Medicox, Oramed sign MOU to enlist more institutional investors

South Korea's biomedicine firm Medicox Co. said on Monday that it had signed a strategic memorandum of understanding (MOU) with Oramed Pharmaceuticals, a Nasdaq-listed company, at the site of a conference on the clinical status of the oral insulin capsule (ORMD0801) held at the Josun Palace Gangnam last Thursday.

Under the terms of this agreement, the two companies will work together to enlist more institutional investors in Korea and the US as well as an investment with each other and discuss ways to commercialize and develop all pipelines owned by Oramed other than its flagship oral insulin capsule.

Oramed is a global biopharmaceutical firm based in Jerusalem, Israel, that develops and commercializes oral medicines and was listed on Nasdaq in 2007.

It is leading the oral delivery solution technology for drugs mostly delivered by injection and is undertaking phase 3 clinical trials with the US Food and Drug Administration for the world's first oral insulin.

It has also developed oral glucagon-like peptide-1 (GLP-1) analog capsules (ORMD-0901) for diabetic patients.

The company explained that it recently announced positive top-line results from the US FDA's phase 2 clinical trial for nonalcoholic steatohepatitis (NASH) treatment and the first clinical phase of an oral COVID-19 vaccine under development through its subsidiary Oravax Medical.

"The latest strategic alliance deal was meaningful in that it was a place to confirm a comprehensive and strategic partnership, rather than a simple license agreement between the two companies. We will work more closely with Oramed to achieve bigger goals together," said Oh Dae-hwan, CEO of Medicox.

Write to Jae-Young Han at jyhan@hankyung.com