Oramed subsidiary, Laser Detect develop new joint venture

JERUSALEM A subsidiary of Oramed Pharmaceuticals has entered a joint venture with Laser Detect Systems.

In Oramed Ltd.'s new venture with Laser Detect -- to be called Entera Bio -- Oramed will out-license technology to Entera for the development of oral delivery drugs for certain indications. Laser Detect will invest $600,000 in Entera, and Entera will be owned in equal parts by both entities. Additionally, former Endo executive Phillip Schwartz will serve as Entera's CEO.

"This joint venture affords an opportunity to explore a technology with different characteristics from Oramed's main technology, which has the potential to make a significant contribution in the oral drug delivery arena," said Nadav Kidron, Oramed Pharmaceuticals CEO. "We look forward to a successful relationship with Laser Detect and Entera."