Orgenesis, a global biotech, has announced joint venture with Theracell Advanced Biotechnology in Greece has been designated a “Priority Investment of Strategic National Importance” by Enterprise Greece, the official Greek national investment and trade promotion agency, which is responsible for the allocation of the government funds.
As a result of this designation, the venture will be inducted into the country’s fast-track licensing and approval process, which is expected to help advance development and clinical use of Theracell’s cell and gene therapies within the point-of-care setting, subject to regulatory requirements. In addition, the venture has been approved for a grant of up to €32m ($36m) from the Greek government upon its request depending on requirements. The funds are intended to support the process development and manufacturing of the therapies at the clinical sites, using Orgenesis' mobile processing units and labs (OMPULs).
The venture builds on an original agreement signed by the companies in March 2019 and extended in December of the same year with a strategic partnership agreement to implement Orgenesis’ POCare cell therapy platform.
The expanded programme has been constructed with the intention to provide the Greek National Health System with resources to specifically advance clinical development and deliver personalised, advanced therapies across its network. The program aims to provide patients in Greece with affordable and accessible cell and gene therapy treatments.
“We believe that Enterprise Greece designating this JV a ‘Priority Investment of Strategic National Importance’ illustrates the expanding realization by major international governments and public sector bodies on the importance of developing and delivering cell and gene therapies at the point of care centers. We are thankful for the resources and other support to be invested by the Greek government. We believe that this designation demonstrates Enterprise Greece’s confidence in Orgenesis’ POCare platform to potentially transform the cell and gene therapy market, by bringing life-saving therapies to market in a much more time and cost-effective manner,” said Vered Caplan, CEO of Orgenesis.
“In the last two years, the collaboration with Orgenesis in Greece and other territories has been important for Theracell’s aim to advance development of cell and gene therapies for both clinical research and patient treatment utilizing the Orgenesis POCare platform,” said Fotis Sakellaridis, CEO of Theracell. “We thank Enterprise Greece for its trust in our program. We believe that the Greek government is providing essential support required to position Greece as a centre of medical innovation in Southeast Europe. Most importantly, this supports the goal of providing Greek patients with greater access to these important therapies.”