Oramed signs manufacturing deal for oral insulin pill

Israel-headquartered Oramed Pharmaceuticals has signed a manufacturing agreement with Swiss Caps AG, one of the largest softgel capsule manufacturers. Under the terms of the agreement, Swiss Caps will provide gel capsules for the upcoming Phase I clinical trials of Oramed's healthy volunteers. Following a stringent due diligence process and an in-depth review of Oramed's oral delivery technology, Swiss Caps responded with an offer of a straight equity exchange for their services. This is in lieu of a cash payment, According to the agreement, the amount due in payment to Swiss Caps will be paid in shares.

"This type of agreement means cooperation with Swiss Caps rather than just out-service the production line, Swiss Caps brings to the table skills and knowledge that goes beyond the direct execution of our formula and we are looking forward to seeing the benefits from our group effort," stated Nadav Kidron, Oramed's chief executive. This agreement is solely for the manufacturing of the product for proof-of-efficacy in the clinical trials.