Medgenics Reports Third Quarter 2012 Financial Results

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.

CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
		September 30,								December 31,
		2012				2011				2011
		Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	8,999			$	7,570			$	4,995
Accounts receivable and prepaid expenses			619				1,298				1,122
Total current assets			9,618				8,868				6,117
LONG-TERM ASSETS:
Restricted lease deposits			59				59				52
Severance pay fund			279				346				259
Total long-term assets			338				405				311
PROPERTY AND EQUIPMENT, NET			380				428				434
Total assets		$	10,336			$	9,701			$	6,862
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables		$	769			$	928			$	903
Other accounts payable and accrued expenses			1,395				1,413				1,156
Total current liabilities			2,164				2,341				2,059
LONG-TERM LIABILITIES:
Accrued severance pay			1,585				1,252				1,328
Liability in respect of warrants			3,373				1,429				478
Total long-term liabilities			4,958				2,681				1,806
Total liabilities			7,122				5,022				3,865
STOCKHOLDERS' EQUITY:
Common stock - $0.0001 par value; 100,000,000 shares authorized; 12,236,570, 9,690,117 and 9,722,725 shares issued and outstanding at September 30, 2012, September 30, 2011 and December 31, 2011, respectively			1				1				1
Additional paid-in capital			65,403				52,172				52,501
Deficit accumulated during the development stage			(62,190	)			(47,494	)			(49,505	)
Total stockholders' equity			3,214				4,679				2,997
Total liabilities and stockholders' equity		$	10,336			$	9,701			$	6,862

CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
	Nine months ended September 30,								Three months ended September 30,								Period from January 27, 2000 (inception) through
	2012					2011			2012				2011				September 30, 2012
	Unaudited
Research and development expenses	$	5,125			$ 4,503				$	1,894			$	1 ,785			$	35,567
Less - Participation by the Office of the Chief Scientist		(1,769	)		(860		)			(283	)			(357	)			(7,062	)
U.S. Government grant		-			-					-				-				(244	)
Participation by third party		-			(75		)			-				(75	)			(1,067	)
Research and development expenses, net		3,356			3,568					1,611				1,353				27,194
General and administrative expenses		5,603			3,709					1,470				1,877				32,001
Other income:
Excess amount of participation in research and development from third party		-			-					-				-				(2,904	)
Operating loss		(8,959	)		(7,277		)			(3,081	)			(3,230	)			(56,291	)
Financial expenses		3,721			203					-				267				(7,001	)
Financial income		(4	)		(1,398		)			(55	)			(74	)			758
Loss before taxes on income		(12,676	)		(6,082		)			(3,026	)			(3,423	)			(62,534	)
Taxes on income		9			3					1				1				85
Loss	$	(12,685	)		$ (6,085		)		$	(3,027	)		$	(3,424	)		$	(62,619	)
Basic and diluted loss per share	$	(1.20	)		$ (0.76		)		$	(0.25	)		$	(0.35	)
Weighted average number of shares of Common stock used in computing basic and diluted loss per share		10,604,924			8,020,348					12,013,153				9,657,659

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