American Stock Exchange Suspends Trading of Organogenesis Common Stock.Business Editors CANTON, Mass.--(BUSINESS WIRE)--Aug. 21, 2002 Organogenesis organogenesis /or·ga·no·gen·e·sis/ (or?gah-no-jen´e-sis) the origin and development of organs.organogenet´ic or·gan·o·gen·e·sis n. The formation and development of the organs of living things. Inc. (AMEX AMEX See: American Stock Exchange : ORG) today announced that the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. has suspended trading Suspended trading Temporary halt in trading in a particular security, in advance of a major news announcement or to correct an imbalance of orders to buy and sell. suspended trading The temporary suspension of trading in a security. in its common stock as of the opening of trading on Wednesday, August 21, 2002. The reason for the suspension is that it has not timely filed its Form 10-Q Form 10-Q See 10-Q. for the second quarter of 2002. Organogenesis also advised the Exchange that until it is able to make public certain pending developments, which have not yet been publicly disclosed, the Company would not be filing its Form 10-Q. Organogenesis Inc. (www.organogenesis.com) was the first company to develop and gain FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval for a mass-produced product containing living human cells. The Company's lead product, Apligraf(R) living, bi-layered skin substitute, is FDA approved for the treatment of diabetic foot diabetic foot A foot with a constellation of pathologic changes affecting the lower extremity in diabetics, often leading to amputation and/or death due to complications; the common initial lesion leading to amputation is a nonhealing skin ulcer, induced by ulcers and venous leg ulcers; Novartis Pharma AG has global Apligraf marketing rights. Organogenesis is also developing a novel family of bioengineered surgical products based on its FortaFlex(TM) technology. Four of these products - FortaPerm (TM) bioengineered tissue bioengineered tissue Implantation surgery Any tissue created by the techniques of cell biology–eg biochemistry and tissue culture, and materials science, which replaces failed or failing tissue. See Biomaterial. support, FortaGen(TM) bioengineered tissue repair, PuraPly(TM) bioengineered wound management, and Cuff Patch(TM) soft tissue reinforcement- are already FDA-cleared for marketing and are being used by a number of leading medical institutions. Additionally, the Company has a broad development and marketing agreement with Biomet, Inc. for FortaFlex derived orthopedic and periodontal surgery products, including the recently launched Cuff Patch for rotator cuff repair. The Organogenesis pipeline also includes VITRIX(TM) living dermal dermal /der·mal/ (der´mal) pertaining to the dermis or to the skin. der·mal or der·mic adj. Of or relating to the skin or dermis. replacement, FortaFill(TM) soft tissue augmentation and Revitix(TM) regenerative skin complex. The Company is actively seeking third party funding for several of its long-term research programs, including a coronary small-diameter vascular graft, a liver assist device and a pancreatic islet cell transplantation Islet transplantation is the transplantation of isolated islets from a donor pancreas and into another person. It is an experimental treatment for type 1 diabetes mellitus. program. This release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those indicated or suggested by these forward-looking statements as a result of various factors, including, but not limited to: our expectation that we will incur operating losses in the near future; our ability to raise additional funds on acceptable terms, if at all; our current reliance on Novartis for marketing of Apligraf; the actions of competitors and the development of competing products; uncertainties related to preclinical and clinical testing and trials; difficulties or delays in obtaining regulatory approvals to market products resulting from our development efforts; our ability to successfully implement cost reductions in the production of Apligraf; our ability to protect our patents and proprietary rights; patent infringement actions; our ability to commercialize some of our products without a marketing partner; and the requirement for substantial funding to conduct research and development and to expand commercialization activities. For a further list and description of uncertainties we face, please refer to our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Apligraf(R) is a registered trademark of Novartis. |
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