Premas Biotech together with their partners Oramed Pharmaceuticals Inc. (Nasdaq/TASE: ORMP) , a clinical-stage pharmaceutical company focused on the development of oral drug delivery systems, and Genomma Lab Internacional, S.A.B. de C.V. (BMV: LABB) , a leading pharmaceutical and personal care product company in Latin America with an expanding international presence, today announced the formation of a 50/50 joint venture between Genomma Lab and Oravax Medical Inc. , a company Premas Biotech has shareholding in, to develop and commercialize Oravax's oral COVID-19 vaccine candidate in Mexico.
Oravax's oral VLP vaccine, developed by Gurgaon based Premas Biotech, targets three SARS CoV-2 virus surface proteins, including proteins less susceptible to mutation, thus making the oral vaccine potentially more effective against current and future variants of the COVID-19 virus. If approved, it would be used either as a standalone or as a booster for previously vaccinated individuals.
The oral method of administration may result in greater safety by reducing potential side effects. Oravax's VLP vaccine technology is highly scalable for manufacturing and is easily transferable for wide scale logistical distribution as there is no need for freezer storage.
Genomma Lab is expected to contribute resources to the joint venture's oral COVID-19 vaccine development, as well as clinical, regulatory, and commercial activities in Mexico supported by close strategic cooperation between the two companies. Genomma Lab will leverage its extensive supply chain capabilities, partnerships and market presence in Latin America to support the business development process and vaccine roll-out throughout the region.
Prabuddha Kundu, CEO of Premas Biotech said, "We sees this as a great opportunity to address the Covid-19 pandemic through an oral vaccine, which is a VLP (virus-like-particle) approach to vaccines, developed using our D-CryptTM technology. Ours is the only triple antigen vaccine for COVID-19, and coupled with Oramed's Protein Oral Delivery technology, it makes geographical outreach and use as primary or booster vaccine, a much easier and rapid process. With Genomma's strong sales network and local presence in Mexico and Latin America, we hope to see this candidate moving through regulatory process and into commercial availability soon."
"We are very excited to be partnering with Genomma. The synergies between our respective companies' core competencies made it clear that the combination of our particular strengths represents a unique and significant opportunity. The winning combination of Oravax's cutting edge science and Genomma's exceptional sales and distribution network throughout Mexico and Latin America, as well as their local regulatory expertise, results in a powerful venture," stated Nadav Kidron CEO of Oramed and Chairman of Oravax.
Rodrigo Herrera Chairman of Genomma Lab, commented, "The joint venture announced today represents a unique opportunity for Genomma and its stakeholders. We are thrilled to be forming this strategic alliance with Oramed to bring Oravax's next-generation oral vaccine and booster candidate once developed and authorized, to Mexico and potentially throughout Latin America to protect our populations from the COVID-19 virus. Based on our initial discussion with the authorities, we are already beginning to prepare for a Phase 2 trial immediately upon successful completion of the Phase 1 trial of the oral vaccine in South Africa. Oravax's oral vaccine's superior target profile makes it an ideal candidate for an expedited approval process (Emergency Use Approval). We are excited to play a pivotal role in bringing this revolutionary solution to a vaccine market of an estimated 662 million Latin Americans. Our partnership with Oravax is therefore closely aligned with Genomma's mission to empower people in 20 countries throughout the Americas to have excellent health and well-being."
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( With inputs from ANI )
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