The global biotech company working to unlock the full potential of cell and gene therapies (CGTs), Orgenesis Inc. (NASDAQ: ORGS) shares rose 25.49% to $5.71 in premarket trading at last check. The Orgenesis stock increased 1.56% to $4.55 on Thursday’s trading session.
In total, 3.03 million shares of ORGS stock were traded versus an average daily volume of 0.2 million shares over the past 50 days. ORGS stock is up following release of its quarterly results.
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How ORGS performed?
Orgenesis is in the process of licensing Point of Care Therapeutics through its Point of Care Platform. Through efficient, scalable, and decentralized production, ORGS is utilizing its POCare Platform to efficiently and rapidly deliver treatments to a large number of patients at a reduced cost.
Orgenesis today reported financial results for the first quarter ended March 31, 2021.
- Total revenues posted by ORGS for the period equaled $9.39 million, compared to $1.88 million in the fourth quarter of 2020.
- Total operating loss of ORGS came at -$0.081 million, compared to an operating profit of $6.73 million in the prior quarter.
- ORGS’ net income for the first quarter 2021 came at $0.165 million or $0.01 per share, compared to net loss of -$69.98 or -$4.23 per diluted share in the final quarter of 2020.
- Cash and liquid equivalents at ORGS totaled $54.713 million at March 31, 2021, compared to $50.077 million at the end of 2020.
What does the CEO think?
Orgenesis (ORGS)’s first-quarter results illustrate even more clearly the potential of its new POCare strategy through revenue that increased fourfold. Basically, because of long-term contracts with its regional partners, ORGS has been able to scale production capabilities and expand the therapeutic pipeline in their respective territories, commented Vered Caplan, CEO of Orgenesis.