Oramed's Oravax sub signs pre-purchase agreement for 10 million oral COVID-19 vaccines with Tan Thanh

oramed's-oravax-sub-signs-pre-purchase-agreement-for-10-million-oral-covid-19-vaccines-with-tan-thanh

Oramed Pharmaceuticals Inc. ORMP, -11.40% said Wednesday its Oravax Medical subsidiary has signed an agreement with Vietnam-based Tan Thanh Holdings Investment Joint Stock Co. to pre-purchase 10 million doses of Oravax’s oral COVID-19 vaccines in development. The drug maker’s stock slipped 0.1% in premarket trading. The agreement is comprised of undisclosed milestone payments, and the companies have agreed to negotiate follow-on orders that could be worth “hundreds of millions of dollars.” Tan Thanh has received approval from Vietnam’s Ministry of Health to conduct advanced-stage clinical trials of Oravax’s COVID-19 vaccine in development, which targets three SARS CoV-2 virus surface proteins. “This pre-purchase of our oral COVID-19 vaccine in development, represents a major milestone for Oravax Medical and another step forward in the implementation of our long-term strategy,” said Oramed Chief Executive Nadav Kidron. The stock has soared 206.1% year to date through Tuesday, while the S&P 500 SPX, -0.10% has gained 27.4%.

Source: Marketwatch

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