GERMANTOWN, MD--(Marketwired - May 29, 2014) - Orgenesis Inc. (OTCQB: ORGS), a development-stage company with a novel therapeutic technology dedicated to converting a patient's own liver cells into functioning insulin-producing cells as a treatment for diabetes, announced today that its' wholly owned subsidiary in Maryland, Orgenesis Maryland, Inc., has been awarded a grant of $420,000 from the Maryland Stem Cell Research Fund (MSCRF). The grant will assist Orgenesis as the company finalizes pre-clinical work in preparation for Phase I and Phase II clinical trials in the United States. The company is located in Germantown, Maryland.
"We are honored to receive a grant from MSCRF," said Vered Caplan, chairperson and CEO of Orgenesis. "The grant will assist us as we continue preparations for Phase I and Phase II clinical trials in the United States."
Orgenesis has developed a unique approach of restoring natural insulin production and blood sugar regulation by converting cells from a patient's own liver into cells that create insulin. Orgenesis aims to release patients from the need for constant monitoring and insulin injections and to end diabetes as we know it.
"We awarded the grant to Orgenesis because the work they are doing has tremendous potential to help millions of people around the world live healthier lives without diabetes," said Dr. Dan Gincel, Executive Director of the Maryland Stem Cell Research Fund. "Our awards help fund a diverse range of research and we are particularly pleased to support organizations advancing regenerative medicine."
About the Maryland Stem Cell Research Fund
The Maryland Stem Cell Research Fund (MSCRF) was established by the State of Maryland under the Maryland Stem Cell Research Act of 2006 to promote State-funded stem cell research and cures through grants and loans to public and private entities in the State. Administered by the Maryland Technology Development Corporation (TEDCO), the MSCRF is overseen by an independent commission that sets policy and develops criteria, standards and requirements for applications to the Fund. The current MSCRF budget for FY2014 is $10.4 million. For more information about the Maryland Stem Cell Research Fund and a list of Commission members, please visit: www.mscrf.org.
About Orgenesis, Inc.
Orgenesis is a development stage company with a novel therapeutic technology that employs a molecular and cellular approach directed at converting a patient's own liver cells into functional insulin producing cells, as a treatment for diabetes. Orgenesis believes that converting the diabetic patient's own tissue into insulin-producing cells overcomes the problem of donor shortage and removes the risk of transplant rejection. For more information visit: www.orgenesis.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" which are not purely historical. Such forward-looking statements include, among other things, the expectations of management that our regeneration technology can be developed as therapeutic treatment for diabetes which could, if successful, mean the end of diabetes as we know it and the anticipated benefits of the grant. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Orgenesis will obtain from them. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including, among others, the potential failure of development candidates to advance through preclinical studies or demonstrate safety and efficacy in clinical testing; the ability to pass clinical trials so as to move on to the next phase; our ability to retain key employees; our ability to finance development and operations; our ability to satisfy the rigorous regulatory requirements for new medical procedures; and competitors may develop better or cheaper alternatives to our products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should refer to the risk factors disclosure outlined in our periodic reports filed from time-to-time with the Securities and Exchange Commission.