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Medgenics Appoints Dr. Marvin Garovoy as Chief Medical Officer

Tue, 08/14/2012 - 10:00am
The Associated Press

MISGAV, Israel & SAN FRANCISCO--(BUSINESS WIRE)--Aug 14, 2012--Medgenics, Inc. (NYSE MKT: MDGN and AIM: MEDU, MEDG), the developer of Biopump™, a novel technology for the sustained production and delivery of therapeutic proteins in patients using their own tissue, is pleased to announce the appointment of Marvin Garovoy, M.D. as Chief Medical Officer. Dr. Garovoy is a transplant nephrologist, biotechnology executive and former university professor with experience in all stages of clinical development.

“While serving as Acting Chief Medical Officer since January 2012, Dr. Garovoy has helped Medgenics achieve a number of important clinical and corporate milestones,” stated Andrew L. Pearlman, Ph.D., President and Chief Executive Officer of Medgenics. “Dr. Garovoy’s vast experience and skillset will be a considerable asset as we initiate several new clinical trials through the end of 2012 in the U.S. and Israel, and leverage our Biopump platform technology as we explore the expansion of our development portfolio into new indications.” For the past 16 years Dr. Garovoy has been a biotechnology and pharmaceutical industry executive and consultant, having held a variety of positions including Chief Medical Officer at drug development companies working on biologics and small molecule drugs. He has led or been involved with the clinical development and U.S. Food and Drug Administration (FDA) submissions and approvals at a number of companies including Genentech, Inc., XOMA Corporation, Hyperion Therapeutics, Inc, Arriva Pharmaceuticals, Inc,, Peregrine Pharmaceuticals, Inc. and BioMarin Pharmaceutical Inc. He was lead physician on the development of an anti-adhesion monoclonal antibody (Raptiva) in Phase I and Phase II clinical studies at XOMA and in collaboration with Genentech on Phase III clinical studies to FDA approval.

Dr. Garovoy has particular expertise in inflammatory and immunologically mediated diseases including nephrology (kidney transplantation), cardiovascular (heart transplantation), respiratory (asthma, lung transplantation), endocrinology (diabetes), gastrointestinal (inflammatory bowel disease), dermatology (psoriasis, atopic dermatitis), rheumatology (rheumatoid arthritis, systemic lupus) and metabolic diseases.

Dr. Garovoy was a Professor of Surgery, Medicine and Laboratory Medicine at the University of California, San Francisco as well as an Assistant Professor of Medicine at Harvard Medical School. In addition, Dr. Garovoy has served as a Major and a transplant nephrologist in the United States Air Force. He is widely published having authored 178 peer-reviewed papers, 45 chapters and two books. Dr. Garovoy has five issued patents.

“In the seven months I’ve served as Acting Chief Medical Officer, my conviction that Medgenics offers a completely new paradigm for the sustained production and delivery of protein therapies has increased. The Biopump technology holds promise to improve the healthcare of millions of people and could be truly transformative for patients, their physicians and payers. I am excited to be a part of the Medgenics team and look forward to working toward bringing these treatments to market,” commented Dr. Garovoy.

About Medgenics Medgenics is developing and commercializing 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, and hemophilia, among others. 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™ to produce and deliver erythropoietin for many months from a single administration, which has demonstrated elevation and stabilization of hemoglobin levels in anemic patients for periods of six months to more than 36 months in a Phase I/II dose-ranging trial in Israel and has launched a Phase IIa trial in dialysis patients in Israel. An Investigational New Drug application has been cleared by the FDA to initiate a Phase IIb study to evaluate the safety and efficacy of EPODURE in the treatment of anemia in dialysis patients in the U.S. INFRADURE™ for sustained production and delivery of interferon-alpha for use in the treatment of hepatitis is awaiting final approval of the Israeli Ministry of Health of two Phase I/II trials in Israel in hepatitis C, slated to commence Q3 2012; and which received Orphan Drug Designation from the FDA for the treatment of hepatitis D. HEMODURE™ for sustained production and delivery of clotting Factor VIII therapy for the sustained prophylactic treatment of hemophilia is in development. Medgenics is focused on the development and manufacturing of its innovative Biopumps, aiming to bring them to market via strategic partnerships with major pharmaceutical and/or medical device companies.

In addition to treatments for anemia, hepatitis 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.

Forward-looking Statements 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.

CONTACT: Medgenics, Inc.

Dr. Andrew L. Pearlman, +972-4-902-8900 andrew.pearlman@medgenics.com or LHA Anne Marie Fields, 212-838-3777 afields@lhai.com @LHA_IR_PR or Abchurch Communications Adam Michael/Joanne Shears/Jamie Hooper +44-207-398-7719 jamie.hooper@abchurch-group.com or Nomura Code Securities (NOMAD & Joint Broker) Jonathan Senior/Giles Balleny +44-207-776-1200 or SVS Securities plc (Joint Broker) Alex Mattey/Ian Callaway +44-207-638-5600 @yahoofinanceon Twitter, become a fan onFacebook KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA CALIFORNIA MIDDLE EAST ISRAEL INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY GENETICS MEDICAL DEVICES PHARMACEUTICAL SOURCE: Medgenics, Inc. Copyright Business Wire 2012 PUB: 08/14/2012 10:00 AM/DISC: 08/14/2012 10:00 AM http://www.businesswire.com/news/home/20120814005234/

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