Orgenesis increases revenue fourfold in Q1 2021
Vered Caplan the CEO of the company said that Q1 2021 results demonstrate the potential of the company’s new POCare strategy. Revenue more than quadrupled in the quarter thanks to long-term partnerships with regional partners, who are working to enhance Orgenesis’ therapeutic pipeline and scale production capacities in their respective areas. Caplan added that despite the fact that they are still in the early stages of a rollout, the company generated positive operating income for the quarter and its working hard to meet its goal of creating a long-term profitable business model, which is possible through the scalability of the POCare strategy.
The POCare platform seeks to offer life changing treatments to many patients at reduced costs within a point of care setup. The main focus is on autologous cell-based immunotherapies, anti-viral diseases, tissue regeneration and metabolic diseases therapeutics. Orgenesis continues to grow it POCare Network which includes facilities and hospitals across various countries.
Orgenesis has partnerships with hospitals
In March the company signed a second phase collaboration with Hospital Infantil Universitario Nino Jesus in Madrid to commercialize Celyvir solid tumor therapy. Also the company recently commenced a partnership with Bambino Gesu Children’s Hospital in Rome. POCare network is in early stages but the revenue in Q1 reflects the first part of the company’s joint venture partnerships.
Orgenesis has a competitive advantage in novel therapies and it is currently developing a CGT for Type I diabetes often called liver-derived Autologous Insulin-producing cells. Instead of competing with CGT industry leaders, Orgenesis is empowering current providers to deliver the best. With the company’s network of partner hospitals growing it means increased revenue base.