The Germantown, Maryland-based company’s subsidiary MaSTherCell Global is a leading cell and gene therapy global contract development and manufacturing organization, or CDMO.
With the US expansion, the company, which develops advanced cell therapies, will now have manufacturing facilities in three continents spanning North America, Europe and Asia
MaSTherCell is also backed by Great Point Partners LLC, a healthcare investment firm based in Greenwich, Connecticut.
In July, MaSTherCell announces a planned investment for MaSTherCell Global of up to $25 million to develop its global services through a strategic partnership between Orgenesis and Great Point Partners. According to the terms of the agreement, MaSTherCell would receive an initial upfront payment of $11.8 million, with the balance subject to achieving certain specified EBITDA and revenue targets.
The company said MaSTherCell has received the first milestone payment of $6.6 million as a result of its strategic partnership with Great Point Partners.
“We are thrilled with the performance of MaSTherCell Global since the Great Point Partners investment, and this latest tranche of funding will help drive additional growth,” said Orgenesis CEO Vered Caplan in a statement. “The additional capacity provided by this expansion should allow us to expand our presence in North America and enhance the services for our customers in order to fully capitalize on the growing global market demand.”
Through its MaSTherCell subsidiary, Orgenesis works with cell therapy organizations and drug makers to provide business modeling as well as help with manufacturing and technology selection in a bid to speed up the arrival of their therapies to the market.
The additional funding through Great Point Partners will be ploughed into launching the new US facility, and expanding the facilities in Europe, Israel, and Korea.
“The new US facility will enable new and existing clients to work with MaSTherCell across the world. MaSTherCell Global’s international reach will allow for more innovation and efficient processes, while ensuring the same quality standards across the company,” said Noah Rhodes, managing director at MaSTherCell.
Orgenesis stock opened flat at $4.69.
Contact Uttara Choudhury at [email protected]