Orgenesis Approved for Additional European Grant for Further Development of its Type 1 Diabetes Program

Orgenesis SPRL, a subsidiary of Orgenesis Inc. (OTCQB: ORGS), a leader in the emerging fields of cellular therapy and regenerative medicine, today announced that it has received the formal approval from the Walloon Region, Belgium (Service Public of Wallonia, DGO6) for a budgeted EUR 1,303,636 support program for the development of a potential cure for Type 1 Diabetes. The financial support is awarded to Orgenesis as a recoverable advance payment at 55 percent of budgeted costs, or for a total of EUR 717,000.
According to the news:

The grant will be paid to Orgenesis over a period of 1 year. The grant is subject to certain conditions such as Orgenesis conducting the research and development work within the Walloon Region, Orgenesis’s own investment in the projects and certain other conditions. Orgenesis has received approval for a total of Euro 2,732,000 from the DG06 since 2014.

Vered Caplan, Chairperson and CEO of Orgenesis stated:

We thank the Walloon Region for its continuing support of the Orgenesis European activity with this grant. Our activity in the Walloon Region has been tremendously productive, thanks to our collaboration with Pall Corporation and MaSTherCell, our affiliated contract manufacturer and development organization (CDMO) specializing in cell therapy products. The industrial and financial support by the Wallonian Minister of the Innovation and Research are greatly appreciated.

Click here to view the full press release.