Precigen Completes Series Of Transactions To Solidify Healthcare Focus
Summary
– Company Name Changes to Precigen from Intrexon and Ticker Symbol to Nasdaq: PGEN – GERMANTOWN, Md., Feb. 3, 2020 /PRNewswire/ — Precigen, Inc. (Nasdaq: PGEN), a biopharmaceutical company specializing in the development of innovative gene and cell therapies to improve the lives of patients, today announced the closing of its previously announced sale of a number of its bioengineering assets and the related sale of $35 million of its common stock to an affiliate of Third Security LLC. Additionally, effective February 1, 2020, the Company has changed its name to Precigen, Inc. from Intrexon Corporation and its Nasdaq stock symbol to PGEN from XON. “At the same time, we plan to further optimize our portfolio this year through a renewed commitment to financial rigor and fiscal discipline.” “We are particularly enthusiastic about the opportunity to advance our UltraCAR-T platform as current CAR-T treatments rely on a long, complex, and relatively inefficient manufacturing process that delays treatment for cancer patients and leads to high pricing. By contrast, UltraCAR-T is designed to overcome many of these obstacles by eliminating the need for ex vivo expansion, reducing overall manufacturing time, and enabling patients to be treated with CAR-T therapy only one day after non-viral gene transfer at the cancer center. UltraCAR‑T has the potential to democratize patient care by simplifying this life-saving cancer immunotherapy which should improve availability throughout the world,” added Dr. Sabzevari.