ORGENESIS INC. (OTCMKTS:ORGS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
Effective November 18, 2016, Scott Carmer gave notice to
Orgenesis Inc. (the Company) of his resignation from the position
of Chief Executive Officer of the Companys wholly owned U.S.
based subsidiary, Orgenesis Maryland Inc. (the Subsidiary) in
order to pursue other interests. Vered Caplan, the Companys Chief
Executive Officer will assume the position of Chief Executive
Officer of the Subsidiary.
In connection with his resignation, on October 13, 2016, the
Subsidiary, the Company and Mr. Carmer entered into a Release
Agreement to which the Company agreed that Mr. Carmer will be
able to exercise options to purchase up to 1,641,300 shares of
the Companys common stock previously issued to him through their
original exercise period. Under the agreement, Mr. Carmer
furnished to the Company and Subsidiary a general release.
Mr. Carmer agreed to continue to serve the Company as a
non-employee advisor on its activities in the U.S. and
internationally. In furtherance thereof, on November 18, 2016,
Mr. Carmer and the Company entered into a Strategic Advisory
Agreement, a copy of which is attached hereto.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
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10.1 |
Release Agreement, dated as of November 18, 2016 among |
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10.2 |
Strategic Advisory Agreement dated as of November 18, 2016 |
About ORGENESIS INC. (OTCMKTS:ORGS)
Orgenesis Inc. is a regenerative therapy company. The Company operates through two segments: Contract Development and Manufacturing Organization (CDMO) and Cellular Therapy Business (CTB). The CDMO activity is operated by the Company’s subsidiary, MaSTherCell SA, which specializes in cell therapy development for advanced medicinal products. MaSTherCell is providing two types of services to its customers: process and assay development services and good manufacturing practice (GMP) contract manufacturing services. The CTB activity is based on its technology that demonstrates the capacity to induce a shift in the developmental fate of cells from the liver and differentiating (converting) them into pancreatic beta cell-like insulin producing cells for patients with Type I Diabetes. It intends to advance a product that combines cell-based therapy and regenerative medicine, Autologous Insulin Producing (AIP) cells, into clinical development. ORGENESIS INC. (OTCMKTS:ORGS) Recent Trading Information
ORGENESIS INC. (OTCMKTS:ORGS) closed its last trading session 00.000 at 0.399 with 250 shares trading hands.
