TIDMMEDG 
 
Medgenics, Inc. 
                         ('Medgenics' or the 'Company') 
 
5 February 2009 
 
Medgenics is pleased to announce that the closing date for the warrant repricing 
programme announced on 17 December 2008 has been extended to 13 February 2009 to 
encourage the exercise of existing warrants (on the same terms as previously 
announced).  The extension will allow existing warrant holders to consider an 
exercise of their warrants on the advantageous terms proposed under this 
programme with the benefit of knowledge of the Company's positive results from 
its Phase I/II Clinical Trial of EPODURE as announced today. The Directors have 
confirmed that the warrant repricing programme will not be extended beyond this 
date. 
 
This warrant repricing programme aims to strengthen the Company's cash position 
to support its operations and its business development activities while 
increasing the share base and reducing the number of outstanding warrants. 
 
The warrant repricing programme enables existing warrant holders to exercise 
their warrants for cash before 13 February 2009 and offers them the following 
terms: 
 
  1. Reduced Exercise Price :  $0.0375/share (2.5 pence/share)  or the current 
     exercise price, whichever is lower; and 
 
  2. Bonus Warrants:  for every one dollar ($1.00) or 0.667 GBP paid for 
     exercise of warrants during this programme, a new bonus warrant to purchase 
     three (3) shares of common stock in the Company of $0.0001 par value per share 
     ("Common Shares"), which will be immediately exercisable for three (3) years at 
     an exercise price $0.25 per share, will be issued.   For example, a total 
     exercise price of $10,000 will result in a bonus warrant for 30,000 Common 
     Shares at an exercise price of $0.25 per share. 
 
The exercise price of any warrants that are not exercised prior to 13 February 
2009 will revert to the original price as stated in the warrant prior to this 
warrant repricing programme. 
 
The current warrants outstanding in the Company are as announced this morning 
and the number of warrants held by Lord Leonard Steinberg and Joel Kanter 
(directors of the Company) were also announced this morning. The number of 
warrants held by the remaining directors remain as previously announced on 17 
December 2008. 
 
Joel Kanter has stated that, as a result of the extension to this incentive 
programme, he will (either directly or through his affiliates) exercise further 
warrants at the reduced exercise price of $0.0375 to an aggregate value of 
$32,139. The remaining directors (the "Independent Directors") have decided 
not to exercise their warrants as part of this extension to the warrant 
repricing programme so that they are able to remain independent in their 
assessment of whether this extension is in the interest of all shareholders of 
the Company. 
 
In view of the interests and intended exercise of warrants at the reduced price 
by Joel Kanter during the extended period of this programme, this extension to 
the warrant repricing programme is considered to be a related party transaction 
under the AIM rules and therefore Joel Kanter is precluded, in accordance with 
the AIM rules, from expressing an opinion that the transaction is fair and 
reasonable insofar as the shareholders are concerned 
 
The Independent Directors consider, having consulted with Blomfield Corporate 
Finance Limited, the Company's nominated adviser, that the terms of the 
extension to this programme are fair and reasonable insofar as the Company's 
shareholders are concerned. 
 
The Independent Directors make this assessment based on the rationale for the 
warrant repricing programme and in particular the Company's cash flow 
requirements, the current share price, and after consideration of alternate 
viable short-term fund-raising methods, especially given the current economic 
climate. 
 
The Company anticipates that the exercise of warrants between this announcement 
and 13 February 2009 will have a positive impact on the Company, both in terms 
of cash flow and in reducing the total number of outstanding warrants. 
 
Warrant holders will be required to execute certain documents and make certain 
representations in order to participate in the warrant repricing programme. 
Further details regarding the programme and the procedures to exercise the 
warrants have been posted to Warrant Holders and are also available on the 
Company's website (www.medgenics.com). Warrant Holders who wish to participate 
in this programme are encouraged to contact the Company for further information 
on the process for doing so. 
 
The Company would also like to correct the Directors Dealings announcement on 3 
February 2009 in which all references to Ordinary Shares should have been to 
common shares of US $0.0001 each (`Common Shares'). The Company has only one 
class of security (Common Shares) in issue. 
 
For further information, contact: 
 
Medgenics, Inc.                                             Phone: +972 4 902 8900 
Dr. Andrew L. Pearlman 
 
Grayling Global (Financial PR, UK)                          Phone: +44 207 255 5406 
Jonathan Shillington                                        jonathan.shillington@uk.grayling.com 
Alistair Scott 
 
Blomfield Corporate Finance Limited (Nominated Adviser)     Phone: +44 207 489 4500 
James Pinner 
Alan MacKenzie 
 
SVS Securities plc (Broker)                                 Phone: +44 207 638 5600 
Ian Callaway 
 
United States contacts: 
 
Grayling Global (Investor Relations)                        Phone: +1 646 284 8472 
Leslie Wolf-Creutzfeldt                                     lwolf-creutzfeldt@hfgcg.com 
 
Grayling Global (Media Relations)                           Phone: +1 646 284 9455 
Ivette Almeida                                              ialmeida@hfgcg.com 
 
NOTES TO EDITORS: 
 
Medgenics,  Inc.  is a clinical-stage biopharmaceutical company  developing  its 
unique  tissue-based  Biopump  platform technology to  provide  sustained-action 
protein therapy for the treatment of a range of chronic diseases. 
 
Medgenics currently has two products in development based on this technology: 
 
�    EPODURE - producing erythropoietin (EPO) to treat anemia 
�    INFRADURE - producing interferon-alpha (IFN-a) to treat hepatitis C 
 
The  Company  has  demonstrated  proof of principle  of  the  Biopump  treatment 
procedure in a clinical trial using a short-acting version of EPODURE in  anemic 
subjects.  The  Company announced positive initial results  in  its  Phase  I/II 
clinical  trial for its long-acting version of EPODURE, designed to produce  and 
deliver  a  therapeutic dose of EPO steadily for three to six  months  or  more, 
which  commenced  in August 2008. The Company plans to follow  with  a  clinical 
trial of INFRADURE in 2009. 
 
Medgenics  intends to develop its innovative products and bring them  to  market 
via  multiple  strategic partnerships with major pharmaceutical  and/or  medical 
device companies, starting with EPODURE and INFRADURE. 
 
Beyond these, Medgenics plans to develop and/or out-license a pipeline of future 
Biopump  products targeting the large and rapidly growing global protein therapy 
market, which is forecast to reach $87 billion by 2010. Other potential areas 
include multiple sclerosis (interferon-B), haemophilia (Factor XIII), paediatric 
growth hormone deficiency (human growth hormone) and diabetes (insulin). 
 
Founded in 2000, Medgenics is a US-incorporated company with major operations in 
Misgav,  Israel.  Medgenics was admitted to AIM in December 2007  and  currently 
trades  under  two  separate  lines  on the AIM  market;  the  Reg.S  restricted 
securities  trade  under  the TIDM (AIM: MEDG) and the  unrestricted  securities 
trade under the TIDM (AIM:MEDU). 
 
www.medgenics.com 
 
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS 
This  release contains forward-looking statements, which include all  statements 
other  than statements of historical fact, including (without limitation)  those 
regarding  the  Company's  financial  position,  business  strategy,  plans  and 
objectives  of  management  for future operations. These  statements  relate  to 
future   events,   prospects,   developments  and  strategies.   Forward-looking 
statements  are sometimes identified by their use of the terms and phrases  such 
as "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning, 
"expect," "believe," "will," "will likely," "should," "could," "would," "may" or 
the  negative of such terms and other comparable terminology. All such  forward- 
looking  statements are based on current expectations and are subject  to  risks 
and  uncertainties. Should any of these risks or uncertainties  materialize,  or 
should  any  of  the Company's assumptions prove incorrect, actual  results  may 
differ  materially from those included within these forward-looking  statements. 
Accordingly,  no  undue  reliance  should be  placed  on  these  forward-looking 
statements,  which  speak  only  as  of the date  made.  The  Company  expressly 
disclaims  any obligation or undertaking to disseminate any updates or revisions 
to  any forward-looking statements contained herein to reflect any change in the 
Company's  expectations with regard thereto or any change in events,  conditions 
or  circumstances on which any such statements are based. As a result  of  these 
factors,  the  events described in the forward-looking statements  contained  in 
this release may not occur. 
 
 
-END- 
 

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