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Orgenesis touts 2Q revenue jump from its POCare network, advances coronavirus vaccine platform

Revenue for the three months ended June 30 increased 55% year-over-year to $1.7 million

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Orgenesis' POCare network enables hospitals to develop and supply cell and gene therapies for patients by combining proprietary knowledge with automated, closed technology to process cell therapies at each point-of-care site

Orgenesis Inc (NASDAQ:ORGS) posted second quarter results on Friday, revealing surging revenue from its Point of Care (POCare) cell and gene therapy (CGT) network.

Revenue for the three months ended June 30 increased 55% year-over-year to $1.7 million. It also has $97.5 million in cash and equivalents on hand.

The increase is primarily due to expansion of its POCare network, which enables hospitals to develop and supply CGTs for patients by combining proprietary knowledge with automated, closed technology to process cell therapies at each point-of-care site.

READ: Orgenesis teams up with European firm Educell on T-cell research projects

“We continue to implement our Point of Care cell and gene therapy strategy, including the expansion of our network, as evidenced by the expected revenue growth,” CEO Vered Caplan said in a statement. “Our true progress can be seen in the advancement of our POCare Therapeutics pipeline, including immuno-oncology, metabolic, and antiviral therapies.

Other highlights from the quarter include:

  • A collaboration with Educell Ltd, a European cell therapy company, to validate POCare Technologies for the expansion of T-cells in a whole cell-based vaccine platform for cancer immunotherapies.
  • A clinical study agreement with The Edith Wolfson Medical Center, a public hospital in Israel, to conduct a study to validate POCare Technologies
  • Advanced a novel cell-based vaccine platform targeting COVID-19 and other viral diseases, plans to commence animal testing with human testing expected to follow
  • Launched BioShield to accelerate the discovery of neutralizing human antibodies  to contain the spread of a viral pathogen
  • A preliminary agreement with Leidos, a Fortune 500 science and technology company, to develop, and potentially obtain FDA marketing approval of Ranpirnase for coronavirus patients

“Our mission is to make these therapies available to large numbers of patients at reduced costs using the point-of-care model,” Caplan said. “Our POCare Network also continues to grow via new partnerships with leading hospitals and research institutes around the world.”

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Price: 6.54 USD

NASDAQ:ORGS
Market: NASDAQ
Market Cap: $157.98 m
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