MEDG Medgenics(Regs)

 

TIDMMEDG 
 
RNS Number : 7830V 
Medgenics Inc 
08 November 2010 
 

 
8 November 2010 
                                Medgenics, Inc. 
                         ("Medgenics" or the "Company") 
 
  Medgenics receives U.S. Government Grant for Research that Shows the Greatest 
                      Potential to Result in New Therapies 
 
Misgav, Israel and London, UK - 8 November 2010 - Medgenics, Inc. (AIM: MEDG, 
MEDU), the company that has developed a novel technology for the manufacture and 
delivery of therapeutic proteins continuously in patients using their own 
tissue, is pleased to announce that has been awarded a cash grant under the U.S. 
Internal Revenue Service's Qualifying Therapeutic Discovery Project (QTDP) 
program. The QTDP program provides grants to companies with fewer than 250 
employees whose research shows the greatest potential to result in new 
therapies. The QTDP's grants are provided under the new section 48D of the 
Internal Revenue Code (IRC), enacted as part of the Patient Protection and 
Affordable Care Act of 2010. The Company will use the grant totaling $244,479 to 
further the development of its core Biopump technology. 
CEO Andrew L. Pearlman said:  "We very much appreciate the recognition of the US 
Government in granting a QTDP award to Medgenics, and for the tangible support 
it provides for our ongoing program to develop and apply the innovative Biopump 
technology into new and improved therapies." 
 
For further information, contact: 
 
+----------------------------------+--------------------------+ 
| Medgenics, Inc.                  | Phone: +972 4 902 8900   | 
| Dr. Andrew L. Pearlman           |                          | 
|                                  |                          | 
+----------------------------------+--------------------------+ 
| De Facto Communications          | Phone: +44 207 861 3838  | 
| Mike Wort                        |                          | 
| Anna Dunphy                      |                          | 
|                                  |                          | 
+----------------------------------+--------------------------+ 
| Religare Capital Markets (Nomad) | Phone: +44 207 444 0800  | 
| James Pinner                     |                          | 
| Derek Crowhurst                  |                          | 
|                                  |                          | 
+----------------------------------+--------------------------+ 
| SVS Securities plc (Joint        | Phone: +44 207 638 5600  | 
| Broker)                          |                          | 
| Alex Mattey                      |                          | 
| Ian Callaway                     |                          | 
|                                  |                          | 
+----------------------------------+--------------------------+ 
| Nomura Code Securities (Joint    | Phone: +44 207 776 1219  | 
| Broker)                          |                          | 
| Jonathan Senior                  |                          | 
|                                  |                          | 
|                                  |                          | 
+----------------------------------+--------------------------+ 
 
Leslie Wolf-Creutzfeldt 
Grayling NY 
Phone: 646-284-9472 
 
Notes to Editors: 
 
Medgenics is a medical technology and therapeutics company focused on providing 
sustained protein therapies, having developed its unique tissue-based Biopump 
platform technology to provide sustained-action protein therapy for the 
treatment of a range of chronic diseases. The first revenue generating 
commercial deal with a well known multinational pharmaceutical company was 
negotiated in late 2009 and we look forward to generating additional deals to 
further commercialise the Biopump platform technology. 
 
Biopumps are made using needle biopsies taken from the lower layer of the 
patient's skin under local anaesthetic, and processed during 10-14 days to 
become 30 mm long tissue biofactories producing the required protein.  The 
requisite number of Biopumps are injected under the patient's skin to provide 
sustained protein production and delivery for several months. The Company is 
developing the Biopump to provide substantially greater safety and reliability 
in protein treatment in a more cost effective manner than experienced with the 
existing injected protein therapies.  Medgenics currently has three products in 
development based on this technology, addressing the indications of: 
 
- anaemia - using EPODURE, a Biopump producing erythropoietin (EPO) 
 
- hepatitis-C - using INFRADURE - a Biopump producing interferon-alpha (IFN-a) 
 
- haemophilia - using a Biopump to produce clotting Factor VIII 
 
The Company's Phase I/II clinical trial using EPODURE to treat anaemia in 
patients with chronic kidney disease has demonstrated proof of concept of the 
Biopump. Designed to produce and deliver a therapeutic dose of EPO steadily for 
six months or more, EPODURE Biopumps have already provided anaemia treatment in 
patients for 6 months or more, even at the low administered dose. 
 
Medgenics intends to develop its innovative products and bring them to market 
via multiple strategic partnerships with major pharmaceutical and/or medical 
device companies. In addition to treatments for anaemia, hepatitis-C and 
haemophilia, 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 US $95 billion by the end of 2010. Other 
potential applications of Biopumps producing various proteins include multiple 
sclerosis, arthritis, paediatric growth hormone deficiency, obesity, and 
diabetes. 
 
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. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCLLFFLLILTIII 
 

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