JERUSALEM, May 29, 2012 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (OTCBB: ORMP.OB) ( http://www.oramed.com), a developer of oral drug delivery systems, announced today that it has received approval for a key patent by the New Zealand Patent Office. The patent, entitled "Methods and Compositions for Oral Administration of Exenatide," covers oral exenatide compositions made using the company's technology. Oramed's portfolio now consists of three issued patents and 34 patents pending for its technologies and products. Exenatide is a GLP-1 analogue, and is a highly effective medication for the management of Type 2 diabetes (T2DM). The physiological pathways it engages to lower blood glucose levels generate a sparing impact on the pancreatic beta cells, blunting their gradual exhaustion - a typical marker of late-stage T2DM. In addition to the drug's intrinsic benefits, results with Oramed's oral exenatide formula did not induce nausea among volunteers - a debilitating side effect of exenatide injections - presenting an advantage that could have a considerable impact on the use of this drug. Trials evaluating the safety and efficacy Oramed's GLP-1 analog formulation in diabetic patients are planned to commence in Q3 2012. Nadav Kidron, CEO of Oramed, commented: "We are very pleased with this news regarding our third patent approval and the inclusion of New Zealand in our global patent network. This particular patent - the first on our oral exenatide formulation - allows Oramed to gain yet more ground in the biotechnology world. We look forward to more patents being approved in the future." 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 in Phase 2 clinical trials, and with its GLP-1 analog capsule, currently entering Phase 2a trials. The company's corporate and R&D headquarters are based in Jerusalem. For more information, the content of which is not part of this press release, please visithttp://www.oramed.comSafeHarborfor Forward-Looking Statements: This press release contains forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations for additional patents, our technologies and their validation and the possibility of increased patient compliance resulting from our products. 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 ShermanUSA: +1-646-240-4193 Int'l: +-972-2-566-0001 +972-54-792-4438 E-mail: email@example.com SOURCE Oramed Pharmaceuticals Inc.