Medgenics Reports 2012 Financial Results

MISGAV, Israel & SAN FRANCISCO–(BUSINESS WIRE)– Medgenics, Inc. (NYSE MKT: MDGN and AIM: MEDU, MEDG) (the “Company” or “Medgenics”), the developer of a novel platform technology for the sustained production and delivery of therapeutic proteins in patients using their own tissue, today announced financial results for the fiscal year ended December 31, 2012 and the filing with the U.S. Securities and Exchange Commission (“SEC”) of the Company’s Annual Report on Form 10-K. The Form 10-K includes audited annual consolidated financial statements containing the information presented below, as well as additional information regarding the Company. The Form 10-K is available at www.sec.gov and at www.medgenics.com. It will be mailed to shareholders on or about April 2, 2013.

2012 and Recent Highlights

• Welcomed financial industry veteran and former Chairman of UBS Financial Services Inc. Joseph J. Grano, Jr. to the Board of Directors
• Appointed Sol J. Barer, Ph.D. as Chairman of the Board. Dr. Barer is the former Chairman and CEO of Celgene Corporation
• Raised gross proceeds of $29.4 million in a public offering of common stock and warrants
• Commenced a first-in-man Phase I clinical trial in Israel of INFRADURE™, sustained interferon alpha therapy, for the treatment of hepatitis C
• Fortified the Company’s intellectual property portfolio with the addition of key patents in the U.S. and Japan covering EPODURE™, sustained erythropoietin (“EPO“) therapy, and INFRADURE, respectively
• Convened a roundtable of 15 top liver experts and regulatory advisors from the U.S., Europe, Israel and Australia to discuss INFRADURE for the treatment of hepatitis, specifically for its potential applications in the treatment of hepatitis B and hepatitis D

Management Discussion

“During 2012 we achieved a number of milestones under our strategic plan,” stated Andrew L. Pearlman, Ph.D., Chief Executive Officer of Medgenics. “We remain focused on advancing our proprietary Biopump technology for the sustained production and delivery of therapeutic proteins from a patient’s own tissue in our lead indications of anemia and hepatitis.

“Our objective with EPODURE is to achieve recommended hemoglobin targets in patients for …read more
Source: FULL ARTICLE at DailyFinance