UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): July 9, 2009
ORAMED
PHARMACEUTICALS INC.
(Exact
name of registrant as specified in its charter)
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Nevada
(State
or other jurisdiction
of
incorporation)
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000-50298
(Commission
File Number)
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98-0376008
(IRS
Employer
Identification
No.)
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Hi-Tech
Park 2/5 Givat Ram
PO
Box 39098
Jerusalem,
Israel 91390
(Address
of principal executive offices and zip code)
Registrant’s
telephone number, including area code: 972-2-566-0001
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
1.01
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ENTRY
INTO A MATERIAL DEFINITIVE
AGREEMENT
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On July
8, 2009 Oramed Ltd., an Israeli subsidiary of Oramed Pharmaceuticals Inc.,
entered into an agreement with Hadasit Medical Services and Development Ltd.
(“Hadasit”), Prof. Itamar Raz and Dr. Miriam Kidron (the “Third Agreement”), to
provide consulting and clinical trial services. According to the Third
agreement, Hadasit will be entitled to a total consideration of $400,000 to be
paid by the company, of which the amount of $200,000 was agreed in the terms of
the First Agreement between the company and Hadasit dated March 8, 2006, and
$199,255 of which has been paid as of the date hereof. The remaining amount of
$200,745 will be paid in ten equal quarterly instalments commencing May 2009, in
accordance with the actual progress of the study. The funds paid to Hadasit
under the agreement are deposited by Hadasit into a research fund managed by Dr.
Miriam Kidron, a director and officer of the Company. Pursuant to the general
policy of Hadasit with respect to its research funds, Dr. Kidron receives from
Hadasit a management fee in the amount of 10% of all the funds deposited into
this research fund.
The
preceding is qualified in its entirety by reference to the consulting services
agreement that is filed with this Current Report on Form 8-K as Exhibit 10.1 and
is incorporated by reference herein.
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ITEM
9.01
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FINANCIAL
STATEMENTS AND EXHIBITS.
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(c)
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Exhibits
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10.1
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Consulting
Services Agreement by and among Oramed Ltd., HADASIT Medical Research
Services and Development Ltd., Prof. Itamar Raz and Dr. Miriam Kidron,
entered into as of July 8,
2009.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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ORAMED PHARMACEUTICALS
INC.
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Dated:
July 9, 2009
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By:
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/s/
Nadav Kidron
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Nadav
Kidron
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President,
CEO and
Director
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