Orgenesis (NASDAQ:ORGS) Inc announced a more than five-fold increase in third-quarter revenue as it continues to roll out its Point of Care (POCare) platform.
The global biotech company, which is focused on unlocking the full potential of cell and gene therapies (CGTs), also reported a strong rise in revenue for the first nine months of its financial year to September 30, 2021, to $28.6 million, compared to just $5.3 million for the same period last year.
The POCare system consists of a pipeline of licensed POCare Therapeutics that are processed and produced in closed, automated POCare Technology systems across a collaborative POCare Network.
READ: Orgenesis strikes collaboration agreement with Savicell Diagnostics to advance its cell and gene therapy platform
“To put the company’s growth in perspective, our revenue run rate is nearly on par with our former Masthercell CDMO operations at the time of its sale,” CEO Vered Caplan said in a statement.
“However, we believe the new POCare platform is far more advanced, cost-effective, and scalable,” she added.
Orgenesis noted that feedback from within the industry has been encouraging as its POCare platform addresses many key challenges, including capacity constraints and excessive costs.
By producing personalized CGTs at the point of care, it said it believes it can add new capacity within months instead of years. At the same time, it is advancing the rollout of its Orgenesis Mobile Processing Units & Labs (OMPULs), which are fully integrated, all-in-one bioprocessing units that can be rapidly deployed as a standardized industrial cleanroom alternative at the point of care.
“While our current revenues reflect the validation phase of our roll-out strategy, we expect to increasingly benefit from revenue sharing and royalty agreements with our respective partners as we potentially advance the respective point-of-care therapies being developed,” Caplan said.
“Importantly, we believe our new model of decentralized supply of cell and gene therapies, based on standardization of the manufacturing environment, represents an attractive and commercially viable path forward for the industry, to unlock the full potential of CGTs.”
The company said it continues to expand its global network through collaborations with some of the leading research centers, hospitals and biotech companies around the world, such as Johns Hopkins University in the US, as well as recent additions in Italy and Spain.
It is integrating over 30 therapies, in various development stages, into the POCare platform, spanning immuno-oncology, anti-viral, metabolic/auto-immune diseases, tissue regeneration and more.
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