MISGAV, Israel & SAN FRANCISCO--(BUSINESS WIRE)-- Medgenics, Inc. (NYSE Amex: MDGN and AIM: MEDU, MEDG) (the "Company"), the developer of a novel technology for the sustained production and delivery of therapeutic proteins in patients using their own tissue, announced today the actions taken at its Annual Meeting of Stockholders held on September 7, 2011 in New York, New York, USA.
At a duly called meeting, at which a quorum was present in person or by proxy, the two proposals (as previously announced on August 30, 2011) were brought before the stockholders and were all passed by a majority of the votes cast.
The first proposal related to the election of directors. Each of the current directors of the Company, Dr. Eugene A. Bauer, Dr. Andrew L. Pearlman, Mr. Joel S. Kanter, Mr. Gary A. Brukardt, Dr. Stephen D. McMurray, Mr. Isaac Blech and Dr. Alastair Clemow, was duly re-elected as a director to serve until the next annual meeting of stockholders and until his respective successor shall have been duly elected and qualified.
Pursuant to the second proposal, the stockholders ratified the selection of Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, to serve as the Company's independent registered public accounting firm for the year ended December 31, 2011.
More detail regarding these actions can be found in the Company's Notice of Annual Meeting posted on the Company's website (www.medgenics.com). No other business was brought before the Annual Meeting of the Stockholders.
Medgenics is developing and commercializing the Biopump, a proprietary tissue-based platform technology for the sustained production and delivery of therapeutic proteins using the patient's own skin biopsy for the treatment of a range of chronic diseases including anemia, hepatitis C and hemophilia. Medgenics believes this approach has multiple benefits compared with current treatments, which include regular and costly injections of therapeutic proteins.
Medgenics has three long-acting protein therapy products in development based on this technology:
- EPODURE (now completing a Phase I/II dose-ranging trial) to produce and deliver erythropoietin for many months from a single administration, has demonstrated elevation and stabilization of hemoglobin levels in anemic patients for 6 to more than 24 months;
- INFRADURE (to commence a Phase I/II trial in Israel in 2011) to produce a sustained therapeutic dose of interferon-alpha for use in the treatment of hepatitis C;
- HEMODURE is a sustained Factor VIII therapy for the prophylactic treatment of hemophilia, now in development.
Medgenics intends to develop its innovative products and bring them to market via strategic partnerships with major pharmaceutical and/or medical device companies. Since October 2009, HEMODURE has been the focus of cooperation between Medgenics and a major healthcare company, a market leader in hemophilia.
In addition to treatments for anemia, hepatitis C and hemophilia, Medgenics plans to develop and/or out-license a pipeline of future Biopump products targeting the large and rapidly growing global protein therapy market, which is forecast to reach $132 billion in 2013. Other potential applications for Biopumps include multiple sclerosis, arthritis, pediatric growth hormone deficiency, obesity and diabetes.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995, which include all statements other than statements of historical fact, including (without limitation) those regarding the Company's financial position, its development and business strategy, its product candidates and the plans and objectives of management for future operations. The Company intends that such forward-looking statements be subject to the safe harbors created by such laws. Forward-looking statements are sometimes identified by their use of the terms and phrases such as "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning, "expect," "believe," "will," "will likely," "should," "could," "would," "may" or the negative of such terms and other comparable terminology. All such forward-looking statements are based on current expectations and are subject to risks and uncertainties. Should any of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may differ materially from those included within these forward-looking statements. Accordingly, no undue reliance should be placed on these forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements contained in this release may not occur.
Dr. Andrew L. Pearlman
+972 4 902 8900
Lippert/Heilshorn & Associates, Inc.
Anne Marie Fields
De Facto Financial
Mike Wort, Anna Dunphy
+44 207 556 1064
Religare Capital Markets (Nomad)
James Pinner, Derek Crowhurst
+44 207 444 0800
SVS Securities plc (Joint Broker)
Alex Mattey, Ian Callaway
+44 207 638 5600
Nomura Code Securities (Joint Broker)
+44 207 776 1219
KEYWORDS: United States North America California Middle East Israel
INDUSTRY KEYWORDS: Health Biotechnology Other Health General Health