Orgenesis Second Quarter 2020 Revenue Increases 55% Reflecting Progress of POCare Platform
Provides update on COVID-19 therapeutic programs
Reports cash and cash equivalents of $97.5 million as of June 30, 2020
GERMANTOWN, Md., Aug. 07, 2020 (GLOBE NEWSWIRE) -- 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.
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:
Crescendo Communications, LLC
Released August 7, 2020