GERMANTOWN, MD - Orgenesis Inc . (OTCQX:OTC:ORGS), a biotechnology company specializing in pharmaceutical preparations, announced the immediate resignation of Mark Goodman from its board of directors, citing personal reasons. The departure, effective as of Monday, comes without any disagreements on company operations, policies, or practices.
Mr. Goodman's decision to step down was not due to any conflict or issues with the company's management. Despite his resignation from the board, he will maintain his connection to Orgenesis as a strategic advisor, continuing to contribute to the company's direction and strategy.
This board change follows the recent transition of Orgenesis' stock from the Nasdaq Stock Market to the OTCQX marketplace. On October 17, 2024, Nasdaq informed Orgenesis of its intention to delist the company's common stock following standard procedures. The delisting is set to occur 10 days after Nasdaq files the notification with the SEC. The company's common stock, which has been registered under Section 12(b) of the Securities Exchange Act, will remain registered under Section 12(g) after the delisting. Orgenesis began trading on the OTCQX on Thursday, October 21, 2024.
The company, incorporated in Nevada with headquarters in Germantown, Maryland, has not announced any immediate plans for a replacement director following Goodman's resignation. The information provided is based on a press release statement and the recent SEC filing by Orgenesis Inc.
In other recent news, Orgenesis Inc. has been notified of its delisting from the Nasdaq Stock Market due to non-compliance with listing requirements. The biopharmaceutical company's common stock is expected to commence trading on the OTC Markets under the same ticker symbol. Concurrently, Orgenesis reported promising results from a study of its CD19 CAR-T therapy, ORG-101, for Acute Lymphoblastic Leukemia treatment.
The company also secured an additional $750,000 in funding from investor Jacob Safier, raising the total loan amount to $1 million. Orgenesis has formed a joint venture with Harley Street Healthcare Group (HSHG) to develop and commercialize wellness and longevity therapies worldwide, with HSHG committing to invest up to $10 million over the next three years.
In a strategic move, Orgenesis expanded its equity incentive plan by 9 million shares and elected five new directors to its board. Lastly, a collaboration with Germfree is underway to make cell and gene therapy treatments more affordable and accessible.
InvestingPro Insights
Recent data from InvestingPro sheds light on Orgenesis Inc.'s financial situation, providing context to the company's recent board changes and stock market transition. The company's market capitalization stands at a modest $5.41 million, reflecting its current position in the biotechnology sector.
InvestingPro Tips highlight that Orgenesis is operating with a significant debt burden and is quickly burning through cash. These factors may have contributed to the company's recent delisting from Nasdaq and transition to the OTCQX marketplace. Additionally, the stock has taken a substantial hit, with a one-week price total return of -64.01% and a one-year return of -85.8%, underscoring the challenges faced by the company.
Despite these headwinds, InvestingPro Tips suggest that net income is expected to grow this year, and analysts anticipate sales growth in the current year. This potential for improvement could explain why Mark Goodman, despite resigning from the board, is maintaining his role as a strategic advisor to the company.
For investors seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for Orgenesis, providing a deeper understanding of the company's financial health and market position.
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