10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 001-35112

Medgenics, Inc.

(Exact name of registrant as specified in its charter)

Delaware	98-0217544
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
435 Devon Park Drive, Building 700 Wayne, Pennsylvania	19087
(Address of Principal Executive Offices)	(Zip Code)

(610) 254-4201

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).    Yes  ¨    No   x

As of April 16, 2015, the registrant had 24,903,961 shares of common stock, $0.0001 par value, outstanding.

MEDGENICS, INC.

CONTENTS

		Page
PART I	FINANCIAL INFORMATION
ITEM 1.	Financial Statements	3
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	21
ITEM 4.	Controls and Procedures	21
PART II	OTHER INFORMATION
ITEM 1.	Legal Proceedings	22
ITEM 1A.	Risk Factors	22
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
ITEM 3.	Defaults Upon Senior Securities	22
ITEM 4.	Mine Safety Disclosures	22
ITEM 5.	Other Information	22
ITEM 6.	Exhibits	23
Signatures		24

Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to the “Company”, “Medgenics”, “we,” “us” and “our” refer to Medgenics, Inc., a Delaware corporation organized on January 27, 2000, and its wholly-owned subsidiary, Medgenics Medical Israel Ltd., a company organized under the laws of the State of Israel. We use TARGT^TM, TARGT_EPO^TM, DermaVac^TM, ImplantVac^TM and the Medgenics logo as trademarks in the United States and elsewhere. All other trademarks or trade names referred to in this document are the property of their respective owners.

PART I - FINANCIAL INFORMATION

ITEM 1 - Financial Statements

MEDGENICS, INC. AND ITS SUBSIDIARY

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2015

IN U.S. DOLLARS IN THOUSANDS

(Unaudited)

INDEX

	Page
Consolidated Balance Sheets	4 - 5
Consolidated Statements of Operations	6
Statements of Changes in Stockholders' Equity	7
Consolidated Statements of Cash Flows	8 - 9
Notes to the Interim Consolidated Financial Statements	10 - 15

3

MEDGENICS, INC. AND ITS SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except share and per share data)

	March 31,		December 31,
	2015		2014
	Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	25,159	$	33,288
Accounts receivable and prepaid expenses		1,603		315
Total current assets		26,762		33,603
LONG-TERM ASSETS:
Restricted lease deposits		83		83
Severance pay fund		97		99
Property and equipment, net		470		495
Total long-term assets		650		677
Total assets	$	27,412	$	34,280

The accompanying notes are an integral part of the interim consolidated financial statements

4

MEDGENICS, INC. AND ITS SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except share and per share data)

	March 31,			December 31,
	2015			2014
	Unaudited
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables	$	487		$	1,076
Other accounts payable and accrued expenses		993			2,562
Total current liabilities		1,480			3,638
LONG-TERM LIABILITIES:
Accrued severance pay		347			368
Liability in respect of warrants		1,686			612
Total long-term liabilities		2,033			980
Total liabilities		3,513			4,618
STOCKHOLDERS' EQUITY:
Common stock - $0.0001 par value; 100,000,000 shares authorized;24,861,130 shares issued and 24,852,630 shares outstanding at March 31, 2015; 24,851,075 shares issued and 24,818,075 shares outstanding at December 31, 2014		3			3
Additional paid-in capital		132,956			129,797
Accumulated deficit		(109,060	)		(100,138	)
Total stockholders' equity		23,899			29,662
Total liabilities and stockholders' equity	$	27,412		$	34,280

The accompanying notes are an integral part of the interim consolidated financial statements.

5

MEDGENICS, INC. AND ITS SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)

	Three months ended March 31,
	2015			2014
	Unaudited
Research and development expenses	$	3,901		$	2,142
General and administrative expenses		3,947			3,093
Operating loss		(7,848	)		(5,235	)
Financial expenses		(1,078	)		(120	)
Financial income		5			3
Loss before taxes on income		(8,921	)		(5,352	)
Taxes on income		1			5
Loss	$	(8,922	)		(5,357	)
Basic and diluted loss per share	$	(0.36	)		(0.28	)
Weighted average number of common stock used in computing basic and diluted loss per share		24,843,516			18,872,001

The accompanying notes are an integral part of the interim consolidated financial statements.

6

MEDGENICS, INC. AND ITS SUBSIDIARY

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

U.S. dollars in thousands (except share and per share data)

	Common stock					Additional paid-in capital		Accumulated deficit			Total stockholders' equity
	Shares		Amount
Balance as of  December 31, 2013		18,497,307	$	2		$	100,126	$	(81,705	)	$	18,423
Stock-based compensation related to the issuance and vesting of restricted common stock to directors and an employee		28,000		(*	)		252		-			252
Stock-based compensation related to options and warrants granted to consultants, directors and employees		-		-			1,512		-			1,512
Exercise of  warrants and options		198,284		(*	)		764		-			764
Loss		-		-			-		(5,357	)		(5,357	)
Balance as of  March 31, 2014 (unaudited)		18,723,591	$	2		$	102,654	$	(87,062	)	$	15,594
Balance as of December 31, 2014		24,818,075	$	3		$	129,797	$	(100,138	)	$	29,662
Stock-based compensation related to vesting of restricted common stock to directors		24,500		(*	)		-		-			-
Stock-based compensation related to options and warrants granted to consultants, directors and employees		-		-			3,117		-			3,117
Exercise of  warrants and options		10,055		(*	)		42		-			42
Loss		-		-			-		(8,922	)		(8,922	)
Balance as of  March 31, 2015 (unaudited)		24,852,630	$	3		$	132,956	$	(109,060	)	$	23,899

(* ) Represents an amount lower than $ 1.

The accompanying notes are an integral part of the interim consolidated financial statements.

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MEDGENICS, INC. AND ITS SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

	Three months ended  March 31,
	2015			2014
	Unaudited
CASH FLOWS FROM OPERATING ACTIVITIES:
Loss	$	(8,922	)	$	(5,357	)
Adjustments to reconcile loss to net cash used in operating activities:
Depreciation		43			44
Stock-based compensation related to options, warrants and restricted shares granted to employees, directors and consultants		3,117			1,764
Change in fair value of warrants classified as a liability		1,074			110
Accrued severance pay, net		(19	)		(147	)
Changes in operating assets and liabilities:
Accounts receivable and prepaid expenses		(1,278	)		(430	)
Trade payables		(589	)		(183	)
Other accounts payable and accrued expenses		(1,569	)		210
Net cash used in operating activities		(8,143	)		(3,989	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(18	)		(24	)
Net cash used in investing activities	$	(18	)	$	(24	)

The accompanying notes are an integral part of the interim consolidated financial statements.

8

MEDGENICS, INC. AND ITS SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

	Three months ended  March 31,
	2015			2014
	Unaudited
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options and warrants	$	32		$	764
Net cash provided by financing activities		32			764
Increase (decrease)  in cash and cash equivalents		(8,129	)		(3,249	)
Balance of cash and cash equivalents at the beginning of the period		33,288			22,390
Balance of cash and cash equivalents at the end of the period	$	25,159		$	19,141
Supplemental disclosure of cash flow information:
Cash paid during the period for taxes	$	1		$	5
Supplemental disclosure of non-cash flow information:
Receivables resulting from the exercise of options	$	10		$	-

The accompanying notes are an integral part of the interim consolidated financial statements.

9

MEDGENICS, INC. AND ITS SUBSIDIARY

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 1:- GENERAL

a. Medgenics, Inc. (the "Company") was incorporated in January 2000 in Delaware. The Company has a wholly-owned subsidiary, Medgenics Medical Israel Ltd. (the "Subsidiary"), which was incorporated in Israel in March 2000. The Company and the Subsidiary are engaged in the research and development of products in the field of biotechnology and associated medical equipment.

The Company's common stock is traded on the NYSE MKT.

b. As reflected in the accompanying financial statements, the Company incurred a loss for the three month period ended March 31, 2015 of $8,922 and had a negative cash flow from operating activities of $8,143 during the three month period ended March 31, 2015. The accumulated deficit as of March 31, 2015 is $109,060. The Company and the Subsidiary have not yet generated revenues from product sale. Management's plans also include seeking additional investments and commercial agreements to continue the operations of the Company and the Subsidiary.

The Company believes that its existing cash and cash equivalents should be sufficient to meet its operating and capital requirements through the third quarter of 2016.

NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited interim financial statements of the Company, have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2014 ("2014 Form 10-K") as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year as reported in the 2014 Form 10-K have been omitted.

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MEDGENICS, INC. AND ITS SUBSIDIARY

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 3:- STOCKHOLDERS' EQUITY

a. Issuance of stock options, warrants and restricted shares to employees and directors:

1. A summary of the Company's activity for restricted shares granted to employees and directors is as follows:

Restricted shares	Three months ended March 31, 2015
Number of restricted shares as of December 31, 2014		24,500
Vested		(24,500	)
Number of restricted shares as of  March 31, 2015		-

2. A summary of the Company's activity for options and warrants granted to employees and directors is as follows:

	Three months ended March 31, 2015
	Number of options and warrants			Weighted Average exercise price		Weighted average remaining contractual terms (years)		Aggregate intrinsic value
Outstanding at December 31, 2014		8,211,124		$	5.48		6.79	$	5,490
Granted		1,542,837			6.73
Exercised		(3,000	)		3.14
Outstanding at March 31, 2015		9,750,961			5.68		7.07	$	25,814
Vested and expected to vest at March  31, 2015		9,492,526			5.68		7.02	$	25,234
Exercisable at March 31, 2015		4,831,076			5.60		5.18	$	14,396

Calculation of aggregate intrinsic value is based on the closing share price of the Company's common stock as reported on the NYSE MKT on March 31, 2015 ($8.06 per share).

As of March 31, 2015, there was $12,017 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees and directors. That cost is expected to be recognized over a weighted-average period of 2.0 years.

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MEDGENICS, INC. AND ITS SUBSIDIARY

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 3:- STOCKHOLDERS' EQUITY (Cont.)

b. Issuance of shares, stock options and warrants to consultants:

A summary of the Company's activity for warrants and options granted to consultants is as follows:

	Three months ended  March 31, 2015
	Number of options and warrants			Weighted average exercise price		Weighted average remaining contractual terms (years)		Aggregate intrinsic value
Outstanding at December 31, 2014		473,826			6.53		3.29	$	207
Exercised		(1,558	)		4.99
Outstanding at March 31, 2015		472,268			6.54		3.05	$	957
Exercisable at  March 31, 2015		430,508			6.63		2.72	$	852

Calculation of aggregate intrinsic value is based on the closing share price of the Company's common stock as reported on the NYSE MKT on March 31, 2015 ($8.06 per share).

As of March 31, 2015, there was $168 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted to consultants. That cost is expected to be recognized over a weighted-average period of 1.5 years. 

12

MEDGENICS, INC. AND ITS SUBSIDIARY

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 3:- STOCKHOLDERS' EQUITY (Cont.)

c. Compensation expenses:

Compensation expenses related to restricted shares, warrants and options granted to employees, directors and consultants was recorded in the Consolidated Statement of Operations in the following line items:

	Three months ended March 31,
	2015		2014
	Unaudited		Unaudited
Research and development expenses	$	457	$	269
General and administrative expenses		2,660		1,495
	$	3,117	$	1,764

13

MEDGENICS, INC. AND ITS SUBSIDIARY

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 3:- STOCKHOLDERS' EQUITY (Cont.)

d.  Summary of shares to be issued upon exercise of options and warrants:

A summary of shares to be issued upon exercise of all the options and warrants, segregated into ranges, as of March 31, 2015 is presented in the following table:

			As of March 31, 2015
			Shares to be		Shares to be
			Issued upon		Issued upon		Weighted Average
			Exercise of		Exercise of		Remaining
	Exercise		Options and		Options and		Contractual Terms
	Price per		Warrants		Warrants		of Options and
Options / Warrants	Share ($)		Outstanding		Exercisable		Warrants (in years)
Options:
Granted to Employees and Directors
		2.66-3.14		196,000		173,750		6.7
		3.86-4.99		3,621,429		1,963,579		8.0
		5.13-7.25		3,741,977		670,340		8.8
		8.19-10.80		1,286,365		1,118,967		3.8
				8,845,771		3,926,636
Granted to Consultants		5.02-6.65		79,348		37,588		6.6
Total Shares to be Issued upon Exercise of Options				8,925,119		3,964,224
Warrants:
Granted to Employees and Directors		2.49		905,190		905,190		1.0
Granted to Consultants		3.19-4.99		191,447		191,447		2.5
		9.17-11.16		201,473		201,473		2.2
				392,920		392,920
Granted to Investors		4.10-6.00		3,223,334		3,223,334		1.0
		6.78-8.34		4,666,226		4,666,226		2.7
				7,889,560		7,889,560
Total Shares to be Issued upon Exercise of Warrants				9,187,670		9,187,670
Total Shares to be Issued upon Exercise of Options and Warrants				18,112,789		13,151,894

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MEDGENICS, INC. AND ITS SUBSIDIARY

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 4:- FAIR VALUE MEASUREMENTS

The Company classified certain warrants with down-round protection issued to the purchasers of convertible debentures in 2010 as a liability at their fair value according to ASC 815-40-15-7I. The liability in respect of these warrants will be remeasured at each reporting period until exercised or expired. Changes in the fair value of these warrants are reported in the Consolidated Statement of Operations as financial income or expense.

The fair value of these warrants was estimated at March 31, 2015 and December 31, 2014 using the Binomial pricing model with the following assumptions:

	March 31, 2015			December 31, 2014
Dividend yield		0	%		0	%
Expected volatility		73.43	%		53.3	%
Risk-free interest rate		0.1	%		0.2	%
Contractual life (in years)		0.5			0.7

The changes in level 3 liabilities measured at fair value on a recurring basis:

	Fair value  of liability  in respect  of warrants
Balance as of December 31, 2013	$	1,211
Change in the liability in respect of warrants		110
Balance as of March 31, 2014 (unaudited)	$	1,321
Balance as of December 31, 2014	$	612
Change in the liability in respect of warrants		1,074
Balance as of March 31, 2015 (unaudited)	$	1,686

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ITEM 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are often identified by the use of words such as, but not limited to, “can,” “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “continues,” “anticipates,” “intends,” “seeks,” “targets,” “believes,” “estimates,” “projects,” “predicts,” “potential” and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information currently available to them. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section titled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014, and any updates to those risk factors included in Part II, Item 1A of this Quarterly Report on Form 10-Q. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Overview

We are a clinical stage rare and orphan disease company developing an innovative and proprietary ex vivo gene therapy platform, offering what we believe to be a novel therapeutic approach for use in the $50 billion orphan and rare disease therapeutics markets. Our TARGT^TM (Transduced Autologous Restorative Gene Therapy) platform is designed to provide sustained protein and peptide therapies to treat a range of chronic diseases and conditions. We are currently studying our lead product MDGN-201, which we refer to as TARGT_EPO^TM, in a Phase 1/2 clinical trial in patients with End Stage Renal Disease (ESRD), and we plan on studying TARGT_EPO in identified sub-populations of unmet need including subpopulations of Chronic Kidney Disease (CKD) or ESRD patients who may benefit from treatment with TARGT_EPO. These patients may include those who are hypo-responsive to recombinant humanized erythropoietin, or rHuEPO, patients eligible for peritoneal dialysis, anemic patients on the transplant list, patients with Myelodysplastic Syndrome (MDS), and patients with Beta Thalassemia Intermedia , conditions that may qualify for orphan drug designation. We have initiated in vivo proof of concept pre-clinical studies with several other orphan or rare disease candidates, and we anticipate initiating discussions with regulatory agencies for some of those programs in 2015.

In June 2014, the first patient was enrolled in our Phase 1/2 clinical trial of MDGN-201 (TARGT_EPO). The aim of the ongoing trial is to validate the potential of our TARGT platform using a second generation expression cassette of the HDAd viral vector, which was developed to enhance durability of the proposed therapeutic effect. The ongoing study is evaluating the potential of the updated platform to offer sustained production and delivery of endogenous erythropoietin, or eEPO, to treat anemia in dialysis patients with ESRD. This open-label trial is expected to enroll up to 18 patients with ESRD who require rHuEPO treatment for anemia. We expect that each patient will receive one or more TARGT_EPO microorgans and will be followed for at least one year. The trial endpoints include plasma eEPO levels, blood counts and safety assessment.

16

In April 2015, we announced ongoing interim clinical data on the six patients in the low-dose cohort of the Phase 1/2 trial. The patients ranged from four to ten months post implantation of TARGT_EPO microorgans and patients have shown positive response to therapy at 100x lower Cmax than rHuEPO (e.g., EPREX). The first patient implanted with TARGT_EPO has maintained hemoglobin levels due to red blood cell production stimulated by eEPO at ten months following implantation. Of the remaining five patients, one maintained his target hemoglobin levels without receiving an injection of rHuEPO for five months. Another patient, who had a complicated course unrelated to the TARGT_EPO treatment and surgery leading to a loss of blood, required additional rHuEPO at two months following the implantation of the TARGT_EPO microorgan. The other patients, who were implanted from four to six months ago have not required any rHuEPO or blood transfusions following their TARGT_EPOimplantations, and, to date, have maintained their target hemoglobin levels. The low-dose was well-tolerated in all six patients and there have been no treatment-related serious adverse events (SAEs). The mid-dose cohort of the Phase 1/2 trial began in the first quarter of 2015 and two patients have been enrolled. We also enrolled the first patient in our trial studying TARGT_EPO in patients with ESRD who are undergoing peritoneal dialysis. All previous TARGT_EPO trials in ESRD have been conducted in patients undergoing hemodialysis. At the end of first quarter of 2015, we filed an investigational new drug application with the United States Food and Drug Administration that will enable us to study TARGT_EPO in patients with ESRD.

We have generated significant losses to date, and we expect to continue to generate losses as we progress towards the commercialization of our product candidates.  We incurred net losses of approximately $8.92 million for the three month period ended March 31, 2015. As of March 31, 2015, we had stockholders’ equity of approximately $23.90 million.  We are unable to predict the extent of any future losses or when we will become profitable, if at all.

Financial Operations Overview

Research and Development Expense

Research and development expense consists of: (i) internal costs associated with our development activities; (ii) payments we make to third party contract research organizations, contract manufacturers, clinical trial sites and consultants; (iii) technology and intellectual property license costs; (iv) manufacturing development costs; (v) personnel related expenses, including salaries and other related costs, including stock-based compensation expense, for the personnel involved in product development; (vi) activities related to regulatory filings and the advancement of our product candidates through preclinical studies and clinical trials; and (vii) facilities and other allocated expenses, which include direct and allocated expenses for rent, facility maintenance, as well as laboratory and other supplies. All research and development costs are expensed as incurred.

Conducting a significant amount of development is central to our business model. Product candidates in later-stage clinical development generally have higher development costs than those in earlier stages of development, primarily due to the significantly increased size and duration of the clinical trials. We plan to increase our research and development expenses for the foreseeable future in order to complete the proof of concept of our TARGT_EPO microorgans with a second generation expression cassette of the HDAd viral vector and implantation protocol, and our earlier-stage research and development projects including in targeted rare and orphan disease indications.

The process of conducting pre-clinical studies and clinical trials necessary to obtain regulatory approval is costly and time consuming. The probability of success for each product candidate and clinical trial may be affected by a variety of factors, including, among others, the quality of the product candidate’s early clinical data, investment in the program, competition, manufacturing capabilities and commercial viability. As a result of these uncertainties, together with the uncertainty associated with clinical trial enrollments and the risks inherent in the development process, we are unable to determine the duration and completion costs of current or future clinical stages of our product candidates or when, or to what extent, we will generate revenues from the commercialization and sale of any of our product candidates. Development timelines, probability of success and development costs vary widely. We are concurrently focusing on proceeding with the approved TARGT_EPO trial to obtain proof of concept with the second generation expression cassette of the HDAd viral vector and new implantation protocol and pursuing pre-clinical research and development in targeted orphan and rare disease.

Research and development expenses are shown net of participation by third parties.

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General and Administrative Expense

General and administrative expense consists primarily of salaries and other related costs, including stock-based compensation expense, for persons serving as our directors and in our executive, finance and accounting functions. Other general and administrative expense includes facility-related costs not otherwise included in research and development expense, costs associated with industry and trade shows, and professional fees including legal services and accounting services. We expect that our general and administrative expenses will increase as we add personnel.

Financial Expense and Income

Financial expense consists primarily of warrant valuations and foreign currency exchange differences.

Financial income consists primarily of warrant valuations.

Results of Operations for the Three Months Ended March 31, 2015 and 2014

Research and Development Expenses

Research and development expenses, both gross and net, for the three months ended March 31, 2015 were $3.90 million, increasing from $2.14 million for the same period in 2014 due mainly to increased materials and sub-contractor costs and increased stock-based compensation expenses related to options granted to research and development personnel.

General and Administrative Expenses

General and administrative expenses for the three months ended March 31, 2015 were $3.95 million, increasing from $3.09 million for the same period in 2014 primarily due to increased stock-based compensation expenses related to options granted to directors and general and administrative personnel, offset in part by a decrease in professional fees.

18

Financial Income and Expenses

Financial expenses for the three months ended March 31, 2015 were $1.08 million, increasing from $0.12 million for the same period in 2014. This increase was mainly due to the change in valuation of the warrant liability.

Financial income for the three months ended March 31, 2015 and 2014 was de minimis.

Liquidity and Capital Resources

Sources of Liquidity

We have financed our operations primarily through a combination of equity issues, debt issues and grants from the Israeli Office of the Chief Scientist (OCS) and other third parties.

We received $10.76 million from inception through March 31, 2015 from the OCS in development grants, of which none was received during the three months ended March 31, 2015.

In December 2014, we completed a registered public offering of 5,893,750 shares of common stock, including 768,750 shares sold pursuant to the full exercise of the underwriters’ over-allotment option, at a price to the public of $4.10 per share. The net proceeds from this offering to us were approximately $22.21 million, after deducting underwriting discounts and commissions and offering expenses payable by us.

Cash Flows

We had cash and cash equivalents of $25.16 million at March 31, 2015 and $33.29 million at December 31, 2014. The decrease in our cash balance during the three months ended March 31, 2015 was primarily the result of operating activities during the period.

Net cash used in operating activities of $8.14 million for the three months ended March 31, 2015 and $3.99 million for the three months ended March 31, 2014 primarily reflected our cash expenses for our operations.

Our cash used in investing activities relates to our purchases of property and equipment.

Net cash provided by financing activities was $0.03 million for the three months ended March 31, 2015 and $0.76 million for the three months ended March 31, 2014 as a result of the exercise of options and warrants.

Funding Requirements

Our future capital requirements will depend on a number of factors, including our success in targeting rare and orphan disease candidates, the timing and outcome of clinical trials and regulatory approvals, the costs involved in preparing, filing, prosecuting, maintaining, defending, and enforcing patent claims and other intellectual property rights, the acquisition of licenses to new products or compounds, the status of competitive products, the availability of financing, and our success in developing markets for our product candidates.

Without taking into account any revenue we may receive as a result of licensing or other commercialization agreements, we believe that cash on hand, including the net proceeds we received from our public offering of common stock in 2014, will be sufficient to enable us to fund our operating expenses and capital expenditure requirements through the third quarter of 2016. We have based this estimate on assumptions that may prove to be wrong and we could use our available resources sooner than we currently expect. Because of the numerous risks and uncertainties associated with the development and commercialization of our product candidates, we are unable to estimate the amounts of increased capital outlays and operating expenditures associated with our current and anticipated clinical trials.

19

We do not anticipate that we will generate revenue from the sale of products for at least three years; we do, however, intend to seek licensing or other commercialization agreements for existing and new TARGT applications. In the absence of additional funding or adequate funding from commercialization agreements, we expect our continuing operating losses to result in decreases in our cash balances over the next several quarters.

Absent significant corporate collaboration and licensing arrangements, we will need to finance our future cash needs through public or private equity offerings or debt financings. We do not currently have any commitments for future external funding. We may need to raise additional funds more quickly if one or more of our assumptions prove to be incorrect or if we choose to expand our product development efforts more rapidly than we presently anticipate, and we may decide to raise additional funds even before we need them if the conditions for raising capital are favorable. We may seek to encourage holders of our warrants to exercise, sell additional equity or debt securities or obtain a bank credit facility. The sale of additional equity or debt securities, if convertible, could result in dilution to our stockholders. The incurrence of indebtedness would result in increased fixed obligations and could also result in covenants that would restrict our operations.

Our plans include seeking additional investments and commercial agreements to continue our operations. However, there is no assurance that we will be successful in our efforts to raise the necessary capital and/or reach such commercial agreements to continue our planned research and development activities.

Critical Accounting Policies

Our management’s discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses. On an ongoing basis, we evaluate these estimates and judgments, including those described below. We base our estimates on our historical experience and on various other assumptions that we believe to be reasonable under the circumstances. These estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results and experiences may differ materially from these estimates.

While our significant account policies are more fully described in Note 2 to our financial statements included elsewhere in this Quarterly Report on Form 10-Q, we believe that the following accounting policies are the most critical to aid you in fully understanding and evaluating our reported financial results and affect the more significant judgments and estimates that we use in the preparation of our financial statements.

Liability in Respect of Warrants

In the past, we issued warrants whose exercise price is subject to downward adjustment. In accordance with Accounting Standards Codification No. 815-40-15-7I, we classified these warrants as a liability at their fair value. The warrants liability will be re-measured at each reporting period until exercised or expired. The increase in the fair value of the warrants during the three months ended March 31, 2015 and 2014 of $1.07 million and $0.11 million, respectively, are reported in the Statements of Operations as financial expense.

We estimate the fair value of these warrants at the respective balance sheet dates using the Binomial option pricing model. We use a number of assumptions to estimate the fair value, including the remaining contractual terms of the warrants, risk-free interest rates, expected dividend yield and expected volatility of the price of the underlying common stock. These assumptions could differ significantly in the future, thus resulting in variability of the fair value which would impact the results of operations in the future.

Stock-Based Compensation

We account for stock options according to the Accounting Standards Codification No. 718 (ASC 718) “Compensation - Stock Compensation.” Under ASC 718, stock-based compensation cost is measured at grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period on a straight-line basis.

20

We account for stock options granted to non-employees on a fair value basis using an option pricing method in accordance with ASC 718. The initial non-cash charge to operations for non-employee options with vesting are revalued at the end of each reporting period based upon the change in the fair value of the options and amortized to consulting expense over the related vesting period.

For the purpose of valuing options and warrants granted to our employees, non-employees and directors during the three months ended March 31, 2015 and 2014, we used the Binomial options pricing model. To determine the risk-free interest rate, we utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of our awards. We estimated the expected life of the options granted based on anticipated exercises in the future periods assuming the success of our business model as currently forecast. The expected dividend yield reflects our current and expected future policy for dividends on our common stock. The expected stock price volatility for our stock options was calculated by examining historical volatilities for publicly traded industry peers as we do not have sufficient trading history for our common stock. We will continue to analyze the expected stock price volatility and expected term assumptions as more historical data for our common stock becomes available. We currently estimate that we will experience 5% to 8% forfeitures for those options currently outstanding.

Off-Balance Sheet Arrangements

There have been no material changes to the discussion of off-balance sheet arrangements included in our Annual Report on Form 10-K for the year ended December 31, 2014.

ITEM 3 — Quantitative and Qualitative Disclosures about Market Risk

There has been no significant change in our exposure to market risk during the three months ended March 31, 2015. For a discussion of our exposure to market risk, refer to Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” contained in our Annual Report on Form 10-K for the year ended December 31, 2014.

ITEM 4 — Controls and Procedures

Evaluation of disclosure controls and procedures

As required by Exchange Act Rule 13a-15(b), in connection with the filing of this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of March 31, 2015, the end of the period covered by this report.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the quarter ended March 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

21

PART II — OTHER INFORMATION

ITEM 1 — Legal Proceedings

We are not currently a party, as plaintiff or defendant, to any legal proceedings which, individually or in the aggregate, are expected by us to have a material effect on our business, financial condition or results of operation if determined adversely to us.

ITEM 1A — Risk Factors

There are no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.

ITEM 2 — Unregistered Sales of Equity Securities and Use of Proceeds

Recent Sales of Unregistered Securities

In the three months ended March 31, 2015, the following securities were sold by us without registration under the Securities Act. The securities described below were exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act. There were no underwriters employed in connection with any of these transactions.

Common Stock Issued Upon Exercise of Outstanding Warrants and Options

In March 2015, a consultant exercised warrants to purchase 1,558 shares of common stock at an exercise price of $4.99 per share using the cashless exercise method. Using this cashless exercise method, the consultant was issued 618 shares.

In March 2015, an investor exercised warrants to purchase 6,437 shares of common stock at an exercise price of $4.99 per share, or an aggregate exercise price of approximately $32 thousand.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

ITEM 3 — Defaults Upon Senior Securities

None.

ITEM 4 — Mine Safety Disclosures

Not applicable.

ITEM 5 — Other Information

None.

22

ITEM 6 — Exhibits

Exhibit No.	Description
3.1	Amended and Restated Certificate of Incorporation (previously filed as Exhibit 3.1 to the Company’s Registration Statement on Form S-1 filed November 5, 2010 (File No. 333-170425) and incorporated herein by reference).
3.2	Certificate of Amendment to Amended and Restated Certificate of Incorporation (previously filed as Exhibit 3.2 to the Company’s Registration Statement on Form S-1 filed November 5, 2010 (File No. 333-170425) and incorporated herein by reference).
3.3	Certificate of Amendment to Amended and Restated Certificate of Incorporation dated as of February 14, 2011 (previously filed as Exhibit 4.3 to the Company’s Post-Effective Amendment No. 1 to Form S-1 on Form S-3 filed July 16, 2012 (File No. 333-170425) and incorporated herein by reference).
3.4	Second Amended and Restated By-Laws (previously filed as Exhibit 3.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (File No. 001-35112) and incorporated herein by reference).
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101	Interactive Data File (filed herewith).

23

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MEDGENICS, INC.
Date: April 20, 2015	By:	/s/ Michael F. Cola
		Michael F. Cola
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: April 20, 2015	By:	/s/ John H. Leaman
		John H. Leaman
		Chief Financial Officer
		(Principal Financial Officer)

24

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael F. Cola, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Medgenics, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 20, 2015	/s/  Michael F. Cola
	Michael F. Cola
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John H. Leaman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Medgenics, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 20, 2015	/s/  John H. Leaman
	John H. Leaman
	Chief Financial Officer
	(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chapter 63, Title 18 U.S.C. § 1350(a) and (b)), each of the undersigned hereby certifies that, to his knowledge, the Quarterly Report on Form 10-Q for the period ended March 31, 2015 of Medgenics, Inc. (the “Company”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  April 20, 2015	/s/  Michael F. Cola
	Michael F. Cola
	President and Chief Executive Officer
	(Principal Executive Officer)
Date:  April 20, 2015	/s/  John H. Leaman
	John H. Leaman
	Chief Financial Officer
	(Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. The information contained in this written statement shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such a filing.

XML

STOCKHOLDERS' EQUITY (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation	$ 3,117	$ 1,764
Research and development expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation	457	269
General and administrative expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation	$ 2,660	$ 1,495

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Research and development expenses	$ 3,901	$ 2,142
General and administrative expenses	3,947	3,093
Operating loss	(7,848)	(5,235)
Financial expenses	(1,078)	(120)
Financial income	5	3
Loss before taxes on income	(8,921)	(5,352)
Taxes on income	1	5
Loss	$ (8,922)	$ (5,357)
Basic and diluted loss per share (in dollars per share)	$ (0.36)	$ (0.28)
Weighted average number of common stock used in computing basic and diluted loss per share (in shares)	24,843,516	18,872,001

XML

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

NOTE 4:- FAIR VALUE MEASUREMENTS

The Company classified certain warrants with down-round protection issued to the purchasers of convertible debentures in 2010 as a liability at their fair value according to ASC 815-40-15-7I. The liability in respect of these warrants will be remeasured at each reporting period until exercised or expired. Changes in the fair value of these warrants are reported in the Consolidated Statement of Operations as financial income or expense.

The fair value of these warrants was estimated at March 31, 2015 and December 31, 2014 using the Binomial pricing model with the following assumptions:

	March 31,			December 31,
	2015			2014
Dividend yield		0	%		0	%
Expected volatility		73.43	%		53.3	%
Risk-free interest rate		0.1	%		0.2	%
Contractual life (in years)		0.5			0.7

The changes in level 3 liabilities measured at fair value on a recurring basis:

	Fair value
	of liability
	in respect
	of warrants
Balance as of December 31, 2013	$	1,211
Change in the liability in respect of warrants		110
Balance as of March 31, 2014 (unaudited)	$	1,321
Balance as of December 31, 2014	$	612
Change in the liability in respect of warrants		1,074
Balance as of March 31, 2015 (unaudited)	$	1,686

XML

STOCKHOLDERS' EQUITY (Details 4) (USD $)	3 Months Ended
	Mar. 31, 2015
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding	8,925,119
Options Exercisable	3,964,224
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Outstanding	9,187,670
Warrants Exercisable	9,187,670
Options and Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares to be Issued upon Exercise of Options and Warrants Outstanding	18,112,789
Total Shares to be Issued upon Exercise of Options and Warrants Exercisable	13,151,894
Employees and Directors [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding	8,845,771
Options Exercisable	3,926,636
Employees and Directors [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price per Share, Warrants	$ 2.49
Warrants Outstanding	905,190
Warrants Exercisable	905,190
Weighted Average Remaining Contractual Terms, Warrants	1 year
Consultants [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Range of Exercise Price per Share, Options	$ 5.02
Maximum Range of Exercise Price per Share, Options	$ 6.65
Options Outstanding	79,348
Options Exercisable	37,588
Weighted Average Remaining Contractual Terms, Options	6 years 7 months 6 days
Consultants [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Outstanding	392,920
Warrants Exercisable	392,920
Investors [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Outstanding	7,889,560
Warrants Exercisable	7,889,560
Exercise Price One [Member] | Employees and Directors [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Range of Exercise Price per Share, Options	$ 2.66
Maximum Range of Exercise Price per Share, Options	$ 3.14
Options Outstanding	196,000
Options Exercisable	173,750
Weighted Average Remaining Contractual Terms, Options	6 years 8 months 12 days
Exercise Price One [Member] | Consultants [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Range of Exercise Price per Share, Options	$ 3.19
Maximum Range of Exercise Price per Share, Options	$ 4.99
Warrants Outstanding	191,447
Warrants Exercisable	191,447
Weighted Average Remaining Contractual Terms, Warrants	2 years 6 months
Exercise Price One [Member] | Investors [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Range of Exercise Price per Share, Options	$ 4.10
Maximum Range of Exercise Price per Share, Options	$ 6.00
Warrants Outstanding	3,223,334
Warrants Exercisable	3,223,334
Weighted Average Remaining Contractual Terms, Warrants	1 year
Exercise Price Two [Member] | Employees and Directors [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Range of Exercise Price per Share, Options	$ 3.86
Maximum Range of Exercise Price per Share, Options	$ 4.99
Options Outstanding	3,621,429
Options Exercisable	1,963,579
Weighted Average Remaining Contractual Terms, Options	8 years
Exercise Price Two [Member] | Investors [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Range of Exercise Price per Share, Options	$ 6.78
Maximum Range of Exercise Price per Share, Options	$ 8.34
Warrants Outstanding	4,666,226
Warrants Exercisable	4,666,226
Weighted Average Remaining Contractual Terms, Warrants	2 years 8 months 12 days
Exercise Price Three [Member] | Employees and Directors [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Range of Exercise Price per Share, Options	$ 5.13
Maximum Range of Exercise Price per Share, Options	$ 7.25
Options Outstanding	3,741,977
Options Exercisable	670,340
Weighted Average Remaining Contractual Terms, Options	8 years 9 months 18 days
Exercise Price Three [Member] | Consultants [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Range of Exercise Price per Share, Options	$ 9.17
Maximum Range of Exercise Price per Share, Options	$ 11.16
Warrants Outstanding	201,473
Warrants Exercisable	201,473
Weighted Average Remaining Contractual Terms, Warrants	2 years 2 months 12 days
Exercise Price Four [Member] | Employees and Directors [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Range of Exercise Price per Share, Options	$ 8.19
Maximum Range of Exercise Price per Share, Options	$ 10.80
Options Outstanding	1,286,365
Options Exercisable	1,118,967
Weighted Average Remaining Contractual Terms, Options	3 years 9 months 18 days

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Loss	$ (8,922)	$ (5,357)
Adjustments to reconcile loss to net cash used in operating activities:
Depreciation	43	44
Stock-based compensation related to options, warrants and restricted shares granted to employees, directors and consultants	3,117	1,764
Change in fair value of warrants classified as a liability	1,074	110
Accrued severance pay, net	(19)	(147)
Changes in operating assets and liabilities:
Accounts receivable and prepaid expenses	(1,278)	(430)
Trade payables	(589)	(183)
Other accounts payable and accrued expenses	(1,569)	210
Net cash used in operating activities	(8,143)	(3,989)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(18)	(24)
Net cash used in investing activities	(18)	(24)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options and warrants	32	764
Net cash provided by financing activities	32	764
Increase (decrease) in cash and cash equivalents	(8,129)	(3,249)
Balance of cash and cash equivalents at the beginning of the period	33,288	22,390
Balance of cash and cash equivalents at the end of the period	25,159	19,141
Supplemental disclosure of cash flow information:
Cash paid during the period for taxes	1	5
Supplemental disclosure of non-cash flow information:
Receivables resulting from the exercise of options	$ 10	$ 0

XML

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited interim financial statements of the Company, have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2014 ("2014 Form 10-K") as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year as reported in the 2014 Form 10-K have been omitted.

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STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

A summary of the Company's activity for restricted shares granted to employees and directors is as follows:

	Three months
	ended
Restricted shares	March 31, 2015
Number of restricted shares as of December 31, 2014		24,500
Vested		(24,500)
Number of restricted shares as of  March 31, 2015		-

Schedule Of Share Based Compensation Stock Options and Warrants Granted To Employee and Director Activity [Table Text Block]

A summary of the Company's activity for options and warrants granted to employees and directors is as follows:

	Three months ended
	March 31, 2015
	Number of		Weighted Average		Weighted average remaining contractual terms		Aggregate intrinsic
	options and warrants		exercise price		(years)		value
Outstanding at December 31, 2014		8,211,124	$	5.48		6.79	$	5,490
Granted		1,542,837		6.73
Exercised		(3,000)		3.14
Outstanding at March 31, 2015		9,750,961		5.68		7.07	$	25,814
Vested and expected to vest at March  31, 2015		9,492,526		5.68		7.02	$	25,234
Exercisable at March 31, 2015		4,831,076		5.60		5.18	$	14,396

Schedule Of Share Based Compensation Stock Options and Warrants Granted To Consultants Activity [Table Text Block]

A summary of the Company's activity for warrants and options granted to consultants is as follows:

	Three months ended
	March 31, 2015
			Weighted		Weighted average remaining
	Number of		average		contractual		Aggregate intrinsic
	options and warrants		exercise price		terms (years)		value
Outstanding at December 31, 2014		473,826		6.53		3.29	$	207
Exercised		(1,558)		4.99
Outstanding at March 31, 2015		472,268		6.54		3.05	$	957
Exercisable at March 31, 2015		430,508		6.63		2.72	$	852

Schedule Of Compensation Expenses [Table Text Block]

Compensation expenses related to restricted shares, warrants and options granted to employees, directors and consultants was recorded in the Consolidated Statement of Operations in the following line items:

	Three months ended
	March 31,
	2015		2014
	Unaudited		Unaudited
Research and development expenses	$	457	$	269
General and administrative expenses		2,660		1,495
	$	3,117	$	1,764

Schedule Of Summary Of Options and Warrants Outstanding [Table Text Block]

A summary of shares to be issued upon exercise of all the options and warrants, segregated into ranges, as of March 31, 2015 is presented in the following table:

			As of March 31, 2015
			Shares to be		Shares to be
			Issued upon		Issued upon		Weighted Average
			Exercise of		Exercise of		Remaining
	Exercise		Options and		Options and		Contractual Terms
	Price per		Warrants		Warrants		of Options and
Options / Warrants	Share ($)		Outstanding		Exercisable		Warrants (in years)
Options:
Granted to Employees and Directors
		2.66-3.14		196,000		173,750		6.7
		3.86-4.99		3,621,429		1,963,579		8.0
		5.13-7.25		3,741,977		670,340		8.8
		8.19-10.80		1,286,365		1,118,967		3.8
				8,845,771		3,926,636
Granted to Consultants		5.02-6.65		79,348		37,588		6.6
Total Shares to be Issued upon Exercise of Options				8,925,119		3,964,224
Warrants:
Granted to Employees and Directors		2.49		905,190		905,190		1.0
Granted to Consultants		3.19-4.99		191,447		191,447		2.5
		9.17-11.16		201,473		201,473		2.2
				392,920		392,920
Granted to Investors		4.10-6.00		3,223,334		3,223,334		1.0
		6.78-8.34		4,666,226		4,666,226		2.7
				7,889,560		7,889,560
Total Shares to be Issued upon Exercise of Warrants				9,187,670		9,187,670
Total Shares to be Issued upon Exercise of Options and Warrants				18,112,789		13,151,894

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STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders Equity Note Disclosure [Text Block]

NOTE 3:- STOCKHOLDERS' EQUITY

a. Issuance of stock options, warrants and restricted shares to employees and directors:

1. A summary of the Company's activity for restricted shares granted to employees and directors is as follows:

	Three months
	ended
Restricted shares	March 31, 2015
Number of restricted shares as of December 31, 2014		24,500
Vested		(24,500)
Number of restricted shares as of  March 31, 2015		-

2. A summary of the Company's activity for options and warrants granted to employees and directors is as follows:

	Three months ended
	March 31, 2015
	Number of		Weighted Average		Weighted average remaining contractual terms		Aggregate intrinsic
	options and warrants		exercise price		(years)		value
Outstanding at December 31, 2014		8,211,124	$	5.48		6.79	$	5,490
Granted		1,542,837		6.73
Exercised		(3,000)		3.14
Outstanding at March 31, 2015		9,750,961		5.68		7.07	$	25,814
Vested and expected to vest at March  31, 2015		9,492,526		5.68		7.02	$	25,234
Exercisable at March 31, 2015		4,831,076		5.60		5.18	$	14,396

Calculation of aggregate intrinsic value is based on the closing share price of the Company's common stock as reported on the NYSE MKT on March 31, 2015 ($ 8.06 per share).

As of March 31, 2015, there was $12,017 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees and directors. That cost is expected to be recognized over a weighted-average period of 2.0 years.

b. Issuance of shares, stock options and warrants to consultants:

A summary of the Company's activity for warrants and options granted to consultants is as follows:

	Three months ended
	March 31, 2015
			Weighted		Weighted average remaining
	Number of		average		contractual		Aggregate intrinsic
	options and warrants		exercise price		terms (years)		value
Outstanding at December 31, 2014		473,826		6.53		3.29	$	207
Exercised		(1,558)		4.99
Outstanding at March 31, 2015		472,268		6.54		3.05	$	957
Exercisable at March 31, 2015		430,508		6.63		2.72	$	852

Calculation of aggregate intrinsic value is based on the closing share price of the Company's common stock as reported on the NYSE MKT on March 31, 2015 ($8.06 per share).

As of March 31, 2015, there was $168 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted to consultants. That cost is expected to be recognized over a weighted-average period of 1.5 years. 

c. Compensation expenses:

Compensation expenses related to restricted shares, warrants and options granted to employees, directors and consultants was recorded in the Consolidated Statement of Operations in the following line items:

	Three months ended
	March 31,
	2015		2014
	Unaudited		Unaudited
Research and development expenses	$	457	$	269
General and administrative expenses		2,660		1,495
	$	3,117	$	1,764

d.  Summary of shares to be issued upon exercise of options and warrants:

A summary of shares to be issued upon exercise of all the options and warrants, segregated into ranges, as of March 31, 2015 is presented in the following table:

			As of March 31, 2015
			Shares to be		Shares to be
			Issued upon		Issued upon		Weighted Average
			Exercise of		Exercise of		Remaining
	Exercise		Options and		Options and		Contractual Terms
	Price per		Warrants		Warrants		of Options and
Options / Warrants	Share ($)		Outstanding		Exercisable		Warrants (in years)
Options:
Granted to Employees and Directors
		2.66-3.14		196,000		173,750		6.7
		3.86-4.99		3,621,429		1,963,579		8.0
		5.13-7.25		3,741,977		670,340		8.8
		8.19-10.80		1,286,365		1,118,967		3.8
				8,845,771		3,926,636
Granted to Consultants		5.02-6.65		79,348		37,588		6.6
Total Shares to be Issued upon Exercise of Options				8,925,119		3,964,224
Warrants:
Granted to Employees and Directors		2.49		905,190		905,190		1.0
Granted to Consultants		3.19-4.99		191,447		191,447		2.5
		9.17-11.16		201,473		201,473		2.2
				392,920		392,920
Granted to Investors		4.10-6.00		3,223,334		3,223,334		1.0
		6.78-8.34		4,666,226		4,666,226		2.7
				7,889,560		7,889,560
Total Shares to be Issued upon Exercise of Warrants				9,187,670		9,187,670
Total Shares to be Issued upon Exercise of Options and Warrants				18,112,789		13,151,894

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CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	24,861,130	24,851,075
Common stock, shares outstanding	24,852,630	24,818,075

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STOCKHOLDERS' EQUITY (Details) (Restricted Stock [Member])	3 Months Ended
	Mar. 31, 2015
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares	24,500
Vested	(24,500)
Number of restricted shares	0

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STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) In Thousands, except Share data	Total	Common Stock [Member]		Additional Paid-in Capital [Member]	Accumulated deficit [Member]
Balance at Dec. 31, 2013	$ 18,423	$ 2		$ 100,126	$ (81,705)
Balance (in shares) at Dec. 31, 2013		18,497,307
Stock based compensation related to the issuance and vesting of restricted common stock to directors and an employee	252		[1]	252	0
Stock based compensation related to the issuance and vesting of restricted common stock to directors and an employee (in shares)		28,000
Stock-based compensation related to options and warrants granted to consultants, directors and employees	1,512	0		1,512	0
Exercise of warrants and options	764		[1]	764	0
Exercise of warrants and options (in shares)		198,284
Loss	(5,357)	0		0	(5,357)
Balance at Mar. 31, 2014	15,594	2		102,654	(87,062)
Balance (in shares) at Mar. 31, 2014		18,723,591
Balance at Dec. 31, 2014	29,662	3		129,797	(100,138)
Balance (in shares) at Dec. 31, 2014		24,818,075
Stock-based compensation related to vesting of restricted common stock to directors	0		[1]	0	0
Stock-based compensation related to vesting of restricted common stock to directors (in shares)		24,500
Stock-based compensation related to options and warrants granted to consultants, directors and employees	3,117	0		3,117	0
Exercise of warrants and options	42		[1]	42	0
Exercise of warrants and options (in shares)		10,055
Loss	(8,922)	0		0	(8,922)
Balance at Mar. 31, 2015	$ 23,899	$ 3		$ 132,956	$ (109,060)
Balance (in shares) at Mar. 31, 2015		24,852,630

[1] Represents an amount lower than $ 1.

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 25,159	$ 33,288
Accounts receivable and prepaid expenses	1,603	315
Total current assets	26,762	33,603
LONG-TERM ASSETS:
Restricted lease deposits	83	83
Severance pay fund	97	99
Property and equipment, net	470	495
Total long-term assets	650	677
Total assets	27,412	34,280
CURRENT LIABILITIES:
Trade payables	487	1,076
Other accounts payable and accrued expenses	993	2,562
Total current liabilities	1,480	3,638
LONG-TERM LIABILITIES:
Accrued severance pay	347	368
Liability in respect of warrants	1,686	612
Total long-term liabilities	2,033	980
Total liabilities	3,513	4,618
STOCKHOLDERS' EQUITY:
Common stock - $0.0001 par value; 100,000,000 shares authorized; 24,861,130 shares issued and 24,852,630 shares outstanding at March 31, 2015; 24,851,075 shares issued and 24,818,075 shares outstanding at December 31, 2014	3	3
Additional paid-in capital	132,956	129,797
Accumulated deficit	(109,060)	(100,138)
Total stockholders' equity	23,899	29,662
Total liabilities and stockholders' equity	$ 27,412	$ 34,280

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GENERAL (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Retained Earnings (Accumulated Deficit), Total	$ (109,060)		$ (100,138)
Net Income (Loss)	(8,922)	(5,357)
Net Cash Provided by (Used in) Operating Activities	$ 8,143

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STOCKHOLDERS' EQUITY (Details 2) (Consultants [Member], USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options and warrants, Outstanding - Beginning Balance	473,826
Number of options and warrants, Exercised	(1,558)
Number of options and warrants, Outstanding - Ending Balance	472,268	473,826
Number of options and warrants, Exercisable	430,508
Weighted average exercise price, Outstanding - Beginning Balance	$ 6.53
Weighted average exercise price, Exercised	$ 4.99
Weighted average exercise price, Outstanding - Ending Balance	$ 6.54	$ 6.53
Weighted average exercise price, Exercisable	$ 6.63
Weighted average remaining contractual terms (years), Outstanding	3 years 18 days	3 years 3 months 14 days
Weighted average remaining contractual terms (years), Exercisable	2 years 8 months 19 days
Aggregate intrinsic value, Outstanding - Beginning Balance	$ 207
Aggregate intrinsic value, Outstanding - Ending Balance	957	207
Aggregate intrinsic value price, Exercisable	$ 852

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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Of Warrants [Table Text Block]

The fair value of these warrants was estimated at March 31, 2015 and December 31, 2014 using the Binomial pricing model with the following assumptions:

	March 31,			December 31,
	2015			2014
Dividend yield		0	%		0	%
Expected volatility		73.43	%		53.3	%
Risk-free interest rate		0.1	%		0.2	%
Contractual life (in years)		0.5			0.7

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

The changes in level 3 liabilities measured at fair value on a recurring basis:

	Fair value
	of liability
	in respect
	of warrants
Balance as of December 31, 2013	$	1,211
Change in the liability in respect of warrants		110
Balance as of March 31, 2014 (unaudited)	$	1,321
Balance as of December 31, 2014	$	612
Change in the liability in respect of warrants		1,074
Balance as of March 31, 2015 (unaudited)	$	1,686

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GENERAL

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1:- GENERAL

a. Medgenics, Inc. (the "Company") was incorporated in January 2000 in Delaware. The Company has a wholly-owned subsidiary, Medgenics Medical Israel Ltd. (the "Subsidiary"), which was incorporated in Israel in March 2000. The Company and the Subsidiary are engaged in the research and development of products in the field of biotechnology and associated medical equipment.

The Company's common stock is traded on the NYSE MKT.

b. As reflected in the accompanying financial statements, the Company incurred a loss for the three month period ended March 31, 2015 of $8,922 and had a negative cash flow from operating activities of $8,143 during the three month period ended March 31, 2015. The accumulated deficit as of March 31, 2015 is $109,060. The Company and the Subsidiary have not yet generated revenues from product sale. Management's plans also include seeking additional investments and commercial agreements to continue the operations of the Company and the Subsidiary.

The Company believes that its existing cash and cash equivalents should be sufficient to meet its operating and capital requirements through the third quarter of 2016.

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STOCKHOLDERS' EQUITY (Details Textual) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Employees and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock Closing Share Price	$ 8.06
Share Based Compensation Nonvested Awards Granted To Employees And Directors Unrecognized Compensation Cost	$ 12,017
Share Based Compensation Nonvested Awards Granted To Consultant Unrecognized Compensation Cost Period For Recognition	2 years
Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock Closing Share Price	$ 8.06
Share Based Compensation Nonvested Awards Granted To Consultant Unrecognized Compensation Cost Period For Recognition	1 year 6 months
Share Based Compensation Nonvested Awards Granted To Consultants Unrecognized Compensation Cost	$ 168

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STOCKHOLDERS' EQUITY (Details 1) (Employees and Directors [Member], USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Employees and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options and warrants, Outstanding - Beginning Balance	8,211,124
Number of options and warrants, Granted	1,542,837
Number of options and warrants, Exercised	(3,000)
Number of options and warrants, Outstanding - Ending Balance	9,750,961	8,211,124
Number of options and warrants, Vested and expected to vest	9,492,526
Number of options and warrants, Exercisable	4,831,076
Weighted average exercise price, Outstanding - Beginning Balance	$ 5.48
Weighted average exercise price, Granted	$ 6.73
Weighted average exercise price, Exercised	$ 3.14
Weighted average exercise price, Outstanding - Ending Balance	$ 5.68	$ 5.48
Weighted average exercise price, Vested and expected to vest	$ 5.68
Weighted average exercise price, Exercisable	$ 5.60
Weighted average remaining contractual terms (years), Outstanding	7 years 25 days	6 years 9 months 14 days
Weighted average remaining contractual terms (years), Vested and expected to vest	7 years 7 days
Weighted average remaining contractual terms (years), Exercisable	5 years 2 months 5 days
Aggregate intrinsic value, Outstanding - Beginning Balance	$ 5,490
Aggregate intrinsic value, Outstanding - Ending Balance	25,814	5,490
Aggregate intrinsic value, Vested and expected to vest	25,234
Aggregate intrinsic value, Exercisable	$ 14,396

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FAIR VALUE MEASUREMENTS (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility	73.43%	53.30%
Risk-free interest rate	0.10%	0.20%
Contractual life (in years)	6 months	8 months 12 days

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Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 16, 2015
Document Information [Line Items]
Entity Registrant Name	MEDGENICS, INC.
Entity Central Index Key	0001138776
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	MDGN
Entity Common Stock, Shares Outstanding		24,903,961
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

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FAIR VALUE MEASUREMENTS (Details 1) (Fair Value, Inputs, Level 3 [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Balance, Opening	$ 612	$ 1,211
Change in the liability in respect of warrants	1,074	110
Balance, Ending	$ 1,686	$ 1,321