TIDMMEDG
Medgenics Inc
11 August 2011
MEDGENICS AWARDED GRANT FROM THE ISRAELI OFFICE OF THE CHIEF
SCIENTIST
MISGAV, Israel and SAN FRANCISCO, (August 11, 2011) - Medgenics,
Inc. (NYSE Amex: MDGN and AIM: MEDU, MEDG) the ("Company"), the
developer of a novel technology for the sustained production and
delivery of therapeutic proteins in patients using their own
tissue, today reported that the Company was awarded a government
grant amounting to a total net amount of up to NIS 3.0 million
($0.9 million USD), from the Office of the Chief Scientist (OCS) at
the Ministry of Industry, Trade and Labor of Israel for the six
month period through August 2011.
The OCS awards grant in Israel to various industries in order to
foster technological innovations. Recipients are selected based on
various criteria including, the uniqueness of a company's
innovative technology, potential market forecasts and capabilities
of the company in areas including financial strength, R&D
compatibilities, and management experience. In the event that the
Company commercializes products from the funded research and
development, the Company will then be required to pay royalties to
the OCS to repay the grant, plus interest. The obligation to pay
these royalties is contingent on actual income and in the absence
of such income, no repayment to the OCS is required.
The funds will be designated and used by Medgenics to support
further research and clinical development of the Company's
proprietary tissue-based Biopump platform technology for the
sustained production and delivery of therapeutic proteins using the
patient's own dermal tissue.
Andrew L. Pearlman, Ph.D., CEO of Medgenics, Inc., commented,
"We are pleased to have been selected to receive this non-dilutive
funding and support from the Office of the Chief Scientist for the
fifth year in a row. This grant will allow for further development
of our product pipeline of Biopumps and underscores the OCS' belief
in the potential of our innovative Biopump platform technology to
significantly improve upon current methods for certain protein
production and delivery."
About Medgenics
Medgenics is developing and commercializing Biopump, a
proprietary tissue-based platform technology for the sustained
production and delivery of therapeutic proteins using the patient's
own skin biopsy for the treatment of a range of chronic diseases
including anemia, hepatitis C and hemophilia. Medgenics believes
this approach has multiple benefits compared with current
treatments, which include regular and costly injections of
therapeutic proteins.
Medgenics has three long-acting protein therapy products in
development based on this technology:
-- EPODURE (now completing a Phase I/II dose-ranging trial) to
produce and deliver erythropoietin for many months from a single
administration, has demonstrated elevation and stabilization of
hemoglobin levels in anemic patients for 6 to more than 24
months;
-- INFRADURE (to commence a Phase I/II trial in Israel in 2012)
to produce a sustained therapeutic dose of interferon-alpha for use
in the treatment of hepatitis C;
-- HEMODURE is a sustained Factor VIII therapy for the
prophylactic treatment of hemophilia, now in development.
Medgenics intends to develop its innovative products and bring
them to market via strategic partnerships with major pharmaceutical
and/or medical device companies. Since October 2009, HEMODURE has
been the focus of cooperation between Medgenics and a major
healthcare company, a market leader in hemophilia.
In addition to treatments for anemia, hepatitis C and
hemophilia, Medgenics plans to develop and/or out-license a
pipeline of future Biopump products targeting the large and rapidly
growing global protein therapy market, which is forecast to reach
$132 billion in 2013. Other potential applications for Biopumps
include multiple sclerosis, arthritis, pediatric growth hormone
deficiency, obesity and diabetes.
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.
For further information, contact:
Medgenics, Inc. Phone: +972 4 902 8900
Dr. Andrew L. Pearlman Phone: +1 212-838-3777
Lippert/Heilshorn & Associates, Inc.
Anne Marie Fields
afields@lhai.com
De Facto Financial Phone: +44 207 556 1064
Mike Wort
Anna Dunphy
Religare Capital Markets (Nomad) Phone: +44 207 444 0800
James Pinner
Derek Crowhurst
SVS Securities plc (Joint Broker) Phone: +44 207 638 5600
Alex Mattey
Ian Callaway
Nomura Code Securities (Joint Broker) Phone: +44 207 776 1219
Jonathan Senior
# # #
This information is provided by RNS
The company news service from the London Stock Exchange
END
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