Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
GERMANTOWN, Md., April 27, 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) while lowering costs, announces it has completed acquiring the assets of Tamir Biotechnology, Inc. (“TamirBio”), including ranpirnase, TamirBio’s broad spectrum anti-viral platform. The acquisition included total stock and cash consideration of approximately $21 million, based on the value of the stock at closing.
The first target for ranpirnase is human papillomavirus (HPV), the worldwide leading cause of genital warts. Topical ranpirnase, was evaluated in phase I/II clinical trials targeting genital warts, which demonstrated a clear clinical effect with a good safety profile. Orgenesis plans to move this program through a phase IIb trial in the US. In addition, anal dysplasia, a precursor to anal cancer, is driven by the HPV virus and will be prioritized in a new clinical trial. Ranpirnase has also demonstrated a strong safety and tolerability profile in systemic administration. Unmet needs in serious antiviral indications will be prioritized based on positive preclinical activity on serious viral infections like cytomegalovirus (CMV), influenza, HIV, and SARS. Orgenesis is prioritizing and planning a number of additional clinical trials in some of these indications.
Vered Caplan, CEO of Orgenesis, said, “We are pleased to have closed this transaction, as we believe that ranpirnase holds promise as a broad antiviral platform. Ranpirnase has demonstrated clinical efficacy against HPV and other hard to target viruses based on its unique mechanism of action, killing the virus and modulating the immune system, as evidenced by preclinical activity against some of the world’s most persistent viral threats. For this reason, we are aggressively pursuing a number of complementary approaches internally to maximize the potential of ranpirnase.”
About TamirBioTamirBio is a clinical stage anti-viral therapeutics company engaged in the discovery and development of a new class of prophylactic and therapeutic drugs for the treatment of viruses and other pathological conditions. TamirBio’s lead asset, ranpirnase, a ribonuclease (RNase), is a member of the superfamily of enzymes that catalyze the degradation of RNA, and mediate several essential biological activities, including the regulation of cell proliferation, maturation, differentiation, and cell death. Therefore, it is a potential candidate for the development of therapeutics for life-threatening diseases that require anti-proliferative and apoptotic properties.
About OrgenesisOrgenesis is a pioneering global biotech company which is unlocking 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 large numbers of patients at low cost. 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 StatementsThis 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 following the acquisition, 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
Source: Orgenesis Inc.