The initiation of a Phase 3 trial is a significant milestone for Oramed Pharmaceuticals, indicating progress in its product pipeline. The agreement to receive a 3% royalty on gross revenues from the joint venture's use of Oramed's assets is likely to be viewed positively by investors, as it provides a future revenue stream contingent on the success of the trial and subsequent commercialization. This news is directly related to Oramed's core business and future earnings potential, hence the high relevance and importance. The positive score reflects the expectation that this news will likely be well-received by the market in the short term.