Stock in the Jerusalem-based company is slated to begin trading on the TASE on July 12 under the symbol ‘ORMP’.
“We believe dual-listing on the TASE will provide many benefits to our company and our shareholders. An expanded investor pool including Israel’s largest institutional investors, eligibility for being included in Israel’s index funds, and expanded trading days and hours to serve global investors especially those in Europe and Asia, are all factors that we believe will contribute to superior trading, liquidity and valuation for Oramed stock,” Oramed CEO Nadav Kidron said in prepared remarks.
ORMP shares were trading at $8.33 apiece in afternoon activity, up +8.5%.
In November, Oramed said that it finished a phase Ib study of its oral GLP-1 analog capsule for Type II diabetes.
Glucagon-like peptide-1 (GLP-1) is a hormone that stimulates the pancreas to secrete insulin. Exenatide, a GLP-1 analog, is available on the market as an injection for patients with Type II diabetes. The analog stimulates insulin release at increased glucose levels and can result in reduced food intake, along with weight loss.
The formulation of Oramed’s oral GLP-1 analog is based on the company’s Protein Oral Delivery (POD) technology.
Data from the phase Ib study of the company’s GLP-1 analog capsule demonstrated that the therapy was safe and well tolerated, with no serious adverse events reported during the trial.