Oramed’s Oravax Medical and Genomma Lab Internacional announce joint venture to develop and commercialize vaccine for Latin America.
By Abigail Klein Leichman NOVEMBER 23, 2021, 10:56 AM
Current Covid-19 vaccines are delivered via a shot in the arm – nobody’s favorite way to receive any medication – and must be kept at ultracold temperatures.
Oravax Medical, a subsidiary of Israel’s Oramed Pharmaceuticals, has a vaccine candidate that is given by mouth and doesn’t require freezer storage.
On November 18, Oravax announced a partnership with Genomma Lab Internacional www.genommalab.com/en/ in Mexico to develop the vaccine for use in Latin America initially.
Oravax’s oral VLP vaccine candidate targets three SARS-CoV-2 virus surface proteins, including proteins less susceptible to mutation, thus making the oral vaccine potentially more effective against current and future variants of the coronavirus.
If approved, it would be used either as a standalone or as a booster for previously vaccinated individuals. The oral method of administration may result in greater safety by reducing potential side effects.
The two public companies agreed to a $20 million share swap, and Genomma Lab also committed to participate in a future investment in Oravax.
“We are very excited to be partnering with Genomma. The synergies between our respective companies’ core competencies made it clear that the combination of our particular strengths represents a unique and significant opportunity,” said Nadav Kidron, CEO of Oramed and chairman of Oravax. “The winning combination of Oravax’s cutting edge science and Genomma’s exceptional sales and distribution network throughout Mexico and Latin America, as well as their local regulatory expertise, results in a powerful venture.”
Rodrigo Herrera, chairman of Genomma Lab, said, “We are already beginning to prepare for a Phase 2 trial immediately upon successful completion of the Phase 1 trial of the oral vaccine in South Africa. We are excited to play a pivotal role in bringing this revolutionary solution to a vaccine market of an estimated 662 million Latin Americans in 20 countries.”