LITTLE FALLS, N.J.,
Nov. 19, 2014 /PRNewswire/
-- Regenicin, Inc. (OTC Bulletin Board: RGIN) a biotechnology
company specializing in the development of and commercialization of
regenerative cell therapies to restore the health of damaged
tissues and organs, announced today that it has entered into an
Asset Purchase Agreement with Amarantus Bioscience Holdings, Inc.
("Amarantus"). Under the agreement, Amarantus acquires Regenicin
rights and claims in the company's litigation currently pending
against Lonza Walkersville and Lonza
America, Inc. This included all of Regenicin's Cutanagen
intellectual property rights and any Lonza manufacturing know-how
technology Regenicin may have. In addition, Regencin will sell to
Amarantus its PermaDerm trademark and related intellectual
property rights associated with it.
The purchase price to be paid by Amarantus consists of
$3.5 million in cash, and
$3.0 million in (value of) Amarantus
common stock. The cash payments were set to be made as follows:
$500,000 at the closing, $250,000 on December 31,
2014 and $2,750,000 on
January 31, 2015. The $3.0 million in Amarantus common stock was
satisfied by the issuance to Regenicin of 37.5 million shares of
Amarantus common stock. These shares will be restricted for six
months.
Additionally, as part of the agreement, Amarantus agreed to pay
Regenicin attorneys on the Lonza litigation, Gordon & Rees, the
sum of $450,000, which will satisfy in full, all obligations
of Regenicin related to the Lonza litigation. In addition Regenicin
granted to Amarantus an exclusive five year option to license any
engineered skin product the company develops for the treatment of
patients designated as severely burned by the FDA.
As a result of this agreement, Regenicin has been able
to conclude the company's participation in the lawsuit with
Lonza and continue the company's primary goal of developing and
securing approval of life-saving engineered skin substitute
products. The proceeds provided under this agreement will greatly
enhance the financial condition of the company, funding ongoing
development efforts and operating expenses, without the need to
incur additional debt or dilute current shareholders.
"We will be reinitiating our communication efforts with
shareholders, who were severely restricted under the previous Lonza
Agreement and subsequent lawsuit," said Randall McCoy, Regenicin's CEO. "We hope to keep
our shareholders and stakeholders fully informed of our progress as
we move toward FDA approval of our new product line.
Finally, we wish to thank all our shareholders and stakeholders
for their patience and support during the very difficult
period now behind us, and we look forward to a successful and
rewarding future together."
About Regenicin
Regenicin, Inc. (OTC Bulletin Board:
RGIN), is a biotechnology company specializing in the development
of regenerative cell therapies to restore the health of damaged
tissues and organs. Regenicin, which was founded in 2010, has
assembled a world-class management team with a proven track record
for developing and bringing innovative medical devices and
biotechnology products to market. The company is publicly traded
with headquarters in New Jersey.
For more information on Regenicin, Inc., as well as its
technologies and products, please visit the company website at
www.regenicin.com.
Safe Harbor Statement
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements are based on the
current plans and expectations of management and are subject to a
number of uncertainties and risks that could significantly affect
the company's current plans and expectations, as well as future
results of operations and financial condition. A more extensive
listing of risks and factors that may affect the company's business
prospects and cause actual results to differ materially from those
described in the forward-looking statements can be found in the
reports and other documents filed by the company with the
Securities and Exchange Commission. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE Regenicin, Inc.
