For its first quarter ended March 31, 2020, the Maryland-based company, reported revenue of $1.9 million, compared to $0.4 million a year earlier
Inc (), a global biotech company focused on accelerating and transforming the delivery of cell and gene therapies, posted first-quarter results on Monday that saw its revenue soar 348% year-over-year driven by its Cell and Gene Therapy (CGT) Biotech platform.
For its first quarter ended March 31, 2020, the Germantown, Maryland-based company, reported revenue of $1.9 million, compared to $0.4 million in the first quarter of 2019.
Orgenesis achieved net income of $75.6 million, or $4.23 per share, reflecting the sale of subsidiary Masthercell Global Inc, a contract development manufacturing organization (CDMO).
READ:Orgenesis boss Vered Caplan makes top 20 list of inspirational leaders in advanced medicine
On February 11, Orgenesis completed the successful sale of its CDMO business to Somerset, New Jersey-based Catalent Pharma Solutions, for around $127 million.
As a result, Orgenesis reported cash and equivalents of $107.1 million as of March 31, 2020.
In a statement accompanying the numbers, Orgenesis CEO Vered Caplan said: Step by step, our CGT Biotech Platform is gaining traction within the market, as illustrated by the year-over-year growth.
In the first quarter of 2020, revenue increased to $1.9 million, or nearly an $8 million revenue run rate compared to $3.1 million for all of 2019. We believe our CGT Biotech Platform is poised for growth this year through industry partnerships that are currently underway with leading research institutes and hospitals around the world, she added.
The companys CGT Biotech platform consists of three core elements:point-of care Therapeutics, point-of care Technologies, and point-of care Network.
Caplan also noted that earlier this year, the company struck collaboration agreements with two leading healthcare research institutes in the US.
We plan to utilize our point-of-care Network to support their growing development and processing needs in order to advance and accelerate cell and gene-based clinical therapeutic research, said Caplan.
Orgenesis is using the Masthercell sale proceeds to expand the companys point-of-care cell therapy business. The biotech is currently focused on therapies which span a wide range of treatments.
In addition to our POCare Network, we are building our pipeline of POCare Therapeutics and Technologies, with an ultimate goal of providing life-changing treatments to large numbers of patients at reduced costs within the point-of-care setting, said Caplan.
Specifically, we are focusing on immune-oncology, metabolic and autoimmune diseases, as well as anti-viral therapies.
Orgenesis also recently completed the acquisition of Tamir Biotechnology and its broad-spectrum antiviral platform, ranpirnase in a cash and stock deal for roughly $21 million. The company will use ranpirnase to target human papillomavirus (HPV), which causes genital warts.
Ranpirnase has demonstrated clinical efficacy against HPV and other hard to target viruses based on its unique mechanism of action of killing the virus and modulating the immune system, said Caplan.
Going forward, Orgenesis plans to move the program through a Phase 2b trial in the US.
Meanwhile, the Orgenesis boss said the company has received a nod from regulators to keep research alive at its labs during the coronavirus (COVID-19) pandemic.
We are leveraging all our knowledge and expertise in the field of cell and gene therapy, including anti-viral technologies, in an attempt to find potential COVID-19 cures and therapies, said Caplan.
Importantly, we have a strong balance sheet and are strategically positioned to bring a variety of therapies to market in a cost-effective, high-quality and scalable manner.
At the start of April, Orgenesis teamed up with regenerative medicine and cell therapy firm RevaTis on a new joint venture to produce certain stem cells. The two firms plan to leverage Orgenesiss autologous CGT Biotech platform to advance clinical trials.
Under the deal, RevaTis and Orgenesis will use the formers patented technique to obtain muscle-derived mesenchymal stem cells (mdMSC) as a source of exosomes and various other cellular products.
Our plan is to combine RevaTis patented technique to obtain mdMSCs through a minimally invasive muscle micro-biopsy with our own automated/closed-systems, 3D printing, and bioreactor technologies, said Caplan.
The goal of this JV is to lower the costs and accelerate the timeline of bringing these innovative therapies through the clinic and into commercialization.
Contact the author Uttara Choudhury at [emailprotected]
Follow her on Twitter: @UttaraProactive
Continue reading here:
- In the face of COVID-19, cell and gene therapy space shows 'remarkable resilience:' report - FierceBiotech - August 10th, 2020
- Gene Therapy Promising in BCG-Unresponsive Bladder Cancer - Medscape - August 10th, 2020
- Evolution and Expansion of Therapies in the Global Cell and Gene Therapy Tools and Reagents Market 2020-2024 - PRNewswire - August 10th, 2020
- How Gene Therapy Helped Conner Run : Short Wave - NPR - August 10th, 2020
- Preparing for an influx of cell and gene therapy approvals - - pharmaphorum - August 10th, 2020
- Catalent's Harmans Site Approved To Manufacture AveXis' Gene Therapy - Contract Pharma - August 10th, 2020
- Sangamo and Novartis partner on gene therapies for autism - BioPharma-Reporter.com - August 10th, 2020
- Global Gene Therapy in Oncology Market 2020 Growth Statistics, New Opportunities, Competitive Outloo - PharmiWeb.com - August 10th, 2020
- Research shows promising results for LHON gene therapy - Ophthalmology Times - August 10th, 2020
- The global cell and gene therapy market by revenue is expected to grow at a CAGR of over 30.90% during the period 20192025 - Yahoo Finance - August 10th, 2020
- Detailed Information on Gene Therapy Market 2020 | Covid-19 Impact Analysis | Sangamo, Spark Therapeutics, Dimension Therapeutics, Avalanche Bio,... - August 10th, 2020
- Global Cell & Gene Therapy Market Outlook and Forecast 2020-2025 - GlobeNewswire - August 9th, 2020
- Coronavirus Impact Editon of Gene Therapy for Mucopolysaccharidosis Market Research Study 2020 Future Development, Top Manufacturers, Technological... - August 9th, 2020
- The global cell and gene therapy market by revenue is expected to grow at a CAGR of over 30.90% during the period 20192025 - Press Release - Digital... - August 9th, 2020
- Orgenesis Second Quarter 2020 Revenue Increases 55% Reflecting Progress of POCare Platform - GlobeNewswire - August 9th, 2020
- Regulatory Focus, July issue: Cell and gene therapy - Regulatory Focus - August 8th, 2020
- G-CON PODs Selected for Expression Therapeutics' Gene Therapy Manufacturing Facility - PR Web - August 8th, 2020
- CRISPR co-discoverer on the gene editor's pandemic push - Axios - August 8th, 2020
- Voyager Therapeutics Provides Update on AbbVie Vectorized Antibody Collaborations - GlobeNewswire - August 8th, 2020
- Gene therapy - Wikipedia - August 8th, 2020
- Gene therapy - Mayo Clinic - August 8th, 2020
- gene therapy | Description, Uses, Examples, & Safety ... - August 8th, 2020
- What Is Gene Therapy? How Does It Work? | FDA - August 8th, 2020
- 112M Fund Launched to Commercialize UCLs Gene Therapy... - Labiotech.eu - August 8th, 2020
- UK gene therapy pioneer tilts at $125m NASDAQ IPO - Business Weekly - August 7th, 2020
- Of mice and memories: Gene therapy study returns function in Alzheimer's mice - ABC News - August 7th, 2020
- Tessa Therapeutics Announces Results from Two Independent Phase 1/2 Trials of Autologous CD30 CAR-T Cell Therapy in Patients with Relapsed or... - August 7th, 2020
- Cancer Gene Therapy Market Latest Treatment Methodology 2020 to 2025 - Owned - August 7th, 2020
- Kriya Therapeutics announces the establishment of its internal manufacturing facility for process development and scalable cGMP production of gene... - August 7th, 2020
- Regenxbio announces positive one-year data on wet AMD gene therapy - Seeking Alpha - August 7th, 2020
- Covid-19 Forces Gene Therapy Companies to Shift... - Labiotech.eu - August 5th, 2020
- Cell and gene therapies: For biotechs, collaboration is key to successful innovation - BioPharma Dive - August 5th, 2020
- The Time for DMD Gene Therapy is Now: A Chat with the MDA - BioSpace - August 5th, 2020
- Gene Therapy Beats the Blood-Brain Barrier To Cure Cat Disease - Technology Networks - August 5th, 2020
- Analysis of COVID-19 Gene Therapy Market - Market Research Posts - August 5th, 2020
- World-first gene therapy reverses Alzheimer's memory loss in mice - New Atlas - August 5th, 2020
- Gene Therapy Market is projected to grow at an annualized rate of 45%, till 2030 - Market Research Posts - August 5th, 2020
- Spark Therapeutics Recognized for Fourth-straight Year as One of Philadelphia's Best Places to Work by the Philadelphia Business Journal - BioSpace - August 5th, 2020
- AGTC to Present at the Wedbush PacGrow Virtual Healthcare Conference on August 11, 2020 - BioSpace - August 5th, 2020
- Global Hemophilia Gene Therapy Market is estimated to Experience a Notable Rise in the coming era by Spark Therapeutics, Ultragenyx, Shire PLC,... - August 5th, 2020
- MEDIPAL HOLDINGS Partners with CRYOPORT to Bring Temperature-Controlled Supply Chain Solutions to the Japanese Market - PRNewswire - August 5th, 2020
- Can progenitor cells go further than gene therapy in retinal disorders? A biotech's answer shines in PhIIb - Endpoints News - August 4th, 2020
- Oxford Biomedica Signs Three Year Clinical Supply Agreement with Axovant Gene Therapies for Manufacture and Supply of AXO-Lenti-PD - GlobeNewswire - August 4th, 2020
- Cell and Gene Therapy Market 2020 | Enormous Growth with Recent Trends & Demand By Top Vendors JW CreaGene, Vericel, Tego Sciences, CHIESI... - August 4th, 2020
- Comprehensive Report on Gene Therapy for Ovarian Cancer Market 2020 | Trends, Growth Demand, Opportunities & Forecast To 2026 | Takara Bio, VBL... - August 4th, 2020
- Gene therapy reverses memory loss from Alzheimer's in mice - BioNews - August 3rd, 2020
- Hemophilia Gene Therapy Industry Market Analysis by Size, Share, Growth, Application, Segmentation and Forecast to 2025 - Express Journal - August 3rd, 2020
- Dyne Therapeutics Appoints Susanna High as Chief Operating Officer - Business Wire - August 3rd, 2020
- Cell and Gene Therapy Industry Market with manufacturers, Application, regions and SWOT Analysis 2025 - CueReport - August 3rd, 2020
- Investing in Advanced Manufacturing to Support Public Health - FDA.gov - August 3rd, 2020
- Genetic Studies Could Pave the Way to New Pain Treatments - Pain News Network - August 3rd, 2020
- Oxford Biomedica Signs Development, Manufacture & License Agreement with Beam Therapeutics Inc., for LentiVector Platform for Next Generation... - August 3rd, 2020
- AZ partners with Daiichi on ADC therapy - BioPharma-Reporter.com - August 3rd, 2020
- Getting gene therapy to the brain | Penn Today - Penn Today - August 2nd, 2020
- Ocugen Granted FDA Orphan Drug Designation for OCU400 (AAV-hNR2E3) Gene Therapy for the Treatment of RHO Mutation-Associated Retinal Degenerative... - August 2nd, 2020
- Axovant Signs Three-Year Clinical Supply Agreement With Oxford Biomedica for Manufacturing and Supply of AXO-Lenti-PD - BioSpace - August 2nd, 2020
- Gene Therapy for Inherited Genetic Disorders Market size in terms of volume and value 2019-2025 - Market Research Correspondent - August 2nd, 2020
- Gene Therapy Market Professional Industry Overview 2020 Segmentation and Development Analysis BY 2027 - Science Examiner - August 2nd, 2020
- Greenwich swimmers take the plunge to fight cancer - Greenwich Time - August 2nd, 2020
- Cell and Gene Therapy Market Overview, Growth & Advancement to (2020-2025) - Owned - August 2nd, 2020
- Movers & Shakers, July 31 | BioSpace - BioSpace - August 2nd, 2020
- REGENXBIO To Host Conference Call on August 6 to Discuss Second Quarter 2020 Financial Results and Recent Operational Highlights - Herald-Mail Media - August 2nd, 2020
- Catharpin mom helps raise national awareness for her young sons disease - WDVM 25 - August 2nd, 2020
- Spinraza-Zolgensma Combination Well-tolerated in Children with SMA... - SMA News Today - August 2nd, 2020
- Vineti and EVERSANA form strategic alliance to advance patient-centered services and supply chain automation for regenerative medicine - PRNewswire - August 2nd, 2020
- Orchard Therapeutics to Webcast Conference Call of Second Quarter 2020 Financial Results - GlobeNewswire - August 2nd, 2020
- Expression Therapeutics Announces Bill Swaney as VP of Manufacturing and the Construction of Cell and Gene Therapy Manufacturing - Yahoo Finance - August 2nd, 2020
- REGENXBIO To Host Conference Call on August 6 to Discuss Second Quarter 2020 Financial Results and Recent Operational Highlights - PRNewswire - August 2nd, 2020
- Global Gene Therapy Market Market Analysis by SWOT, Investment, Future Growth and Major Key Players 2020 to 2025 - Research Newspaper - August 2nd, 2020
- Cell and Gene Therapy Tools, and Reagents: Global Markets - PRNewswire - August 1st, 2020
- Oxford Biomedica Signs Three Year Clinical Supply Agreement with Axovant Gene Therapies for Manufacture and Supply of AXO-Lenti-PD - PharmiWeb.com - July 31st, 2020
- Expression Therapeutics Announces Bill Swaney as VP of Manufacturing and the Construction of Cell and Gene Therapy Manufacturing - BioSpace - July 31st, 2020
- CPI, the Cell and Gene Therapy Catapult and MicrofluidX announce development of technology to rapidly scale up cell and gene therapy manufacture -... - July 31st, 2020
- Navigating Complexity in Oncology Cell and Gene Therapy Clinical Trials - Clinical OMICs News - July 31st, 2020
- Orchard Therapeutics to Webcast Conference Call of Second Quarter 2020 Financial Results - BioSpace - July 31st, 2020
- Genprex CEO Participates in a Second-Round Live Interview on the Big Biz Show - Business Wire - July 31st, 2020
- Ongoing Trial Assesses New Anti-VEGF Gene Therapy Injection for nAMD - MD Magazine - July 30th, 2020
- Increasing Government Investments and Favorable Policies to Aid the Growth of the Cancer Gene Therapy Market2020 - Owned - July 30th, 2020
- Cell and Gene Therapy Tools, and Reagents: Global Markets - cnweekly - July 30th, 2020
- Consumer Demand for Eco-friendly Products Set to Boost the Prospects of the Cancer Gene Therapy Market2020 - Owned - July 30th, 2020