Lifeward Ltd. (NASDAQ: LFWD) announced that shareholders approved the issuance of ordinary shares in connection with its strategic partnership agreement with Oramed Pharmaceuticals Inc. (NASDAQ: ORMP).

The transaction provides Lifeward with potential access to up to $47 million of capital from Oramed and another investor through equity, convertible notes, milestone-based funding, and warrant coverage. Under the agreement, Lifeward will integrate Oramed's Protein Oral Delivery (POD) technology platform while Oramed acquires a significant equity ownership interest in Lifeward.

The POD technology is designed to enable oral delivery of therapeutic proteins, such as insulin, that currently require injection. The platform has been evaluated in clinical development programs focused on diabetes, including ORMD-0801, a potential oral insulin therapy.

Under a clinical trial management agreement, Oramed will retain responsibility for managing and funding the POD platform's clinical development program. This structure allows Lifeward to maintain operational focus on its existing medical technology business while gaining exposure to the biotechnology platform.

Lifeward's current product portfolio includes the ReWalk exoskeleton and AlterG anti-gravity systems, along with a recently acquired powered upper body exoskeleton. The company designs and commercializes physical rehabilitation and recovery solutions.

"This is a defining moment in Lifeward's evolution," said Mark Grant, President and CEO of Lifeward. "With this partnership now moving towards closing, we believe Lifeward is uniquely positioned to combine the strength of our proven medical technology platform with the long-term potential of the POD oral delivery technology."

Lifeward anticipates closing the transaction following the satisfaction of additional customary closing conditions. The information is based on a company press release.