Orgenesis Provides Business Update for the First Quarter of 2024

Core Viewpoint - Orgenesis Inc. is advancing its decentralized platform for cell and gene therapies (CGT) through its subsidiary Octomera, aiming to improve healthcare access and outcomes while reducing costs and production time [2][3]. Business Update - The company regained 100% ownership of Octomera, enhancing control over its operations and supporting the development of its proprietary therapeutic pipeline, including immune-oncology products [2]. - Orgenesis has formed a strategic partnership with Germfree to co-market its decentralized services, which will help accelerate the go-to-market strategy for its Orgenesis Mobile Processing Units and Labs (OMPULs) [3]. - The company has secured over $50 million in potential future grant funding to support its development activities, bolstered by the partnership with Germfree [3]. Financial Overview - For Q1 2024, Orgenesis reported revenue of $141,000, a slight decrease from $142,000 in Q1 2023 [11]. - The gross loss for the quarter was $351,000, significantly improved from a gross loss of $2.58 million in the same period last year [11]. - The net loss attributable to Orgenesis Inc. was $9.77 million, compared to a net loss of $19.47 million in Q1 2023 [12]. Investment and Shareholder Actions - The company received approximately $2.5 million in investments from accredited investors, including healthcare professionals [3]. - On May 21, 2024, shareholders agreed to exchange about $16 million of debt for 15.8 million shares of common stock, subject to Nasdaq compliance [3].