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ORAMED PHARMACEUTICALS INC. : Other Events (form 8-K)

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12/14/2018 | 02:07pm CET

Item 8.01. Other Events.

As previously disclosed, pursuant to a Patent Transfer Agreement (the "Patent Transfer Agreement") dated February 22, 2011, Oramed Ltd., a wholly owned subsidiary of Oramed Pharmaceuticals Inc. (the "Company"), assigned to Entera Bio Ltd. ("Entera") all of its right, title and interest in and to a certain patent application related to the oral administration of proteins. Under the Patent Transfer Agreement, Oramed Ltd. is entitled to receive from Entera royalties of 3% of Entera's net revenues (as defined in the Patent Transfer Agreement) and a license back of that patent application for use in respect of diabetes and influenza. On December 11, 2018, Entera announced that it had entered into a research collaboration and license agreement (the "Amgen License") with Amgen in inflammatory disease and other serious illnesses. As reported by Entera, under the terms of the Amgen License, Entera will receive a modest initial technology access fee from Amgen and will be responsible for preclinical development at Amgen's expense. Entera will be eligible to receive up to $270 million in aggregate payments, as well as tiered royalties up to mid-single digits, upon achievement of various clinical and commercial milestones if Amgen decides to move all of these programs forward. Amgen is responsible for clinical development, manufacturing and commercialization of any of the resulting programs. To the extent the Amgen License results in net revenues as defined in the Patent Transfer Agreement, Oramed Ltd. will be entitled to the aforementioned royalties.



                           Forward-looking Statements


This Current Report on Form 8-K contains forward-looking statements. For example, the Company is using forward-looking statements when it discusses the possibility of receiving royalties from Entera as a result of the Amgen License. These forward-looking statements are based on the current expectations of the management of the Company 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 Entera's clinical trials, development programs and commercialization activities and Entera's ability to meet the milestones in the Amgen License, all of which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, the Company undertakes 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 the Company, reference is made to the Company's reports filed from time to time with the U.S. Securities and Exchange Commission.

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© Edgar Online, source Glimpses

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