Last week was great for Oramed Pharmaceuticals Inc (NASDAQ: ORMP). It rallied all week, and on Friday it closed the day with gains of 17.91%. This rally was triggered by an announcement at an investor conference that the company’s phase IIb study for ORMD -0801, type 2 diabetes treatment was a success.
One of the things that the company announced is that, ORMD-0801 could be used as a 2nd, 3rd, and even 4th line oral agent for treating type II diabetes. The company stated that phase II studies revealed treatment had efficacy in patients whose diabetes was not fully taken care of by Metformin and other agents.
The company also announced that, ORMD-0801 had presented a good safety profile. It had the normal physiology of insulin secretion and absorption by having it delivered directly to the liver. The study also revealed that by dosing at night, ORMD-0801 helped diabetic patients wake up in the morning with a better metabolism.
This presentation was followed by some equally good news about the company from Japan. On the 21st of November, the company announced that its Japanese patent for its technology called, “Protease Inhibitor – Containing compositions, Compositions Comprising Same, and Methods for Producing and Using Same” had been given by the Japanese patent office. This news added impetus to the stock that was already gaining upside momentum.
Looking at the charts, the stock’s rally has been strong, and on high volumes. It opened higher for 5-days in a row. In Friday’s session, the stock was trading between highs of $5 and lows of $3.81 before closing the day at $4.41. Volumes in the day stood at 690.071k.
About Oramed Pharmaceuticals Inc
Oramed Pharmaceuticals Inc is a biotech company that specializes in R&D on capsules, and other oral treatments for type II diabetes. It has its headquarters in New York, New York.