Orgenesis (NASDAQ:ORGS) Inc announced second-quarter 2022 revenue of $7.2 million and provided a business update for the period ending June 30, 2022.
The global biotech company also said it secured a $10 million loan from investment firm Metalmark Capital Partners for Orgenesis (NASDAQ:ORGS)’ point of care (POCare) services business for treating patients.
“We are progressing with our transition to the second phase of the planned rollout of our POCare platform,” Orgenesis CEO Vered Caplan said in a statement.
READ: Orgenesis enters second phase of POCare Platform rollout; sees recurring revenues from long-term contracts for the next 2-3 years
“This includes revenue generation from the validation, process development, and supply of advanced therapies that utilize our POCare platform and Orgenesis Mobile Processing Units and Labs (OMPULs),” Caplan added.
Orgenesis noted that as a result of the successful execution of the first phase, its global supply network now spans North America, Europe, Asia, and the Middle East.
The company added that it has multiple contracts with biotech companies from the US, EU, Asia and the Middle East, saying it believes it has built a highly-scalable business model, and expect to benefit from growth in high margin, recurring revenue streams, based on future royalties and long-term contracts for industrializing and supplying these cell and gene therapies.
Orgenesis is a global biotech company working to unlock the full potential of cell and gene therapies (CGTs) in an affordable and accessible format at the point of care.
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