Orgenesis-Theracell Joint Venture Secures €32M Grant From Greek Government

Orgenesis Inc ORGS announced that its joint venture with Theracell Advanced Biotechnology S.A. in Greece has been designated a "Priority Investment of Strategic National Importance." 

• The designation was awarded by Enterprise Greece, the official Greek national investment and trade promotion agency responsible for allocating the government funds.
• The joint venture will be inducted into Greece's fast-track licensing and approval process. 
• In addition, the joint venture will also receive a grant of up to €32 million from the Greek government upon its request depending on the requirements. 
• These funds will be used to accelerate the development of Theracell's therapies. The funds are also intended to support the process development and manufacturing of the therapies at the clinical sites, utilizing Orgenesis Mobile Processing Units and Labs (OMPULs). 
• This venture builds on an original agreement signed by Orgenesis and Theracell in March 2019. 
• It was extended in December 2019, with a strategic partnership agreement to implement Orgenesis' POCare cell therapy platform for clinical development and commercialization of cell and gene therapies within public and private hospitals in Greece.
• Price Action: ORGS shares up 1.46% at $3.48 during the market session on the last check Monday.