Orgenesis (NASDAQ:ORGS) Inc reported a more than four-fold increase in revenue in 2021 from a year earlier, thanks to growing uptake of its Point of Care (POCare) platform.
For the 2021 financial year, Orgenesis (NASDAQ:ORGS) reported $35.5 million in revenue compared to $7.7 million in the previous year.
The Germantown, Maryland-based firm also generated a profit for the year of $18.6 million compared to a loss of $1.6 million in 2020.
READ: Orgenesis reports 425% surge in 3Q revenue as POCare platform gains scale
Orgenesis’s 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.
CEO Vered Caplan told investors that the company has secured customer commitments for future revenue worth more than $30 million in 2022 and $55 million for 2023.
“The goal of our POCare Platform is to provide life-changing treatments to large numbers of patients through greater capacity and at reduced costs close to the hospital setting,” Caplan said in a statement.
“The incumbent industry model of centralized production has resulted in high costs for these therapies, often hundreds of thousands of dollars per patient, which has inhibited uptake by payors and limited availability for patients. In contrast, we believe Orgenesis' POCare Platform is able to provide autologous cell and gene therapies to patients in need at the point-of-care, which, in turn, are expected to lower costs, streamline logistics, expand capacity, and enhance distribution."
Looking ahead to 2022
The company will focus on progressing POCare Centers in strategic locations such as North America, Europe, the Middle East and Asia, and deliver Orgenesis Mobile Processing Units and Labs (OMPULs) across the POCare Network to expand capacity and availability of a broad range of advanced cell and gene therapies.
On the development front, the biotech company said it is advancing its therapeutic pipeline – including its KYSLECEL autologous cell-based product to regulate blood sugar – and leveraging grants and out-licensing partners, while benefitting from service related payments.
“Our strategy remains consistent - to in-license therapies from leading research centers, hospitals and biotech companies, and out-license such products to pharma and biotech companies, while leveraging our POCare Platform to provide them with development and supply services,” Caplan added.
“Overall, we are gaining significant traction in the market and look forward to providing further updates as we advance both our POCare Platform and therapeutic pipeline."
Orgenesis ended the 2021 financial year with $5.4 million in cash.
Contact Angela at angela@proactiveinvestors.com
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