Orgenesis Approved For Additional European Grant For Further Development Of Its Type 1 Diabetes Program
GOSSELIES, BELGIUM--(Marketwired - April 13, 2016) - Orgenesis SPRL, a subsidiary of Orgenesis Inc. (OTCQB: ORGS), a leader in the emerging fields of cellular therapy and regenerative medicine, today announced that it has received the formal approval from the Walloon Region, Belgium (Service Public of Wallonia, DGO6) for a budgeted EUR 1,303,636 support program for the development of a potential cure for Type 1 Diabetes. The financial support is awarded to Orgenesis as a recoverable advance payment at 55 percent of budgeted costs, or for a total of EUR 717,000.
The grant will be paid to Orgenesis over a period of 1 year. The grant is subject to certain conditions such as Orgenesis conducting the research and development work within the Walloon Region, Orgenesis's own investment in the projects and certain other conditions. Orgenesis has received approval for a total of Euro 2,732,000 from the DG06 since 2014.
"We thank the Walloon Region for its continuing support of the Orgenesis European activity with this grant," said Vered Caplan, Chairperson and CEO of Orgenesis. "Our activity in the Walloon Region has been tremendously productive, thanks to our collaboration with Pall Corporation and MaSTherCell, our affiliated contract manufacturer and development organization (CDMO) specializing in cell therapy products. The industrial and financial support by the Wallonian Minister of the Innovation and Research are greatly appreciated."
Orgenesis is pioneering work in developing technology to successfully reprogram human liver cells into glucose-responsive, fully functional Insulin Producing Cells (IPCs). The objective of the European program is to further the development of a cGMP (Current Good Manufacturing Practice) and implement its technology on a high-efficiency industrial scale. Converting a diabetic patient's own liver cells into insulin-producing cells has the potential to provide insulin independence for those suffering from Type 1 Diabetes.
About DGO6 (Service Public of Wallonie)
DGO6 Economy - Employment - Research is a branch of the Administration of Wallonia, Belgium. Through its Technology Development Department, the Walloon Region has set up several attractive incentives to boost regional innovation and research and to support companies, from start-ups to well-established enterprises in their way to innovation and successful development.
About Orgenesis Inc.
Orgenesis is a vertically-integrated biopharmaceutical company with expertise and unique experience in cell therapy development and manufacturing. In addition, through its Israeli subsidiary, Orgenesis Ltd., Orgenesis is a pioneer in the development of technology designed to successfully reprogram human liver cells into glucose-responsive, fully functional, Insulin Producing Cells (IPCs). Orgenesis believes that converting the diabetic patient's own tissue into insulin-producing cells has the potential to overcome the significant issues of donor shortage, cost and exposure to chronic immunosuppressive therapy associated with islet cell transplantation. This integrated approach supports Orgenesis' business philosophy of bringing to market significant life-improving medical treatments. For more information, visit www.orgenesis.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" which are not purely historical. Such forward-looking statements include, among other things, the expectations of management that our regeneration technology can be developed as therapeutic treatment for diabetes which could, if successful, be a cure for Type 1 Diabetes; that we can develop the technology to turn a small number of cells into a large number of cells; and that we will initiate Phase I and Phase II clinical trials in the near-term. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Orgenesis will obtain from them. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including, among others, the potential failure of development candidates to advance through preclinical studies or demonstrate safety and efficacy in clinical testing; the ability to pass clinical trials so as to move on to the next phase; our technology may not as well as expected, our ability to retain key employees; our ability to finance development and operations; our ability to satisfy the rigorous regulatory requirements for new medical procedures; and competitors may develop better or cheaper alternatives to our products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should refer to the risk factors disclosure outlined in our periodic reports filed from time-to-time with the Securities and Exchange Commission.