logo-loader
viewOrgenesis

Orgenesis realigns resources with internal business transfers to support continued growth

It is transferring ownership of its Israeli cell process development business, Atvio Biotech, and its South Korean cell development unit, CureCell

Orgenesis -
Orgenesis plans to focus resources within Atvio and Curecell towards advancing ongoing therapeutic development programs

Orgenesis Inc. (NASDAQ: ORGS) has transferred ownership of its Israeli cell process development business, Atvio Biotech Ltd., and its South Korean cell development and manufacturing business, CureCell Co., Ltd. from its subsidiary, Masthercell Global, to the parent company. 

In a statement, the leading cell and gene therapy company said Atvio and Curecell will provide internal manufacturing services to Orgenesis, and to customers located within Israel and South Korea, respectively. 

READ: Orgenesis Inc sees record fiscal 2Q revenue beat estimates

Vered Caplan, Chief Executive Officer of Orgenesis, Commented: “This internal transfer of ownership interests in both Atvio and Curecell are part of a broader initiative to realign resources within the organization to support our continued growth and meet market needs as the cell and gene therapy industry continues to expand in specific areas. 

"Specifically, given the success of Masthercell Global, we are reallocating resources towards further expansion of our CDMO (contract development and manufacturing organization) capabilities for third-party cell and gene therapy services in North America and Europe.” 

“Accordingly,” he added, “Orgenesis plans to focus resources within Atvio and Curecell towards advancing our ongoing therapeutic development programs, as well as supporting cell manufacturing market needs in their own respective geographical regions.

Caplan concluded: “Orgenesis remains extremely encouraged by our continued progress and the traction we are gaining within the market.”

The company provides centralized CDMO manufacturing and development services through its subsidiary MTH Global, Inc., as well as localized point-of-care development and processing centers.

Earlier this week, the Germantown, Maryland-based company posted record revenue in its fiscal second quarter driven by growth in the cell and gene therapy market.

For the quarter ended June 30, Orgenesis saw its revenue shoot up by 95% to $7.8 million, which easily beat the consensus estimate of $6.4 million.

The company said it ended the quarter with over $16 million in cash and cash equivalents.

Contact the author at [email protected]

Quick facts: Orgenesis

Price: 2.72 USD

NASDAQ:ORGS
Market: NASDAQ
Market Cap: $43.96 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Orgenesis named herein, including the promotion by the Company of Orgenesis in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Orgenesis signs deal with Accellix, invites Academy Award...

Orgenesis (NASDAQ: ORGS) President and CEO Vered Caplan joined Steve Darling from our Proactive New York studio to discuss the company signing an important co-development deal with Accellix. That company specializes in assay migration and delivery platforms for on-demand process...

on 11/04/2019

2 min read