Globes reports that Oramed Pharmaceuticals (TASE: ORMP; Nasdaq: ORMP), headed by Nadav Kidron, reported today that a Phase 3 trial of a treatment for diabetes with an orally administered insulin pill had failed to meet its primary endpoint.

Oramed’s share price plunged 77.1% on the Tel Aviv Stock Exchange today, and is currently down 76.55% on Nasdaq, at $2.53, which gives the company a market cap of $98.4 million.

Oramed developed unique technology for administering diabetes treatments orally instead of by injection, and the orally administered insulin that was the subject of the trial is its lead product.

Source - Globes/Twitter - Image - Shutterstock