Orgenesis announces director resignation

Orgenesis Inc (OTC:ORGS)., a biopharmaceutical company, disclosed on Friday that Jagannathan Bhalaji has resigned from his position as a director of the company, effective immediately as of Monday. Bhalaji's departure is due to personal reasons and not due to any disagreements with the company's operations, policies, or practices.

According to InvestingPro data, the company currently faces significant financial challenges, with a weak overall financial health score and concerning cash burn rate.

The Nevada-based company, which specializes in pharmaceutical preparations, reported this change in a Form 8-K filed with the Securities and Exchange Commission. Orgenesis did not indicate any immediate plans for a replacement director or detail any changes to its board's composition following Bhalaji's resignation.

This announcement follows a significant change for Orgenesis, as it was notified by the Nasdaq Stock Market on October 17, 2024, of the impending delisting of the company's common stock. The delisting procedures are set to finalize with the effectiveness of the deregistration 90 days after Nasdaq files Form 25 with the SEC. Despite the delisting from Nasdaq, Orgenesis common stock remains registered under Section 12(g) of the Securities Exchange Act of 1934 and has been trading on the OTCQX since October 21, 2024.

Orgenesis Inc. was formerly known as Business Outsourcing Service, Inc., with a name change dated April 1, 2009, and subsequently as Orgenesis, Inc., with the most recent name change on September 2, 2011.

The information detailed in this article is based on the latest 8-K filing by Orgenesis Inc. with the Securities and Exchange Commission. Looking ahead, InvestingPro analysis reveals that analysts expect significant sales growth this year, though the company continues to operate with substantial debt obligations. For deeper insights into Orgenesis's financial health and 15+ additional ProTips, consider exploring InvestingPro's comprehensive analysis tools.

In other recent news, Orgenesis Inc. has experienced several major changes. The biotechnology company has announced the resignation of director Mark Goodman due to personal reasons, although he will remain as a strategic advisor. The company has also been delisted from the Nasdaq Stock Market due to non-compliance with listing requirements, and its common stock is now trading on the OTC Markets.

Orgenesis has reported encouraging results from a study of its CD19 CAR-T therapy, ORG-101, for Acute Lymphoblastic Leukemia treatment. The company has also secured an additional $750,000 in funding from investor Jacob Safier, bringing the total loan amount to $1 million.

In a joint venture with Harley Street Healthcare Group, Orgenesis plans to develop and commercialize wellness and longevity therapies worldwide, with Harley Street committing to invest up to $10 million over the next three years. Orgenesis has also expanded its equity incentive plan by 9 million shares and elected five new directors to its board. Lastly, the company is collaborating with Germfree to make cell and gene therapy treatments more affordable and accessible.

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