GERMANTOWN, Md., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Orgenesis Inc. (NASDAQ: 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 announced that its common stock will begin trading on the OTCQX® Best Market under the ticker symbol "ORGS" following its delisting from the Nasdaq Stock Market. The delisting resulted from the Company's failure to meet the required stockholders’ equity threshold. Orgenesis plans to attempt to resolve the deficiency and reapply for a Nasdaq listing as soon as practical.
The OTCQX® Best Market is the highest tier of the OTC Markets and reflects Orgenesis’ commitment to maintaining the highest levels of corporate governance and transparency while addressing the equity shortfall. The Company’s shares will continue to trade under the symbol "ORGS," providing shareholders with liquidity and ongoing access to their investments.
Vered Caplan, CEO of Orgenesis, commented, “While we are disappointed by the delisting, our focus remains firmly on driving the business forward. Our growing network of partnerships with hospitals and research institutions worldwide supports our mission of making cell and gene therapies more affordable and accessible. We are also excited about our continued progress in advancing the development of cutting-edge therapies through our decentralized platform. We are working diligently to address the stockholders’ equity deficiency and all other requirements to comply with the listing criteria and reapply to Nasdaq.”
Orgenesis believes that its innovative Decentralized Cell Processing (DCP) platform can drive change in the industry. The platform offers a cost-effective, scalable solution for producing advanced therapies at or near the point of care, addressing the limitations of traditional centralized processing. The Company’s partnerships with leading hospitals and research institutions globally position Orgenesis to make significant strides in expanding patient access to affordable and life-saving therapies. We believe that the growing demand for cell and gene therapies, combined with Orgenesis' unique model, sets the stage for potential growth and value creation.
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. All statements contained in this press release, other than statements of historical facts or statements that relate to present facts or current conditions, including but not limited to, statements regarding the expected trading of our common stock on the OTCQX, our plan to meet the Nasdaq listing requirements and reapply for listing, and our anticipated growth and value creation are forward-looking statements. 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 ability to meet the Nasdaq listing requirements, our reliance on, and our ability to grow, our point-of-care cell therapy platform, uncertainties inherent in the results of preliminary data, pre-clinical studies and earlier-stage clinical trials, which may not be predictive of final results or the results of later-stage clinical trials, the timing of and our ability to initiate and successfully enroll future trials; our ability to obtain FDA clearance of our future IND submissions and commence and complete clinical trials on expected timelines, or at all, 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, 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
