Orgenesis Second Quarter 2020 Revenue Increases 55% Reflecting Progress of POCare Platform
August 07 2020 - 7:30AM
Orgenesis Inc. (NASDAQ: ORGS) (“Orgenesis” or the
“Company”), a pioneering, global biotech company committed to
accelerating commercialization and transforming the delivery of
cell and gene therapies (CGTs), today provided a business update
for the second quarter ended June 30, 2020.
Vered Caplan, CEO of Orgenesis, stated, “We
continue to implement our Point of Care (POCare) cell and gene
therapy strategy, including the expansion of our network, as
evidenced by the expected revenue growth. Revenue for the second
quarter of 2020 increased 55% to $1.7 million compared to $1.1
million for the second quarter of 2019. We have also maintained a
solid balance sheet with over $97.5 million of cash and cash
equivalents as of June 30, 2020. Our true progress can be seen in
the advancement of our POCare Therapeutics pipeline, including
immuno-oncology, metabolic, and anti-viral therapies. Our mission
is to make these therapies available to large numbers of patients
at reduced costs using the point-of-care model. Our POCare Network
also continues to grow via new partnerships with leading hospitals
and research institutes around the world.”
“We have made progress towards our goal of
adapting our cell-based and antiviral technologies to address the
COVID-19 pandemic. First, we are focused on advancing our
cell-based vaccine platform in order to target COVID-19, as well as
other potential existing and emerging viral diseases. Second, we
recently launched our BioShield Program, which is designed to
potentially accelerate discovery and set up a first line of defense
against the spread of viral pathogens, such as COVID-19. And
finally, we are engaging with industry partners for the development
of Ranpirnase for the potential treatment of COVID-19, as well as
other viruses.”
The Company remained active through the second
quarter and into the third quarter of 2020, reporting the following
recent advances:
- Entered into a Collaboration
Agreement with Educell Ltd., a premier European cell therapy
company, to conduct clinical validation of the POCare Technologies
for the expansion of T-cells in a whole cell-based vaccine platform
for use in cancer immunotherapies.
- Entered into a Clinical Study
Agreement with The Edith Wolfson Medical Center, a leading public
hospital in Israel, to conduct a joint clinical study to validate
the partnered POCare Technologies.
- Advanced development of a novel
cell-based vaccine platform targeting COVID-19 and other existing
and emerging viral diseases; plans to commence animal testing
trials with human testing expected to follow pending clearance from
the FDA and/or other non-US regulatory bodies.
- Launched the BioShield Program to
accelerate the potential discovery and validation of neutralizing
human antibodies as an affordable solution to contain the spread of
a viral pathogen or new emerging outbreaks.
- Signed a preliminary agreement
with Leidos, a FORTUNE® 500 science and technology leader, to
develop, and potentially obtain, FDA marketing approval of
Ranpirnase for the systemic treatment of patients suffering from
SARS-CoV-2, the virus that causes COVID-19.
The Company’s complete financial results are
available in the Company’s Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission on August 6, 2020, which is
available at www.sec.gov and on the Company’s website.
About Orgenesis
Orgenesis is a pioneering global biotech company
that is working to unlock the full potential of personalized
therapies and closed processing systems through its Cell & Gene
Therapy Biotech Platform, with the ultimate aim of providing life
changing treatments at the Point of Care to a large number of
patients at lower costs. The Platform consists of: (a)
POCare Therapeutics, a pipeline of licensed cell
and gene therapies (CGTs), and proprietary scientific knowhow; (b)
POCare Technologies, a suite of proprietary and
in-licensed technologies which are engineered to create customized
processing systems for affordable point of care therapies; and (c)
POCare Network, a collaborative, international
ecosystem of leading research institutes and hospitals committed to
clinical development and supply of CGTs at the point of care. By
combining science, technologies and a collaborative network,
Orgenesis is able to identify the most promising new therapies and
provide a pathway for them to reach patients more quickly, more
efficiently and at scale, thereby unlocking the power of cell and
gene therapy for all. Additional information is available at:
www.orgenesis.com.
Notice Regarding Forward-Looking
Statements
This press release contains forward-looking
statements which are made pursuant to the safe harbor provisions of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities and Exchange Act of 1934, as amended. These
forward-looking statements involve substantial uncertainties and
risks and are based upon our current expectations, estimates and
projections and reflect our beliefs and assumptions based upon
information available to us at the date of this release. We caution
readers that forward-looking statements are predictions based on
our current expectations about future events. These forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties and assumptions that are difficult to
predict. Our actual results, performance or achievements could
differ materially from those expressed or implied by the
forward-looking statements as a result of a number of factors,
including, but not limited to, the risk that the acquisition of
Tamir’s assets will not be successfully integrated with our
technologies or that the potential benefits of the acquisition will
not be realized; our ability to further develop ranpirnase; our
reliance on, and our ability to grow, our point-of-care cell
therapy platform; our ability to effectively use the net proceeds
from the sale of Masthercell; our ability to achieve and maintain
overall profitability; the development of our POCare strategy; the
sufficiency of working capital to realize our business plans; the
development of our transdifferentiation technology as therapeutic
treatment for diabetes which could, if successful, be a cure for
Type 1 Diabetes; our technology not functioning as expected; our
ability to retain key employees; our ability to satisfy the
rigorous regulatory requirements for new procedures; our
competitors developing better or cheaper alternatives to our
products and the risks and uncertainties discussed under the
heading "RISK FACTORS" in Item 1A of our Annual Report on Form 10-K
for the fiscal year ended December 31, 2019, and in our other
filings with the Securities and Exchange Commission. We undertake
no obligation to revise or update any forward-looking statement for
any reason.
Contact for Orgenesis:David
WaldmanCrescendo Communications, LLCTel:
212-671-1021ORGS@crescendo-ir.com
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