Oramed Pharma Plunges After Its Diabetes Drug Failed In Late-stage Study

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Shares of Oramed Pharmaceuticals Inc. (ORMP) are falling more than 75% Thursday morning after the company’s investigational drug ORMD-0801 for the treatment of Type 2 Diabetes failed in late-stage study.

Phase 3 study comparing the efficacy of ORMD-0801 to placebo in patients with Type 2 Diabetes did not meet its primary goal of glycemic control improvement, the company said.

ORMP, currently at $2.60, touched a new low of $2.32 this morning.

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