Associated tags: Diabetes, Oramed, TASE, Pharmaceutical industry, Security (finance), Biotechnology, Knowledge, Pressure, Legislation, Research, Patient
Locations: KOREA, SOUTH KOREA, SEOUL, CHINA, BOSTON, MA, PALO ALTO, CA, US, SORRENTO, UNITED STATES OF AMERICA, ISRAEL, NEW YORK, UNITED STATES
$1,300,000 under the convertible debentures (the “Convertible Debentures”) previously issued and sold to YA II PN, Ltd. (“Yorkville”) in March 2023.
Key Points:
- $1,300,000 under the convertible debentures (the “Convertible Debentures”) previously issued and sold to YA II PN, Ltd. (“Yorkville”) in March 2023.
- Scilex has also voluntarily made an early payment in the aggregate amount of $15,000,000 under the senior secured promissory note (the “Oramed Note”) issued to Oramed Pharmaceuticals Inc. (Nasdaq: ORMP, “Oramed”) in September 2023.
- For more information on Scilex Holding Company, refer to www.scilexholding.com .
- For more information on ZTlido® including Full Prescribing Information, refer to www.ztlido.com .
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Tuesday, February 20, 2024
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Pharmaceutical industry NEW YORK, Feb. 20, 2024 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) ( www.oramed.com ), a clinical-stage pharmaceutical company focused on the development of oral drug delivery platforms, today issued a Letter to Shareholders from its President and Chief Executive Officer, Nadav Kidron.
Key Points:
- NEW YORK, Feb. 20, 2024 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) ( www.oramed.com ), a clinical-stage pharmaceutical company focused on the development of oral drug delivery platforms, today issued a Letter to Shareholders from its President and Chief Executive Officer, Nadav Kidron.
- I am pleased to share with you an update regarding Oramed.
- Oramed and HTIT Joint Venture:
In January 2024, Oramed entered into a definitive agreement with HTIT, marking a milestone in the creation of a joint venture ("JV"), centered around Oramed's cutting-edge oral drug delivery technology.
- We thank you for your support and look forward to keeping our shareholders updated on the important milestones ahead.
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Thursday, September 21, 2023
PALO ALTO, Calif., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Scilex Holding Company (Nasdaq: SCLX, “Scilex” or “Company”), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced the consummation of the previously announced purchase of securities from Sorrento Therapeutics, Inc. (OTC: SRNEQ, “Sorrento”).
Key Points:
- PALO ALTO, Calif., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Scilex Holding Company (Nasdaq: SCLX, “Scilex” or “Company”), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced the consummation of the previously announced purchase of securities from Sorrento Therapeutics, Inc. (OTC: SRNEQ, “Sorrento”).
- Pursuant to that certain Stock Purchase Agreement entered into on September [21], 2023, between Scilex and Sorrento, Scilex, through its wholly-owned subsidiary, acquired (i) all of the shares of Scilex common stock owned by Sorrento (other than such shares held in abeyance by Sorrento on behalf of certain warrant holders of Sorrento), (ii) all of the shares of Scilex preferred stock owned by Sorrento, and (iii) all of the warrants for the purchase of shares of Scilex common stock owned by Sorrento (collectively, the “Securities Transfer”) for aggregate consideration consisting of: (i) $110 million (comprised of cash payments of $10 million in the aggregate and assumption of approximately $100 million in indebtedness of Sorrento as detailed in the next paragraph); plus (ii) the assumption by the Company of certain legal fees and expenses in the amount of approximately $12.25 million; plus (iii) a credit bid of all amounts owed to Scilex under the junior secured debtor-in-possession financing facility provided by Scilex to Sorrento.
- “This transaction demonstrates our commitment to deliver long-term value to our shareholders and advance innovative non-opioid therapies for acute and chronic pain patients.
- Our talented team is dedicated in furthering improvements in the care of patients to enhance quality of life,” said Jaisim Shah, President and Chief Executive Officer of Scilex Holding Company.
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Friday, September 22, 2023
SAN DIEGO, Sept. 22, 2023 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento" or "Company"), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, announced the consummation on September 21, 2023, of the previously announced sale to Scilex Holding Company (Nasdaq: SCLX, "Scilex") of certain securities that Sorrento held in Scilex.
Key Points:
- SAN DIEGO, Sept. 22, 2023 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento" or "Company"), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, announced the consummation on September 21, 2023, of the previously announced sale to Scilex Holding Company (Nasdaq: SCLX, "Scilex") of certain securities that Sorrento held in Scilex.
- As a result of the Securities Transfer, the Company no longer has a controlling interest over Scilex and Scilex ceased to be a majority-owned subsidiary of Sorrento.
- Consequently, we expect Scilex will be deconsolidated from the Company's financial statements prospectively and will be presented as discontinued operations.
- Additionally, upon the closing of the Securities Transfer, Sorrento and Oramed mutually terminated that certain Stock Purchase Agreement (as amended, the "Oramed SPA"), dated as of August 7, 2023, between Oramed and Sorrento for the sale of Sorrento's equity interests in Scilex to Oramed, which termination includes a release of claims by each of the parties relating to the Oramed SPA.
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Thursday, September 21, 2023
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Oramed NEW YORK, Sept. 21, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE:ORMP) today announced that on September 21, 2023, Oramed and Scilex Holding Company ("Scilex") entered into a Securities Purchase Agreement pursuant to which Scilex issued a Senior Secured Promissory Note (the "Note") to Oramed.
Key Points:
- NEW YORK, Sept. 21, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE:ORMP) today announced that on September 21, 2023, Oramed and Scilex Holding Company ("Scilex") entered into a Securities Purchase Agreement pursuant to which Scilex issued a Senior Secured Promissory Note (the "Note") to Oramed.
- The Note is the culmination of Scilex's assumption of Sorrento Therapeutics Inc.'s ("Sorrento") approximately $100 million senior secured Debtor In Possession ("DIP") term loan facility with Oramed.
- Oramed previously announced the execution of term sheets relating to the Note on September 13, 2023.
- "We believe that this Senior Secured Note, along with the warrant package, is a favorable outcome to Oramed while also supporting Scilex in executing on its growth opportunities."
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Wednesday, September 13, 2023
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Oramed After a hearing before the Bankruptcy Court in Sorrento’s bankruptcy cases on September 12, 2023, such court entered a final order approving the Scilex Term Sheets.
Key Points:
- After a hearing before the Bankruptcy Court in Sorrento’s bankruptcy cases on September 12, 2023, such court entered a final order approving the Scilex Term Sheets.
- The Scilex Term Sheets are subject to entry into definitive documentation relating thereto.
- The transactions contemplated by the Scilex Term Sheets are expected to close on or about September 19, 2023.
- Approximately four years ago, we successfully merged Semnur Pharmaceuticals and Scilex Pharmaceuticals into Scilex Holding Company.
NEW YORK, June 20, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) ( www.oramed.com ), announced today that it has been selected to present an oral abstract presentation at the American Diabetes Association's 83rd Scientific Sessions, taking place between June 23-26, 2023 in San Diego, California.
Key Points:
- NEW YORK, June 20, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) ( www.oramed.com ), announced today that it has been selected to present an oral abstract presentation at the American Diabetes Association's 83rd Scientific Sessions, taking place between June 23-26, 2023 in San Diego, California.
- The presentation will include an overview of data from Oramed's Phase 2 oral insulin trial for the treatment of NASH as well as discuss how oral insulin was found to potentially reduce liver fibrosis and fat in patients with NASH and Type 2 Diabetes.
- The oral presentation will be delivered in-person at the San Diego Convention Center in San Diego, California and will also be published on the journal Diabetes® website.
NEW YORK, May 18, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) ( www.oramed.com ), announced today that Chief Scientific Officer Dr. Miriam Kidron will deliver an in-person presentation at the Novel Therapies for Type 2 Diabetes & Obesity Summit in Boston, MA, on May 31, 2023.
Key Points:
- NEW YORK, May 18, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) ( www.oramed.com ), announced today that Chief Scientific Officer Dr. Miriam Kidron will deliver an in-person presentation at the Novel Therapies for Type 2 Diabetes & Obesity Summit in Boston, MA, on May 31, 2023.
- The presentation will include an overview of Oramed's oral delivery technology as well as insights from the Company's recent Phase 3 oral insulin clinical trials.
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Glycated hemoglobin NEW YORK, May 15, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) (www.oramed.com) announced today that Hefei Tianhui Biotechnology Co. Ltd. (HTIT), a strategic partner of Oramed, has successfully completed its Phase 3 trials of oral insulin in type 2 diabetes in China under a differentiated study protocol. HTIT is now moving toward regulatory approval and has submitted the data to the National Medical Products Administration (NMPA, formerly the CFDA).
Key Points:
- HTIT is now moving toward regulatory approval and has submitted the data to the National Medical Products Administration (NMPA, formerly the CFDA).
- Oramed has recently completed an analysis of the data from its U.S.-based, Phase 3 trial, ORA-D-013-1, for the treatment of type 2 diabetes.
- Phase 3 trial aligns with the positive data from the HTIT trial in China.
- Based on these findings, Oramed is exploring ways to move forward with its oral insulin product," Mr. Kidron added.
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