Regenicin Clears Past Due Payment to Lonza Walkersville, Inc
LITTLE FALLS, NJ -- (MARKET WIRE) -- 06/21/11 -- Regenicin, Inc. (OTCBB: RGIN), a biotechnology company specializing in the development of regenerative cell therapies to restore the health of damaged tissues and organs, recently announced it has reimbursed Lonza Walkersville, Inc. for their work in moving Regenicin's leading product candidate through the FDA application process. The total payment to Lonza Walkersville, Inc. was in the amount of $260,344.23.
On April 20, 2011, Regenicin received a letter from Lonza America Inc. alleging the company was in breach of its Know-How License and Stock Purchase Agreement with Lonza Walkersville, Inc. That letter identified a past due payment of $183,687, which was later increased to $260,344.23 as reflected in a letter Regenicin received from Lonza dated June 1, 2011.
While there was a dispute in the amount owed under the Agreement, in order to avoid a conflict with an important contractual partner in the pursuit of its business objectives, Regenicin paid Lonza the invoices claimed in full. "We look forward to a long and successful relationship in the future with the Lonza team," said Randall McCoy, Regenicin's CEO, "and we're happy to have this issue behind us as we move forward."
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.
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