UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_____________________
FORM
8-K
_____________________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the
Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): May 1, 2008
_____________________
ORAMED
PHARMACEUTICALS INC.
(Exact
name of registrant as specified in its charter)
Nevada
(State
or other jurisdiction
of
incorporation)
|
000-50298
(Commission
File Number)
|
98-0376008
(IRS
Employer
Identification
No.)
|
2
Elza Street
Jerusalem,
Israel 93706
(Address
of principal executive offices and zip code)
Registrant’s
telephone number, including area code: 972-54-790-9058
_____________________
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))
ITEM
1.01
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Entry
into a Material Definitive
Agreement.
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Oramed
Pharmaceuticals Inc. (“Oramed”), through its Israeli subsidiary, Oramed Ltd.,
has entered into an employment agreement with Chaime Orlev (the “Employment
Agreement”) as of May 1, 2008, pursuant to which Mr. Orlev has been appointed as
Chief Financial Officer (“CFO”), Treasurer and Secretary of Oramed. Mr. Orlev’s
responsibilities will include oversight of Oramed’s financial reporting and
controls.
Mr.
Orlev, age 37, is a certified public accountant in Israel and prior to joining
us served, from October 2005 to February 2008 as Chief Financial Officer of
Gammacan International, Inc. (GCAN.OB), a life science company focused on the
development of immunotherapy and related approaches to treat cancer. From
September 2004 to September 2005, Mr. Orlev acted as Chief Financial Officer
for
Solel Solar Systems, an Israeli-based company specializing in the development,
manufacturing and marketing of solar energy systems and related equipment,
as
well as coatings for different substrates. From April 2001 to August 2004 Mr.
Orlev was the Vice President, Finance and Chief Financial Officer of Huntleigh,
a provider of airport services to carriers. From 1999 to 2001 he served as
Financial Controller and Acting Chief Financial Officer for ICTS International
N.V. (NASDAQ:ICTS).
The
Employment Agreement provides that for the period through July 31, 2008 (the
“First Term”), Mr. Orlev will be employed to work on a part-time basis and will
be compensated a gross monthly amount of NIS 20,000. Beginning on August 1,
2008
and continuing until the Employment Agreement is terminated by either party
pursuant to the Employment Agreement (the “Second Term”), Mr. Orlev will serve
Oramed in a full-time capacity and will be compensated a gross monthly amount
of
NIS 30,000. Mr. Orlev has also agreed that during the term of his employment
with Oramed and for a 12 month period thereafter, he will not compete with
Oramed nor solicit employees of Oramed.
The
preceding is qualified in its entirety by reference to the Employment Agreement
that is filed with this Current Report on Form 8-K as Exhibit 10.1 and is
incorporated by reference herein.
Item
5.02
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain
Officers.
|
(b)
Mr.
Alex Werber has resigned as Oramed’s Chief Financial Officer effective May 1,
2008.
(c)
The
information provided in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference into this Item 5.02.
ITEM
9.01
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FINANCIAL
STATEMENTS AND EXHIBITS.
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10.1
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Employment
Agreement by and between Oramed Ltd. and Chaime Orlev entered into
as of
May 1, 2008
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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:
May 7, 2008
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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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