Oramed is developing an oral GLP-1 (Glucagon-like peptide-1) analog
capsule (ORMD-0901). For more information, please
visit www.oramed.com
The securities of Oramed and Genomma described herein have
not been registered under the Securities Act of 1933, as amended,
and may not be sold in the United
States absent registration or an applicable exemption from
the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
Forward-looking statements: This press release
contains forward-looking statements. For example, Oramed, Oravax
and Genomma are using forward-looking statements when they discuss
the potential for the Joint Venture to create value for the
companies and their stakeholders, the expected contributions of
each party to the Joint Venture, the expected investments of Oramed
and Genomma in each other and of Genomma in Oravax, the potential
development and commercialization of an oral COVID-19 vaccine, the
ability of such a vaccine to drive business development in
Latin America, the pace of studies
and trials for such oral vaccine and the potential benefits and
safety attributes of the vaccine. In addition, historic results of
scientific research and clinical trials do not guarantee that the
conclusions of future research or trials will suggest identical or
even similar conclusions. These forward-looking statements are
based on the current expectations of the management of Oramed,
Oravax and Genomma only, and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements, including
the risks and uncertainties related to the progress, timing, cost,
and results of clinical trials and product development programs;
difficulties or delays in obtaining regulatory approval or patent
protection for product candidates; competition from other
pharmaceutical or biotechnology companies; the ability to meet the
conditions to complete the share swap and the ability to obtain
additional funding required to conduct our research, development
and commercialization activities. In addition, the following
factors, among others, could cause actual results to differ
materially from those described in the forward-looking statements:
changes in technology and market requirements; delays or obstacles
in launching clinical trials; changes in legislation; inability to
timely develop and introduce new technologies, products and
applications; lack of validation of technology as the companies
progress further and lack of acceptance of their methods by the
scientific community; inability to retain or attract key employees
whose knowledge is essential to the development of their products;
unforeseen scientific difficulties that may develop with the
companies' processes; greater cost of final product than
anticipated; loss of market share and pressure on pricing resulting
from competition; laboratory results that do not translate to
equally good results in real settings; patents may not be
sufficient; and finally that products may harm recipients, all of
which could cause the actual results or performance of Oramed,
Oravax or Genomma to differ materially from those contemplated in
such forward-looking statements. Except as otherwise required by
law, the companies undertake no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. For a more detailed description of the risks
and uncertainties affecting Oramed, reference is made to Oramed' s
reports filed from time to time with the Securities and Exchange
Commission.
Company Contacts
Josh Hexter
Oramed Pharmaceuticals
+1-844-9-ORAMED
josh@oramed.com
Barbara Cano
Genomma Lab Internacional
+1-917-861-2530
barbara@inspirgroup.com
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