Orgenesis secures $5M investment for point-of-care service subsidiary
The news comes after a previous investment from Metalmark of $30 million back in November. The private equity firm has also committed to investing up to an additional $15 million in Orgenesis, subject to the achievement of certain milestones.
Morgenesis was formed last year to streamline all existing POCare service business units into one entity, bringing together a range of solutions for therapeutic developers to produce treatments at the point of care.
The Orgenesis subsidary provides solutions from initial process development, regulatory strategy and implementation, full cGMP processing and supply of therapeutic products to patients at the point of care, to clinical trial design and management.
In addition, it further supports full cGMP process development, including closing and automating the process for point-of-care treatments, via the Orgenesis Mobile Processing Units and Labs (OMPULs).
Orgenesis will continue to own the majority of Morgenesis following this latest investment, while maintaining full ownership of the therapeutics division.
“We greatly appreciate the continued support of Metalmark as we continue to execute our stated strategy of developing and delivering cell and gene therapies for patients in an affordable and accessible format at the point of care,” said Vered Caplan, CEO of Orgenesis.
“This additional investment will further propel our growth as we expand our global operations and add key personnel, enabling us to capitalize on the substantial demand for our POCare services. We look forward to Metalmark’s continued support.”
Morgenesis will use the extra capital to support the development of additional POCare centers, as well as the OMPULs in both the US and international markets.