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.
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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.
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SOURCE Oramed Pharmaceuticals Inc.