GlobeNewswire Inc | Nov 6, 2020 11:30AM EST

November 06, 2020

LOS ANGELES, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (GPM) reminds investors of the upcoming December 4, 2020deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Precigen, Inc. (Precigen or the Company) f/k/a Intrexon Corporation (Intrexon) (NASDAQ: PGEN, XON) securities betweenMay 10, 2017 and September 25, 2020,inclusive (the Class Period).

If you suffered a loss on your Precigen investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/precigen-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

The Company develops technologies using synthetic biology, an evolving discipline that applies engineering principles to biological systems to enable design-based control of cellular function for a specific purpose. Its methane bioconversion platform (MBP) purports to convert natural gas into commercial end products, such as isobutanol for gasoline blending, 2,3 Butanediol (2,3 BDO) for conversion to synthetic rubber, and 1,4 Butanediol for polyester.

Between May and November 2017, the Company touted that its MBP achieved yields of 2,3 BDO at profitable levels using current natural gas and product prices. The Company then engaged in discussions with potential partners, including strategic and financial companies, to seize the purported $100 billion market opportunity.

However, on February 28, 2019, the Company disclosed that there is substantial doubt about its ability to continue as a going concern because it lacked sufficient funding for operations beyond 12 months.

On this news, the Companys share price fell $2.91, or 36%, to close at $5.06 per share on March 1, 2019, on unusually heavy trading volume. The stock price continued to fall during the next trading session by $0.92, or 18%, to close at $4.14 per share on March 4, 2019, on unusually heavy trading volume.

Then, on August 8, 2019, after the market closed, the Company announced that it would contribute the MBP and all its associated technologies and facilities to a newly formed company called MBP Titan, LLC. Though the Company would begin with a supermajority equity stake, the Company expected to be dilutive in this enterprise.

On this news, the Companys share price fell $0.67, or 8.8%, to close at $6.95 per share on August 9, 2019, on unusually heavy trading volume.

Then, on March 2, 2020, after the market closed, the Company disclosed that it had been under investigation by the SEC since October 2018 concerning the Companys disclosures regarding its methane bioconversion platform.

On this news, the Companys share price fell $0.67, or 17%, to close at $3.24 per share on March 3, 2020, on unusually heavy trading volume.

On August 10, 2020, after the market closed, the Company disclosed that it had suspended MBP Titans operations as it assess[ed] potential next steps relating to this intellectual property and MBP Titans other long-lived assets.

On this news, the Companys share price fell $0.52, or 10%, to close at $4.60 per share on August 11, 2020, on unusually heavy trading volume.

On September 25, 2020, investors learned why the Company had not been able to capitalize the MBP, the most valuable biotechnology ever created. Specifically, the SEC issued a cease-and-desist order in connection with misleading statements the Company had issued in 2017: the yields from MBP had been achieved using pure methane as a feedstock, rather than natural gas as the Company had claimed. Because pure methane gas costs $650 per unit, whereas natural gas costs $3 per unit, the MBP was not producing results at commercially profitable rates.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company used pure methane, rather than natural gas, as the feedstock to achieve the reported results from its methane bioconversion platform; (2) that yields from natural gas as a feedstock were substantially lower than yields using pure methane; (3) that, due to the substantial price difference between pure methane and natural gas, pure methane was not a commercially viable feedstock; (4) that, due to the high costs of pure methane, the Company could not sustain operations of the methane bioconversion platform without pursuing financial alternatives; (5) that, due to the reduced yields from natural gas and high costs of pure methane, the Company could not find a financial or strategic partner for its methane conversion platform; (6) that, as a result of the foregoing, the Company was forced to divest its methane bioconversion platform and associated intellectual property, allowing the Company to focus on its other strategic assets; (7) that the Company was under investigation by the SEC; and (8) that, as a result of the foregoing, Defendants public statements were materially false and misleading at all relevant times.

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If you purchasedor otherwise acquired the Companyssecuritiesduring the Class Period,you may move the Court no later thanDecember 4, 2020to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take noaction and remain an absent member of the Class. If you wish tolearn moreabout this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contactCharlesLinehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email toshareholders@glancylaw.com, or visit our website atwww.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

ContactsGlancy Prongay & Murray LLP, Los AngelesCharles H. Linehan, 310-201-9150 or 888-773-92241925 Century Park East, Suite 2100Los Angeles, CA 90067 www.glancylaw.com shareholders@glancylaw.com