Former Johnson & Johnson and Bausch & Lomb Executive,
Gerald Ostrov, Joins Oramed Pharmaceuticals' Board of Directors
JERUSALEM, October 18, 2012 /PRNewswire/ --
Oramed Pharmaceuticals Inc. (OTCBB:ORMP)
(http://www.oramed.com), a developer of oral drug delivery systems,
announced today that Gerald Ostrov,
former top executive of Johnson & Johnson and Bausch &
Lomb, joined its board as Director.
Mr. Ostrov has a long history of excellence and innovative
thinking within the Pharmaceutical, Medical Device, and Consumer
sectors. He began his career with Johnson & Johnson in their
Health Care Division in 1976. After leaving the company for almost
a decade to assume top executive roles for Ciba-Geigy Consumer
Pharmaceuticals Company (which went on to merge with Sandoz in 1996
to become the pharmaceutical giant Novartis), Mr. Ostrov returned
to Johnson & Johnson in 1991 to serve as President of Consumer
& Personal Care Products Unit. Within a few years he was
promoted to Company Group Chairman and became responsible for all
Consumer and Personal Care businesses in North America shortly thereafter.
Beginning in 1998 until his retirement in 2006, Mr. Ostrov very
successfully served as Company Group Chairman for Johnson &
Johnson's Worldwide Vision Care businesses. He came out of
retirement in 2008 to serve as Chairman and CEO of Bausch &
Lomb until 2010. During his appointment as CEO, Mr. Ostrov assisted
in the stabilization and streamlining of the company's business
component following its privatization by private equity investors.
He increased operating profit and cash flow via his focus on
creating an innovative pipeline to ensure long term value, and
decreased cost while improving quality.
"We are very pleased that Gerald has joined Oramed's Board of
Directors. He brings much leadership experience and vision to the
table, and we trust in his ability to contribute to Oramed's
business model and long-term goals for establishing the company's
pipeline on a global scale."
In addition to his current directorial position at Oramed, Mr.
Ostrov serves on the Boards of Orasure and Adlens Beacon, both
companies that specialize in innovative medical technologies and
devices. Mr. Ostrov also consults and lectures regarding new
technologies in the consumer products and consumer medical device
fields.
About Oramed Pharmaceuticals
Oramed Pharmaceuticals is a technology pioneer in the field of
oral delivery solutions for drugs and vaccines currently delivered
via injection. Established in 2006, Oramed's technology is
based on over 25 years of research by top research scientists at
Jerusalem's Hadassah Medical
Center. Oramed is seeking to revolutionize the treatment of
diabetes through its patented flagship product, an orally
ingestible insulin capsule currently gearing up to enter
FDA-approved Phase II clinical trials in the U.S., and with its
GLP-1 analog capsule, currently entering Phase Ib/IIa trials. The
company's corporate and R&D headquarters are based in
Jerusalem.
To view the company's fact sheet, please click here.
For more information, the content of which is not part of
this press release, please
visit http://www.oramed.com
Safe Harbor for Forward-Looking
Statements: This press release contains forward-looking
statements. For example, we are using forward-looking statements
when we discuss our expectations for establishing our pipeline on a
global scale or discuss the projected commencement dates for our
upcoming clinical trials. These forward-looking statements are
based on the current expectations of the management of Oramed only,
and are subject to a number of factors and uncertainties that could
cause actual results to differ materially from those described in
the forward-looking statements, including the risks and
uncertainties related to the progress, timing, cost, and results of
clinical trials and product development programs; difficulties or
delays in obtaining regulatory approval or patent protection for
our product candidates; competition from other pharmaceutical or
biotechnology companies; and our ability to obtain additional
funding required to conduct our research, development and
commercialization activities. In addition, the following factors,
among others, could cause actual results to differ materially from
those described in the forward-looking statements: changes in
technology and market requirements; delays or obstacles in
launching our clinical trials; changes in legislation; inability to
timely develop and introduce new technologies, products and
applications; lack of validation of our technology as we progress
further and lack of acceptance of our methods by the scientific
community; inability to retain or attract key employees whose
knowledge is essential to the development of our products;
unforeseen scientific difficulties that may develop with our
process; greater cost of final product than anticipated; loss of
market share and pressure on pricing resulting from competition;
laboratory results that do not translate to equally good results in
real settings; our patents may not be sufficient; and final that
products may harm recipients, all of which could cause the actual
results or performance of Oramed to differ materially from those
contemplated in such forward-looking statements. Except as
otherwise required by law, Oramed undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. For a more detailed
description of the risks and uncertainties affecting Oramed,
reference is made to Oramed's reports filed from time to time with
the Securities and Exchange Commission.
Company and Investor Relations Contact:
Aviva Sherman
Corporate Communcations
Oramed Pharmaceuticals
aviva@oramed.com
USA: +1-646-240-4193
Int'l: +972-2-566-0001
+972-54-792-4438
SOURCE Oramed Pharmaceuticals Inc.