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Orgenesis Inc. (OTCQX: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 it has concluded an agreement for an equity line of credit of up to $5 million from Williamsburg Venture Holdings, LLC, a Nevada-based family office.
Under the terms of the agreement, Orgenesis will receive $750,000 upon the effectiveness of a registration statement to be filed with the U.S. Securities and Exchange Commission. According to the terms of the agreement, the remaining $4.25 million will be made available over the next 24 months, providing Orgenesis with the flexibility to draw on funding as needed to advance its initiatives.
Vered Caplan, CEO of Orgenesis, commented, "We are deeply appreciative of Williamsburg Venture Holdings' confidence in Orgenesis and their commitment to support the continued growth of our business. This strategic investment aligns with our mission to bring innovative CGT solutions to market by leveraging our proprietary POCare platform. These additional resources will aid in accelerating the development and commercialization of our pipeline, furthering our vision of democratizing access to life-saving therapies."
The per share purchase price for the put shares shall be 90% of the market price defined as the average of the two (2) lowest Volume-Weighted Average Price (VWAP) for the five (5) consecutive trading days immediately preceding the relevant date. At the Company's option, under an accelerated purchase notice, the Company may deliver a put notice by 11:00 AM on a particular day with a per share purchase price that would be the lowest traded price on that day.
Additional details regarding the equity investment are available in the Company's Form 8-K, which has been filed with the U.S. Securities and Exchange Commission.
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 number 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.