WHITE PLAINS, NY--(Marketwired - April 21, 2014) - Orgenesis, Inc. (OTCQB: ORGS), a development-stage company with a novel therapeutic technology dedicated to converting a patient's own liver cells into functioning insulin-producing cells as a treatment for diabetes, has appointed Joseph Tenne as chief financial officer.
As a certified public accountant and seasoned business veteran, Tenne brings to the position more than 20 years of senior management experience with international public and private companies. He previously served as CFO of Ormat Technologies (NYSE: ORA), a U.S. company listed on the New York Stock Exchange, and as CFO of Ormat Industries, an Israeli company listed on the Tel Aviv Stock Exchange. Prior to Ormat, he was CFO of Treofan Germany, a subsidiary of the Dor Chemical Group and Bain Capital Group. Earlier in his career, Tenne served as an assurance manager and partner in PwC Israel, a member firm of PricewaterhouseCoopers International Limited.
Tenne also currently serves as an independent financial expert director and the chairman of the audit and compensation committees for Enzymotec (NASDAQ: ENZY) and a member of the audit and compensation committees of AudioCodes (NASDAQ: AUDC). He holds a Master of Business Administration and a Bachelor of Arts in Economics and Accounting from Tel Aviv University.
"Joseph is an exceptional CFO who combines a stellar track record of financial expertise with a deep understanding of the complex needs of a global organization like Orgenesis," said the company's president and CEO, Vered Caplan. "His extensive business and operational experience will be an important asset as we work toward beginning human trials of our potential, first-ever cure for insulin-dependent diabetes using regenerative medicine."
About Orgenesis, Inc.
Orgenesis (ORGS) is a development stage company with a novel therapeutic technology that employs a molecular and cellular approach directed at converting a patient's own liver cells into functional insulin producing cells, as a treatment for diabetes. Orgenesis believes that converting the diabetic patient's own tissue into insulin-producing cells overcomes the problem of donor shortage and removes the risk of transplant rejection. 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, mean the end of diabetes as we know it. 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 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.