Orgenesis and CureCell Awarded Grant From the KORIL Fund for Diabetes Research and Development
GERMANTOWN, MD -- (Marketwired) -- 06/07/16 -- Orgenesis Ltd., a wholly-owned subsidiary of Orgenesis Inc. (OTCQB: ORGS), a fully integrated cell therapy and regenerative medicine company with a novel therapeutic technology dedicated to converting a patient's own cells into functioning insulin-producing cells as a treatment for diabetes, today announced that it and South Korean-based CureCell Co. Ltd. have been awarded a collaborative grant from the Korea-Israel Industrial R&D Foundation (KORIL-RDF) to finance their current co-development program. This program will include pre-clinical and clinical activities related to commercialization of the Orgenesis Autologous Insulin Producing (AIP) Cells for the treatment of diabetes.
"A grant from KORIL-RDF will enable us to work closely with CureCell to fund advanced research and development initiatives to provide a therapy for insulin-dependent diabetic patients," said Vered Caplan, CEO of Orgenesis.
Orgenesis Ltd. will own the rights to any intellectual property developed from the collaboration which is related to Orgenesis Ltd.'s AIP cell therapy product, or derived from information licensed from Tel Hashomer Hospital in Israel, and/or Orgenesis Ltd.'s confidential information. Subject to obtaining the requisite approval needed to commercialize the products in Korea, Orgenesis Ltd. has agreed to grant to CureCell a sub-license to the intellectual property relevant to the AIP for the therapies and products developed under the grant for commercialization of the Company's products in Korea.
The KORIL Fund was initiated as a result of a treaty between the Korean and Israeli governments. In accordance with the agreement, both countries contribute an equal sum per year to the Korea-Israel Industrial R&D Foundation. This foundation supports industrial R&D projects that lead to potential commercialization and contribute to the economic progress of the two countries and furthermore, to promote and encourage joint industrial R&D collaborations between firms in Korea and Israel.
CureCell Co. Ltd. is a Korean based company that is focused on developing innovative regenerative therapies for both the Korean and international markets. CureCell's management has identified several cell-therapy technologies that are developed in Korea in parallel to potential developments in the US and Europe. CureCell will focus on developing foreign technologies in Korea and Asia and in expanding international markets for Korean technologies. CureCell collaborates closely with leading medical and academic facilities aiming to become a market leader in the field of therapeutic development in Korea.
About Orgenesis Inc.
Orgenesis is a cell therapy and regenerative medicine company that is committed to developing a cure for diabetes. In pursuit of this goal, the company has developed and patented a novel technology called "cellular trans-differentiation" that turns an insulin-dependent patient's own adult cells into functional insulin producing cells. Orgenesis has proven that, when exposed ex-vivo to certain pancreatic transcription factors and in specific sequence, human adult cells can be transformed into fully functional, beta cell-like insulin producing cells (IPCs). After ex-vivo expansion, the IPCs are re-infused via the portal vein of the diabetic patient. In pre-clinical models of type 1 diabetes (non-obese diabetic mice), the re-introduced IPCs remain in the liver, effectively respond to glucose challenge and successfully maintain glycemic homeostasis. In the same NOD model, the implanted IPCs were not subject to auto-immune attack or cellular ablation. Orgenesis plans to initiate P1/2 trials in the next 12-18 months. Orgenesis believes that converting the diabetic patient's own tissue into insulin-producing cells has the potential to overcome the significant issues of donor shortage, cost and exposure to chronic immunosuppressive therapy associated with islet cell transplantation. For more information, visit www.orgenesis.com.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements 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, the development of our cell therapy production capabilities, our limited financial resources and our ability to raise the working capital needed to fund the commitments under the joint venture agreements specifically and our development projects and business generally, expectations relating to our technology and that this technology may not perform as well as expected, our ability to retain key employees; our ability to satisfy the rigorous regulatory requirements for new medical procedures; and our competitors' ability to develop better or less expensive alternatives to our products and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended November 30, 2015, 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.
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Source: Orgenesis Inc.
Released June 7, 2016