Orgenesis Reorganizes Its Israel and Korea Subsidiaries to Support Continued Growth

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GERMANTOWN, Md., Aug. 14, 2019 (GLOBE NEWSWIRE) -- Orgenesis Inc. (NASDAQ: ORGS), a leading cell and gene therapy enabling company providing centralized CDMO manufacturing and development services through its subsidiary MTH Global, Inc., as well as localized point-of-care development and processing centers, today announces that it has transferred the ownership of its Israeli cell process development business, Atvio Biotech Ltd., and its South Korean cell development and manufacturing business, CureCell Co., Ltd. from its subsidiary, Masthercell Global, to the parent company, Orgenesis, Inc.  Atvio and Curecell will provide internal manufacturing services to Orgenesis, and to customers located within Israel and South Korea, respectively.  Additional details related to the transaction can be found in the Company’s Form 8-K filed yesterday with the U.S. Securities & Exchange Commission at .

Vered Caplan, Chief Executive Officer of Orgenesis, said, “This internal transfer of ownership interests in both Atvio and Curecell are part of a broader initiative to realign resources within the organization to support our continued growth and meet market needs as the cell and gene therapy industry continues to expand in specific areas.  Specifically, given the success of Masthercell Global, we are reallocating resources towards further expansion of our CDMO capabilities for third-party cell and gene therapy services in North America and Europe.  Accordingly, Orgenesis plans to focus resources within Atvio and Curecell towards advancing our ongoing therapeutic development programs, as well as supporting cell manufacturing market needs in their own respective geographical regions. Orgenesis remains extremely encouraged by our continued progress and the traction we are gaining within the market.”

 

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Globe Newswire: 13:30 GMT Wednesday 14th August 2019

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