– MEDICOX secures distribution right for ORAMED’s oral insulin in South Korea after phase 3 of FDA approval
– Contract scale up to 18 million dollars for developmental milestone and up to 15% royalty for sales
– ORAMED says 1 in 7 Korean adults over 30 have diabetes and expects market potential
SEOUL, South Korea, Nov. 18, 2022 /PRNewswire/ — On 14th, MEDICOX (054180), listed on KOSDAQ, signed an exclusive distribution contract with an oral drug delivery platform developer, ORAMED Pharmaceuticals (hereinafter "ORAMED", Listed on NASDAQ) on the oral insulin license.
Signing the contract, MEDICOX secured an exclusive right to distribute the oral insulin in South Korea for 10 years after receiving approval from the Ministry of Food and Drug Safety on ORAMED’s oral insulin candidate (ORMD-0801).
According to the contract, the contract amount is up to 18 million dollars, including the developmental milestone option (prepayment of 2 million dollars), and MEDICOX will pay ORAMED a royalty of up to 15% on sales generated by oral insulin distribution in South Korea.
ORAMED is spotlighted for innovating the diabetes treatment market by developing the oral insulin candidate (ORMD-0801), which is currently under phase 3 of FDA approval. The top-line results for phase 3 will be announced on January 2023, and "ORMD-0801" has the potential to be the first commercial oral insulin capsule for the treatment of diabetes.
Nadav Kidron, CEO of ORAMAD, said, "One in seven Korean adults over 30 have diabetes, and the contract with MEDICOX will be a great chance to enter the Korean diabetes market. ORAMED will focus on the main markets including South Korea and the United States and MEDICOX will be a great partner for successful performance in the Korean market."
Oh Daehwan, CEO of MEDICOX, said, "We are now able to provide innovative diabetes treatment by signing a contract with ORAMED. The contract is meaningful because it will strengthen the partnership with ORAMED and further develop and expand our pharmaceutical business."
ORAMED is currently the platform technology leader in the field of oral delivery solutions. Established in 2006, with offices in the United States and Israel, ORAMED has developed a novel Protein Oral Delivery (POD). ORAMED is currently under FDA phase 3 studies for the first commercial oral insulin, as well as developing oral GLP-1 (Glucagon-like peptide-1) and analog capsule (ORMD-0901) for the related markets.
About Medicox
Medicox Co., Ltd. (Kosdaq: 054180) is a pharmaceutical R&D company with a shipbuilding and generator manufacturing business. The company was established in 1995, and has 3 offices in Korea (Seoul, Jinhae, Kimhae). Medicox has a subsidiary called Mecox CureMed Co., Ltd., which focuses on clinical trials of drugs under development. Mecox holds a pipeline of Tubulysin (Solid Cancer/Phase 1), Bozanics (Orthopedic Arthritis/Phase 3), Mecbentu (Blood Cancer/Phase 2). For more information, please visit www.medicox.co.kr.
About Oramed
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.
(From Left) MEDICOX CEO Oh Daehwan, ORAMED CEO Nadav Kidron