Regenicin, Inc., RGIN - Update
LITTLE FALLS, N.J., Feb. 2, 2011 /PRNewswire/ -- Regenicin, Inc.(OTC Bulletin Board: RGIN) a biotechnology company specializing in the development of regenerative cell therapies to restore the health of damaged tissues and organs announced today that its Chairman and CEO, Randall McCoy is currently working with the board on a new Corporate incentive plan designed to encourage and reward the Company's officers, employees and consultants working with Regenicin. As a show of his own commitment to the Company's growth and stability, Mr. McCoy has pledged to return 22 million of his own personal shares back into Treasury to support the program -- over 26% of the currently issued and outstanding shares of Regenicin."
"I really believe in the future success of this Company and want all the people who are making it happen to benefit with me," said Mr. McCoy regarding the new incentive program. "The best way I know how to do that without diluting the existing shareholders is to contribute my own shares to the program. While this will reduce my holdings by nearly half, I believe it will enhance the overall value of the company creating a win, win for all the shareholders."
When asked about the recent adverse market activity, Mr. McCoy commented that it seemed particularly odd in view of the fact that the Company had incurred no fundamental change or negative developments. "The company remains on track and committed to its original business plan and creating value for the company and its shareholders."
PermaDerm has already been used to treat more than 150 pediatric, catastrophic burn victims through an Investigation Device Exemption issued by U.S. Food and Drug Administration (FDA). The initial clinical trials will contain 10 patients, both male and female, between the ages of 18 and 40, who suffer full thickness burns over a large area of their body. These trials and future trials will take place at 2 sites, the United States Army Institute of Surgical Research at Fort Sam Houston and a second site still to be determined.
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.
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.