TEL AVIV, Israel and WHITE PLAINS, N.Y., May 9, 2013 (GLOBE NEWSWIRE) -- Orgenesis Inc. (OTCBB:ORGS) ("Orgenesis" or the "Company"), 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, Orgenesis Ltd., has entered into a process development agreement (the "PD Agreement") with ATMI, Inc. (Nasdaq:ATMI), a global technology company and leader in single-use bioprocess solutions.
Pursuant to the PD Agreement, ATMI will supply Orgenesis with a complete disposable manufacturing process for the expansion of a patient's liver cells outside of the body, an important step in enabling the Company's therapeutic technology dedicated to converting a patient's own liver cells into functioning insulin-producing cells as a treatment for diabetes.
In addition, Orgenesis and ATMI have entered into a subscription agreement (the "Subscription Agreement) pursuant to which ATMI purchased 1,526,718 units of Orgenesis' securities for gross proceeds of $1.3 million. Each Unit consists of one share of our common stock and one common share purchase warrant. Each warrant may be exercised pursuant to the terms of the warrant certificate for a period of two years from issuance at an exercise price of $1.00, subject to adjustments as set out in the warrant certificate.
"We believe the groundbreaking Integrity® Xpansion® technology from ATMI will allow us to produce a sufficient amount of AIP (Autologous Insulin Producing) cells for transplantation back to the patient's liver in a highly efficient and cost-effective manner," commented Sav DiPasquale, CEO of Orgenesis. "We look forward to building a successful relationship with ATMI, another very strong collaboration partner for Orgenesis as we continue to work towards initiating clinical trials of our technology."
Under its Integrity product line, ATMI developed the Xpansion bioreactor - a compact, fully controlled and single-use system based on stacked plates, made from the same plastic material as multiple-tray stacks. Keeping the same environment for the cells enables easy and straightforward transfer from multiple-tray stacks process to Xpansion bioreactor. One single Xpansion bioreactor can replace up to 200 traditional stacked trays, providing an efficient solution for the production of large amount of cells.
Senior Vice President and General Manager of ATMI LifeSciences, Mario Philips, added, "The Integrity Xpansion Multiplate Single-Use Bioreactor technology was specially developed by ATMI for addressing the scaling-up challenges of cell therapy manufacturing processes. This fully industrial technology platform is very suitable for adherent fragile cell culture applications, such as the adult liver cells. We are very excited to provide this technology to Orgenesis as they work to develop a very promising new therapy for diabetes that overcomes the problem of donor shortage and reduces the risk of transplant rejection."
About Orgenesis Inc.
Orgenesis (ORGS) 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. The Company 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. If successful, this could mean the end of diabetes, as we now know it. For more information visit: www.orgenesis.com.
ATMI, Inc. provides specialty semiconductor materials, and safe, high-purity materials handling and delivery solutions designed to increase process efficiencies for the worldwide semiconductor, flat panel, and life sciences industries. For more information, please visit http://www.atmi.com.
About ATMI LifeSciences
ATMI LifeSciences is an acknowledged technology leader in the field of single-use bioprocess systems and consumables for the pharmaceutical and biopharmaceutical industries. Its innovative, market-leading portfolio of custom-engineered, flexible packaging solutions, single-use storage systems, mixers and bioreactors is driving bioprocess efficiency and delivering value for biopharmaceutical companies around the world. For more information, please visit www.atmi-lifesciences.com.
ATMI, the ATMI logo, Integrity and Xpansion are trademarks, or registered trademarks, of Advanced Technology Materials, Inc., in the United States, other countries or both.
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. 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 the Company will obtain from them. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, which include, without limitation, the potential failure of development candidates to advance through preclinical studies or demonstrate safety and efficacy in clinical testing and the ability to pass clinical trials so as to move on to the next phase, our ability to retain key employees and our ability to finance development or satisfy the rigorous regulatory requirements for new medical procedures. 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.
On Behalf of the Board
Vered Caplan, Chairperson
CONTACT: Investor Contact: Stephen Kilmer Kilmer Lucas Inc. T: 212-618-6347 email@example.com Media Contact: Leonard Zehr Kilmer Lucas Inc. T: (416) 833-9317 firstname.lastname@example.orgSource:Orgenesis Inc.