Orgenesis Provides Third Quarter 2024 Business Update
Orgenesis (OTCQX: ORGS) provided its Q3 2024 business update, highlighting progress in decentralized cell and gene therapies. Their CD19 CAR-T therapy, ORG-101, showed impressive results with 82% complete response rate in adults and 93% in pediatric patients with CD19+ Acute Lymphoblastic Leukemia. The therapy demonstrated lower severe Cytokine Release Syndrome incidence (2% adults, 6% pediatric) compared to conventional treatments. The company is initiating a Phase 1/2 multicenter clinical study in Greece and announced a strategic joint venture with Harley Street Healthcare Group focusing on wellness and longevity services in the UK, UAE, and Canada.
Orgenesis (OTCQX: ORGS) ha fornito un aggiornamento sul business per il terzo trimestre del 2024, evidenziando i progressi nelle terapie cellulari e geniche decentralizzate. La loro terapia CAR-T CD19, ORG-101, ha mostrato risultati impressionanti con un tasso di risposta completa dell'82% negli adulti e del 93% nei pazienti pediatrici con leucemia linfoblastica acuta CD19+. La terapia ha dimostrato un'incidenza più bassa di Sindrome da Rilascio di Citochine severa (2% negli adulti, 6% nei pediatrici) rispetto ai trattamenti convenzionali. L'azienda sta avviando uno studio clinico multicentrico di Fase 1/2 in Grecia e ha annunciato una joint venture strategica con il Harley Street Healthcare Group focalizzata sui servizi di benessere e longevità nel Regno Unito, negli Emirati Arabi Uniti e in Canada.
Orgenesis (OTCQX: ORGS) proporcionó su actualización comercial del tercer trimestre de 2024, destacando el progreso en terapias celulares y génicas descentralizadas. Su terapia CAR-T CD19, ORG-101, mostró resultados impresionantes con una tasa de respuesta completa del 82% en adultos y del 93% en pacientes pediátricos con leucemia linfoblástica aguda CD19+. La terapia demostró una menor incidencia de Síndrome de Liberación de Citoquinas severo (2% en adultos, 6% en pediátricos) en comparación con los tratamientos convencionales. La compañía está iniciando un estudio clínico multicéntrico de Fase 1/2 en Grecia y anunció una joint venture estratégica con el Grupo de Atención Médica Harley Street enfocada en servicios de bienestar y longevidad en el Reino Unido, EAU y Canadá.
Orgenesis (OTCQX: ORGS)는 2024년 3분기 사업 업데이트를 제공하며 분산형 세포 및 유전자 치료의 진전을 강조했습니다. 그들의 CD19 CAR-T 치료제인 ORG-101는 성인에서 82%, 소아에서 93%의 완전 반응률을 보이며 인상적인 결과를 나타냈습니다. 이 치료는 전통적인 치료법에 비해 심각한 사이토카인 방출 증후군 발생률이 낮았습니다(성인 2%, 소아 6%). 이 회사는 그리스에서 1/2상 다기관 임상 연구를 시작하고 있으며, 영국, 아랍에미리트, 캐나다에서 웰빙 및 장수 서비스에 집중하는 Harley Street Healthcare Group과 전략적 합작 회사를 발표했습니다.
Orgenesis (OTCQX: ORGS) a fourni sa mise à jour commerciale pour le troisième trimestre 2024, mettant en évidence les progrès des thérapies cellulaires et géniques décentralisées. Leur thérapie CAR-T CD19, ORG-101, a montré des résultats impressionnants avec un taux de réponse complet de 82 % chez les adultes et de 93 % chez les patients pédiatriques atteints de leucémie lymphoblastique aiguë CD19+. La thérapie a démontré une incidence plus faible du syndrome de libération de cytokines sévère (2 % chez les adultes, 6 % chez les enfants) par rapport aux traitements conventionnels. L'entreprise lance une étude clinique multicentrique de phase 1/2 en Grèce et a annoncé un partenariat stratégique avec le groupe Harley Street Healthcare, axé sur les services de bien-être et de longévité au Royaume-Uni, aux Émirats Arabes Unis et au Canada.
Orgenesis (OTCQX: ORGS) hat sein Geschäftsupdate für das dritte Quartal 2024 veröffentlicht, in dem die Fortschritte in dezentralen Zell- und gentherapeutischen Verfahren hervorgehoben werden. Ihre CD19 CAR-T-Therapie, ORG-101, erzielte beeindruckende Ergebnisse mit einer vollständigen Ansprechrate von 82 % bei Erwachsenen und 93 % bei pädiatrischen Patienten mit CD19+ akuter lymphoblastischer Leukämie. Die Therapie zeigte eine niedrigere Inzidenz von schwerem Zytokinfreisetzungssyndrom (2 % Erwachsene, 6 % Kinder) im Vergleich zu herkömmlichen Behandlungen. Das Unternehmen beginnt eine multizentrische klinische Studie der Phase 1/2 in Griechenland und gab ein strategisches Joint Venture mit der Harley Street Healthcare Group bekannt, das sich auf Wellness- und Langlebigkeitsdienste im Vereinigten Königreich, den VAE und Kanada konzentriert.
- ORG-101 achieved 82% complete response rate in adults
- 93% complete response rate in pediatric patients
- Lower severe Cytokine Release Syndrome incidence compared to conventional therapies
- Secured grant from Enterprise Greece for clinical studies
- Strategic joint venture with Harley Street Healthcare Group expanding market reach
- None.
Insights
The clinical data for ORG-101 CAR-T therapy shows promising results with
The company's decentralized manufacturing approach could potentially reduce production costs and improve accessibility of CAR-T therapies. The joint venture with Harley Street Healthcare Group to expand into wellness and longevity markets represents diversification of the technology platform, though commercial success remains to be proven. However, no financial figures were provided to assess the company's current performance and cash position.
GERMANTOWN, Md., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Orgenesis Inc. (OTCQX: ORGS) (“Orgenesis” or the “Company”), a global biotech company working to unlock the full potential of cell and gene therapies (CGT) in order to improve access and outcomes in healthcare, today provided a business update for the third quarter ended September 30, 2024.
Vered Caplan, CEO of Orgenesis, stated, “Orgenesis is making significant progress in redefining accessibility to cell and gene therapies through our decentralized approach. This model is designed to expedite capacity setup, enhance production efficiency, and reduce treatment costs. We are dedicated to expanding our clinical initiatives and deepening global partnerships, creating a scalable and cost-effective pathway to advanced therapies. Our goal is to bring these innovative solutions to patients worldwide, focusing on sustainable growth and pioneering advancements in cell and gene therapies.
“In addition, as we previously disclosed, a recent real-world study of our CD19 CAR-T therapy, ORG-101, demonstrated efficacy and a favorable safety profile. ORG-101 achieved an
“We now offer hospitals, and research centers a unique partnership that enables a swift and cost-efficient way to build up their capacity and capability to provide cell and gene therapy products to their patients. Our decentralized platforms for various indications are quick to deploy and minimize the cost of production. We continue to be supported by strategic partners and government grants who share our goal of making cell and gene therapies available to all.
“Our strategic joint venture with Harley Street Healthcare Group (HSHG) is an additional angle of this approach, aimed at utilizing the know-how and technologies that we have developed for treatment of cancer and for the prevention of disease targeting the wellness and longevity sector. By combining our cell and gene therapy innovations with HSHG’s established healthcare network, we expect to introduce a suite of longevity and wellness services, targeting key markets such as the UK, UAE, and Canada. This partnership positions us to drive impactful healthcare innovations that can improve quality of life and longevity across diverse regions.”
The complete financial results for the third quarter of 2024 are available in the Company’s Form 10-Q, which has been filed with the Securities and Exchange Commission.
About Orgenesis
Orgenesis is a global biotech company that has been committed to unlocking the potential of cell and gene therapies (CGTs) since 2012 as well as a paradigm-shifting decentralized approach to processing since 2020. This new model allows Orgenesis to bring academia, hospitals, and industry together to make these essential therapies a reality sooner rather than later. Orgenesis is focusing on advancing its CGTs toward eventual commercialization, while partnering with key industry stakeholders to provide a rapid, globally harmonized pathway for these therapies to reach and treat a larger numbers of patients more cost effectively and with better outcomes through great science and decentralized production. Additional information about the Company is available at: www.orgenesis.com.
Notice Regarding Forward-Looking Statements
This 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, our reliance on, and our ability to grow, our point-of-care cell therapy platform and service business, our ability to achieve and maintain overall profitability, our ability to manage our research and development programs that are based on novel technologies, our ability to control key elements relating to the development and commercialization of therapeutic product candidates with third parties, the timing of completion of clinical trials and studies, the availability of additional data, outcomes of clinical trials of our product candidates, the potential uses and benefits of our product candidates, our ability to manage potential disruptions as a result of the COVID-19 pandemic, the sufficiency of working capital to realize our business plans and our ability to raise additional capital, the development of our POCare strategy, our trans differentiation technology as therapeutic treatment for diabetes, the technology behind our in-licensed ATMPs not functioning as expected, our ability to further our CGT development projects, either directly or through our JV partner agreements, and to fulfill our obligations under such agreements, our license agreements with other institutions, our ability to retain key employees, our competitors developing better or cheaper alternatives to our products, risks relating to legal proceedings against us 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, 2023, 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.
IR contact for Orgenesis:
Crescendo Communications, LLC
Tel: 212-671-1021
Orgs@crescendo-ir.com
ORGENESIS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollars, in thousands) (Unaudited) | |||||
As of | |||||
September 30, 2024 | December 31, 2023 | ||||
Assets | |||||
CURRENT ASSETS: | |||||
Cash and cash equivalents | $ | 204 | $ | 837 | |
Restricted cash | 918 | 642 | |||
Accounts receivable, net of credit losses of | 161 | 88 | |||
Prepaid expenses and other receivables | 1,236 | 2,017 | |||
Receivables from related parties | - | 458 | |||
Inventory | - | 34 | |||
Total current assets | 2,519 | 4,076 | |||
NON-CURRENT ASSETS: | |||||
Deposits | $ | 55 | $ | 38 | |
Investments to associates | 8 | 8 | |||
Property, plant and equipment, net | 14,901 | 1,475 | |||
Intangible assets, net | 8,528 | 7,375 | |||
Operating lease right-of-use assets | 2,121 | 351 | |||
Goodwill | 1,211 | 1,211 | |||
Other assets | 344 | 18 | |||
Total non-current assets | 27,168 | 10,476 | |||
TOTAL ASSETS | $ | 29,687 | $ | 14,552 | |
ORGENESIS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollars, in thousands) (Unaudited) | |||||||
As of | |||||||
September 30, 2024 | December 31, 2023 | ||||||
Liabilities and Equity | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 11,338 | $ | 6,451 | |||
Accounts payable related parties | 2,699 | 133 | |||||
Advance payments from Germfree (see note 11a) | 6,720 | - | |||||
Accrued expenses and other payables | 2,690 | 2,218 | |||||
Income tax payable | 784 | 740 | |||||
Employees and related payables | 1,853 | 1,079 | |||||
Other payables related parties | - | 52 | |||||
Advance payments on account of grant | 2,771 | 2,180 | |||||
Short-term loans | 4,905 | 650 | |||||
Current maturities of finance leases | 46 | 18 | |||||
Current maturities of operating leases | 277 | 216 | |||||
Short-term and current maturities of convertible loans | 1,966 | 2,670 | |||||
Total current liabilities | 36,049 | 16,407 | |||||
LONG-TERM LIABILITIES: | |||||||
Non-current operating leases | $ | 1,839 | $ | 96 | |||
Loans payable | 2,828 | - | |||||
Convertible loans | 5,435 | 18,967 | |||||
Retirement benefits obligation | 101 | - | |||||
Finance leases | 1 | 4 | |||||
Contingent consideration (see note 4) | 4,906 | - | |||||
Other long-term liabilities | 2,456 | 61 | |||||
Total long-term liabilities | 17,566 | 19,128 | |||||
TOTAL LIABILITIES | 53,615 | 35,535 | |||||
CAPITAL DEFICIENCY: Common stock of Authorized at September 30, 2024 and December 31, 2023: 14,583,333 shares; Issued at September 30, 2024 and December 31, 2023: 4,799,323 and 3,216,363 shares, respectively; Outstanding at September 30, 2024 and December 31, 2023: 4,770,666 and 3,187,706 shares, respectively | 5 | 3 | |||||
Additional paid-in capital | 181,991 | 156,837 | |||||
Accumulated other comprehensive income (loss) | (215 | ) | 65 | ||||
Treasury stock 28,656 shares as of September 30, 2024 and December 31, 2023 | (1,266 | ) | (1,266 | ) | |||
Accumulated deficit | (204,411 | ) | (176,622 | ) | |||
Equity attributable to Orgenesis Inc. | (23,896 | ) | (20,983 | ) | |||
Non-controlling interest | (32 | ) | - | ||||
TOTAL CAPITAL DEFICIENCY | (23,928 | ) | (20,983 | ) | |||
TOTAL LIABILITIES AND CAPITAL DEFICIENCY | $ | 29,687 | $ | 14,552 | |||
ORGENESIS INC. CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (U.S. Dollars, in thousands, except share and per share amounts) (Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||
Revenues | $ | 347 | $ | 110 | $ | 734 | $ | 365 | |||||||
Cost of revenues | 585 | 139 | 1,615 | 6,093 | |||||||||||
Gross profit (loss) | (238 | ) | (29 | ) | (881 | ) | (5,728 | ) | |||||||
Cost of development services and research and development expenses | 4,523 | 808 | 8,382 | 7,616 | |||||||||||
Amortization of intangible assets | 196 | 153 | 575 | 568 | |||||||||||
Change in contingent consideration | 81 | - | 263 | - | |||||||||||
Selling, general and administrative expenses including credit losses of | 2,664 | 1,245 | 10,781 | 32,989 | |||||||||||
Impairment expenses on Property, plant and equipment | 692 | - | 692 | - | |||||||||||
Operating loss | 8,394 | 2,235 | 21,574 | 46,901 | |||||||||||
Loss from deconsolidation of OBI and Octomera (see note 4) | - | - | 66 | 5,343 | |||||||||||
Other income (expense), net | 122 | (2 | ) | 114 | (4 | ) | |||||||||
Credit loss on convertible loan receivable | - | - | - | 2,688 | |||||||||||
Loss from extinguishment in connection with convertible loan | - | - | 141 | 283 | |||||||||||
Financial expenses, net | 718 | 545 | 2,385 | 1,918 | |||||||||||
Convertible loans induced conversion expenses | - | - | 4,304 | - | |||||||||||
Share in net loss of associated companies | - | 553 | - | 552 | |||||||||||
Loss before income taxes | 9,234 | 3,331 | 28,584 | 57,681 | |||||||||||
Tax expenses | 32 | 394 | 53 | 614 | |||||||||||
Net loss | 9,266 | 3,725 | 28,637 | 58,295 | |||||||||||
Net loss attributable to non-controlling interests (including redeemable) | (146 | ) | - | (848 | ) | (9,557 | ) | ||||||||
Net loss attributable to Orgenesis Inc. | $ | 9,120 | $ | 3,725 | $ | 27,789 | $ | 48,738 | |||||||
Loss per share: | |||||||||||||||
Basic and diluted | $ | 1.93 | $ | 0.123 | $ | 7.06 | $ | 1.7 | |||||||
Weighted average number of shares used in computation of Basic and Diluted loss per share: | |||||||||||||||
Basic and diluted | 4,715,229 | 3,002,259 | 3,938,419 | 2,868,078 | |||||||||||
Comprehensive loss: | |||||||||||||||
Net loss | $ | 9,266 | $ | 3,725 | $ | 28,637 | $ | 58,295 | |||||||
Other comprehensive loss (income) - translation adjustments | 517 | (9 | ) | 280 | 43 | ||||||||||
Release of translation adjustment due to deconsolidation of Octomera | - | - | - | (384 | ) | ||||||||||
Comprehensive loss | 9,783 | 3,716 | 28,917 | 57,954 | |||||||||||
Comprehensive income (loss) attributed to non-controlling interests | (146 | ) | - | (848 | ) | (9,557 | ) | ||||||||
Comprehensive loss attributed to Orgenesis Inc. | $ | 9,637 | $ | 3,716 | $ | 28,069 | $ | 48,397 | |||||||
FAQ
What were the clinical results for Orgenesis ORG-101 CAR-T therapy in Q3 2024?
Where is Orgenesis (ORGS) conducting its new Phase 1/2 clinical study for ORG-101?