6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the Month of May, 2015

Commission File Number 001-35948

Kamada Ltd.

(Translation of registrant’s name into English)

7 Sapir St.

Kiryat Weizmann Science Park

P.O Box 4081

Ness Ziona 74140

Israel

 (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F T   Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨   No T

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-____

This Form 6-K is being incorporated by reference into the Registrant’s Form S-8 Registration Statement File No. 333-192720.

Content

Kamada reported updated data from the Company’s European and Canadian Phase 2/3 clinical study of inhaled Alpha-1 antitrypsin (AAT) to treat alpha-1 antitrypsin deficiency (AATD) during a panel discussion entitled, “New Treatment Prospects for AATD Patients: Results from a Phase 2/3 Inhaled AAT Trial.”  The panel, led by Key Opinion Leaders (KOLs) who specialize in treating patients with AATD, was held during the American Thoracic Society (ATS) 2015 International Conference held from May 15-20, 2015 in Denver, Colorado.

The slides from the presentation are attached as Exhibit 99.1 and are also available on the Company’s website at www.kamada.com

SIGNATURE

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.

Date: May 20, 2015	KAMADA LTD.
	By:  /s/ Gil Efron
	Gil Efron Chief Financial Officer

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
99.1	A Slide Presentation - Inhaled AAT Phase 2/3 Study Results- May 2015.

EX-99.1

EXHIBIT 99.1

1

May 19th, 2015, Denver Colorado, 2015

Inhaled AAT Phase II/III
Update of Study Results

2

Forward Looking Statement

This presentation is not intended to provide investment or medical advice. It should be noted that some products under development described herein
have not been found safe or effective by any regulatory agency and are not approved for any use outside of clinical trials. 

This presentation contains forward-looking statements, which express the current beliefs and expectations of Kamada’s management. Such statements
involve a number of known and unknown risks and uncertainties that could cause Kamada's future results, performance or achievements to differ
significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause
or contribute to such differences include risks relating to Kamada's ability to successfully develop and commercialize its pharmaceutical products, the
progress and results of any clinical trials, the introduction of competing products, the impact of any changes in regulation and legislation that could affect
the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration, European Medicines Agency and other regulatory authority
approvals, the regulatory environment and changes in the health policies and structures of various countries, environmental risks, changes in the
worldwide pharmaceutical industry and other factors that are discussed in Kamada's prospectus related to this offering.

This presentation includes certain non-GAAP financial information, which is not intended to be considered in isolation or as a substitute for, or superior
to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures may be calculated differently from, and
therefore may not be comparable to, similarly titled measures used by other companies. A reconciliation of these non-GAAP financial measures to the
comparable GAAP measures is included in an appendix to this presentation. Management uses these non-GAAP financial measures for financial and
operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures
provide meaningful supplemental information regarding Kamada’s performance and liquidity.

Forward-looking statements speak only as of the date they are made, and Kamada undertakes no obligation to update any forward-looking statement to
reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.  You should not place undue reliance on
any forward-looking statement and should consider the uncertainties and risks noted above, as well as the risks and uncertainties more fully discussed
under the heading “Risk Factors” of Kamada’s 2014 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 29,
2015.

3

Introduction Slide

Program Chair

PROF. ROBERT A. SANDHAUS

Professor of Medicine, National Jewish Health Hospital and University of Colorado
Denver, Division of Pulmonary, Critical Care and Sleep Medicine, Denver, Colorado

Panel Members

PROF. KENNETH R. CHAPMAN

Director, Canadian Registry for Alpha1 Anti-trypsin Deficiency

Asthma and Airway Centre, Toronto Western Hospital

University of Toronto , Toronto, Canada

PROF. GERRY MCELVANEY

Beaumont Hospital

Professor of Medicine at RCSI, Dublin, Ireland

PROF. ROBERT .A. STOCKLEY

Lung Investigation Unit, Queen Elizabeth Hospital,

Birmingham University

Birmingham, United Kingdom

DR. JAN STOLK

Leiden, The Netherlands

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

4

Phase II/III, Double-Blind, Randomized, Placebo-Controlled,
Multicenter, International Study Evaluating the Safety and Efficacy
of Inhaled, Human, Alpha-1 Antitrypsin (AAT) in Alpha-1
Antitrypsin Deficient Patients with Emphysema

Results are presented for the double blind part of the study

5

Study Indication

Study Indication

Investigational
Product and
reference therapy

Investigational
Product and
reference therapy

Study Design

Study Design

●Treatment of alpha-1 antitrypsin
deficiency in subjects with clinically
demonstrableemphysema.

●Aerosolized (inhaled) human (plasma-derived)
AAT at 80 mg, 4ml inhalation X 2/day.

●The placebo comprises the non-active
ingredients of the AAT preparation.

●eFlow® inhalation device- PARI Pharma GmbH.

●Phase II-III ; Double-blind; Randomized
placebo-controlled; Multicenter, intrl’ study.

●168 subjects, Randomized 1:1 AAT; placebo

●50 weeks double blind ; 50 weeks OLE

●Trial designed in accordance with EMA
scientific advise/ protocol assistance and EU
draft guidance for COPD trials

Study Information

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Site in study

DSMB members

Sites: UK, SC, IR, SW, DK, CA, NL, GR

DSMB: IT, USA, ES

Study Information - Sites

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Primacy

Largest Study

First of its kind,
largest, IH AAT study

E-Diary

Use of e-Diary to
collect robust natural
history and efficacy/
safety data

Efficacy

First controlled
randomized trial to
demonstrate lung
function efficacy

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Main Inclusion / Exclusion Criteria

Inclusion

Inclusion

Exclusion

Exclusion

1.AdultswithAAT deficiency

2.FEV1/FVC <70% and FEV1 < 80%

3.At least two exacerbations in the last 18 months from
screening.

4.AAT deficient subjects who are either naïve (not receiving IV
augmentation therapy) or AAT deficient subjects receiving IV
augmentation therapy.

1.History of lung transplant; Any lung surgery within the past
two years.

2.Active smoking during the last 12 months from screening
date.

3.IgA Deficiency

4.History of life threatening allergy, anaphylactic reaction, or
systemic response to human plasma derived products.

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Ⅱ

●The time from
randomization to the
first event-based
exacerbation with a
severity of moderate
or severe.

●Time to first event-
based exac. (mild,
moderate or severe)

●Severity of the first
event-based exac.

●Rate of event-based
exac.

Primary

Primary

Secondary

Secondary

Safety

Safety

Study Endpoints

●Adverse Events

●Lung Function

●Vital Signs

●Physical Exam

●ECG

●Laboratory Evaluations

Ⅰ

Regulatory guidance as to efficacy indicated:

Importance of secondary endpoint including rate and severity of exacerbation as well as
review of totality of the data arising from the trial

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Analysis of the data revealed:primary
endpoint was not met

Lung function analysis and first
exacerbation severity †† statistical
significant changes

Kamada approached EMA and
presented the data

EMA confirmed for this ODD

review of post-hoc analysis and
totality of the data irrespective
of not meeting primary endpoint

What has changed?

1

2

3

4

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Lung
Function

Exacerbation
symptoms

Safety

Analysis Strategy

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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13

	AAT (N=85)	Placebo (N=83)
Males Females	51 (60.0%) 34 (40.0%)	49 (59.0%) 34 (41.0%)
Mean age ± SD (years) Age ≥ 60 years	56.5 ± 9.9 38 (44.7%)	54.4 ± 10.3 26 (31.3%)
Race: Caucasian	79 (100%)	75 (100%)
BMI (kg/m2): mean ± SD BMI <20	25.8 ± 4.6 8 (9.4%)	26.3 ± 5.5 4 (4.8%)
Oxygen users	18 (21.2%)	10 (12.0%)
FEV1 (L): mean ± SD	1.32 ± 0.49	1.33 ± 0.53
FEV1% (%):mean ± SD	42.8 ± 14.8	41.8 ± 14.7
DLCO (mMol/min/kPa): mean ± SD	4.23 ± 1.61	4.59 ± 1.96

Baseline Characteristics

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Spirometry Measures (MMRM)

FEV1 (L) - MMRM

Week

Placebo

AAT

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

Overall effect
+15ml

Overall effect
-27ml

P=0.0268

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Spirometry Measures (MMRM)

FEV1/SVC - MMRM

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

Placebo

AAT

Overall effect
+0.623

Overall effect
-0.8715

P=0.0074

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Lung Function	Least Squares Means (SE) (Changes at Week 50 from Baseline)		P-Value (Changes at Week 50)	Least Squares Means (SE) (overall treatment effect)		P-Value (Overall Effect)
	AAT (N= 84)	Placebo (N= 81)		AAT (N= 84)	Placebo (N= 81)
FEV1 (L)	-12mL -0.01183 (0.02196)	-62mL -0.06216 (0.02036)	0.0956	+15mL 0.01503 (0.01338)	-27mL -0.02718 (0.01322)	0.0268
FEV1 (% of predicted)	-0.1323 (0.6649)	-1.6205 (0.6140)	0.1032	0.5404 (0.4451)	-0.6273 (0.4425)	0.0658
FEV1/SVC (%)	0.6183 (0.5015)	-1.0723 (0.4455)	0.0132	0.6230 (0.3931)	-0.8715 (0.3804)	0.0074

SE in brackets

MMRM = Mixed Model Repeated Measure

Spirometry Measures (MMRM)

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Lung Function	Least Squares Means (SE) (Changes at Week 50 from Baseline)		P-Value (Changes at Week 50)	Least Squares Means (SE) (overall treatment effect)		P-Value (Mixed Linear Model - Overall Treatment Effect)
	AAT (N= 84)	Placebo (N= 81)		AAT (N= 84)	Placebo (N= 81)
DLCO	-0.2704 (0.07713)	-0.3054 (0.07182)	0.7407	-0.2011 (0.05585)	-0.1640 (0.05577)	0.6401
DLCO (% of predicted)	-2.9103 (0.9058)	-3.5785 (0.8459)	0.5920	-2.1459 (0.6721)	-1.8723 (0.6734)	0.7748
DLCO/VA	-0.02858 (0.01359)	-0.02464 (0.01299)	0.8349	-0.02672 (0.01061)	-0.00953 (0.01071)	0.2580
DLCO/VA (% of predicted)	-2.1951 (0.9686)	-1.8049 (0.9232)	0.7720	-2.0143 (0.7777)	-0.7094 (0.7851)	0.2415

SE in brackets

No Difference Between Groups

Diffusing Capacity (MMRM)

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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2

ITT	N (%)		P Value
	AAT	Placebo
Type/Category	N=85	N=83
Type I	16 (18.8%)	26 (31.3%)	0.0614
Type II	23 (27.1%)	12 (14.5%)	0.0444
Type III	34 (40.0%)	33 (39.8%)	0.9746
None	12 (14.1%)	12 (14.5%)	0.9498

AAT may change the nature of the Exacerbation(Potential change from Type I to Type II)Type I+IIèType I exacerbation stands for 41% within total of type I+ II exacerbations for AAT
group vs. 68% for placebo group.

Nature of the First Exacerbation

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Symptom Score MMRM Analysis of First (Types I+II+III)
Exacerbation Severityfor each majorSymptom
(during 0-10 and 0-14 days of the exacerbation event)

*Adjustment to age, oxygen, BMI, Country, Treatment Duration

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

Symptom	Exac. Type	Days	MMRM Least Square Means		P-Value*
			AAT N=73	Placebo N=71
Dyspnea	All Types (I, II, III)	0-10	11.9464	12.2548	0.0243
		0-14	11.5803	11.7832	0.0817
Sputum Volume		0-10	1.2748	1.3837	0.0334
		0-14	1.2367	1.3206	0.0595
Sputum Color		0-10	2.1566	2.0137	0.0502
		0-14	2.0240	1.8393	0.0032

During firstExacerbation,
AAT groupimproves significantly Dyspnea and Sputum volume symptoms

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            Continuous Symptom Score - Dyspnea

Dyspnea 4 Week Moving Average Graphs

Week

Treatment group

AAT

Placebo

Improvement trend in favor of AAT group

No statistical significance

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Well Being 4 Week Moving Average Graphs

Week

AAT

Placebo

Improvement trend in favor of AAT group

No statistical significance

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

Continuous Symptom Score - Well Being

Treatment group

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Month	AAT	Placebo
1	1.75	1.14
2	0.78	0.69
3	0.96	0.71
4	0.87	0.53
5	0.71	0.9
6	0.78	0.47
7	0.63	0.51
8	0.6	0.59
9	0.63	0.74
10	0.78	0.53
11	0.37	0.51
12	0.83	0.71

Safety: Mean AE per Patient by Month

month

•There were no AE indicating immunogenicity
and/or clinical indication of bronchospasms

•No specific AE pattern

•Most AEsrelate to underlying disease

•No Anaphylactic reactions

•Nature of AEs was similar between groups.

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Strengths vs. Constraints

•No improvement in
time to first
moderate/severe exac.

•No improvement in
rate

•Spirometry efficacy

•Exacerbation nature effect

•Safe and tolerable

•Primacy in clinical efficacy

•Unmet medical need

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

In Summary

1. Efficacy in lung function (statistically significant)

2. Change in the nature of exacerbations(reduction in number of Type 1-
exacerbations (trend) and reduction in dyspnea score (statistically significant)

3. Safe and tolerabledrug

4. Orphan designated drug

5. Unmet patient need- Clinical primacy in efficacy data for IH AAT and
AATD in general

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•Compilation of an MAA dossier

•EMA submission (centralized
procedure)end of 2015

EMA -EU Front

•Approach US-FDAwith results
in H2 2015to obtain guidance
on the clinical/ regulatory
pathway for licensingthe IH
AAT by Kamada in the US.

FDA -US Front

Moving Forward

Kamada is committed to the AATD patient community to bring the IH AAT
into the market place and provide an adequate, safe and efficacious answer
to current unmet medical need of these orphan patients.

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

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To the entire
Kamada team

To our DSMB

Dr. Marc Miravitlles

Dr. Maurizio Luisetti
Prof. Victor DeGruttola

Kamada’s Inhaled AAT Phase 2-3 EU and Canada Study results. Denver USA 2015

To our study investigators

Dr. Jan Stolk

Prof. Rob Stockley

Prof. Kenneth Chapman

Prof. Gerry McElvaney

Prof. William McNee

Dr. Eeva Piitulainen

Prof. Dr. Claus Vogelmeier

Dr. Kevin Elwood

Dr. Abboud Raja

Dr. Niels Seersholm

Dr. Michael Runold

Prof. Nick Hopkinsons

To our study nurses &
coordinators

To Dr. Pablo Fernandez,
our Medical advisor

To AIR Group

To our study CRO,
QP, labs, logistics
and other
vendors

SPECIAL THANKS TO…

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Thank you