Pharmaceutical company Oramed Pharmaceuticals Inc (NASDAQ:ORMP) (TASE:ORMP) reported on Wednesday the receipt of a milestone payment of USD3m for ORMD-0801 under a prior license and investment agreement with Hefei Tianhui Incubator of Technologies Co Ltd (HTIT).

To date, Oramed has received a total of USD33m in payments for ORMD-0801 from HTIT.

China is currently the largest single diabetes population in the world, stated Oramed CEO Nadav Kidron. We are very pleased with the continuing development of our partnership with HTIT in bringing ORMD-0801 to this important market.

In addition, Oramed is seeking to revolutionise the treatment of diabetes through its proprietary flagship product, an orally ingestible insulin capsule (ORMD-0801). It has completed multiple Phase II clinical trials under an Investigational New Drug application with the US Food and Drug Administration.