Medgenics Awarded $2.2 Million Grant From the Israeli Office of the Chief Scientist
15 April 2014 - 10:30PM
Medgenics, Inc. (NYSE MKT:MDGN) (LSE:MEDU)
(LSE:MEDG), the developer of BioPump(TM) a novel technology for the
sustained production and delivery of therapeutic proteins in
patients using ex-vivo gene therapy and their own tissue for the
treatment of rare and orphan diseases, today announced that its
wholly owned subsidiary, Medgenics Medical Israel Ltd. (MMI), was
awarded a government grant of up to NIS 7.7 million (approximately
USD 2.2 million), from the Office of the Chief Scientist (OCS) at
the Ministry of Economy of Israel.
The grant will be used to cover Research & Development
(R&D) expenses for the 12-month period from December 2013
through November 2014 to support further research and clinical
development of the Company's proprietary, tissue-based BioPump
platform technology with respect to the treatment of new rare and
orphan diseases and anemia.
The OCS awards grants to companies from various industries in
Israel to foster technological innovations. Recipient selections
are based on multiple criteria including the uniqueness of a
company's technology, and the potential market it addresses, plus
the robustness of the company's business including financial
position, R&D capabilities and management experience.
Under the terms of the OCS grant, MMI will repay the grant in
full, plus interest, through royalties on revenue received from
commercializing the developed technology. The payment of royalties
is contingent on such revenues and, in the absence of such
revenues; no royalty payments to the OCS are required.
"We are delighted and honored to once again have been selected
to receive this non-dilutive funding from the Israeli OCS and
appreciate the continued support. These grants have been
instrumental in furthering the development of our BioPump
technology and support us in advancing our clinical trials in the
U.S. and Israel," stated Garry A. Neil, Global Head of R&D for
Medgenics.
About Medgenics
Medgenics is developing and commercializing BioPump™, a
proprietary platform for the sustained production and delivery of
therapeutic proteins using ex-vivo gene therapy and the patient's
own tissue for the treatment of orphan and rare diseases. For more
information, visit the Company's website at
www.medgenics.com.
Forward-looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and as that term is defined
in the Private Securities Litigation Reform Act of 1995, which
include all statements other than statements of historical fact,
including (without limitation) those regarding the Company's
financial position, its development and business strategy, its
product candidates and the plans and objectives of management for
future operations. The Company intends that such forward-looking
statements be subject to the safe harbors created by such laws.
Forward-looking statements are sometimes identified by their use of
the terms and phrases such as "estimate," "project," "intend,"
"forecast," "anticipate," "plan," "planning, "expect," "believe,"
"will," "will likely," "should," "could," "would," "may" or the
negative of such terms and other comparable terminology. All such
forward-looking statements are based on current expectations and
are subject to risks and uncertainties. Should any of these risks
or uncertainties materialize, or should any of the Company's
assumptions prove incorrect, actual results may differ materially
from those included within these forward-looking statements.
Accordingly, no undue reliance should be placed on these
forward-looking statements, which speak only as of the date made.
The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based.
As a result of these factors, the events described in the
forward-looking statements contained in this release may not
occur.
CONTACT: Medgenics, Inc.
John Leaman
john.leaman@medgenics.com
Stern Investor Relations
Beth DelGiacco
212-362-1200
Beth@sternir.com
Abchurch Communications
Harriet Rae / Joanne Shears/Jamie Hooper
+44 207 398 7719
jamie.hooper@abchurch-group.com
Oriel Securities (NOMAD & Broker)
Jonathan Senior / Giles Balleny
+44 207 710 7617
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