June 7, 2010 (FinancialWire) — Oramed Pharmaceuticals Inc. (OTCBB: ORMP), a developer of oral drug delivery systems, said that its Oramed Ltd. subsidiary has entered into a joint venture agreement with Laser Detect Systems Ltd., an Israeli firm, for the establishment of a new company to be called Entera Bio Ltd.

Under the terms of the agreement, Oramed will out-license technology to Entera for the development of oral delivery drugs for certain indications. The out-licensed technology differs from Oramed's main delivery technology that is used for oral insulin and is subject to a different patent application.

Entera's initial development effort will be an oral formulation for the treatment of osteoporosis. The company will be owned in equal parts by Oramed and Laser Detect.

Israel-based Oramed Pharmaceuticals is a developer of oral drug delivery systems.

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