LITTLE FALLS, N.J., March 3, 2015 /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 received the final payment to conclude The Asset Purchase Agreement with Amarantus Bioscience Holdings, Inc. (OTC Bulletin Board: AMBS).
As required under the Agreement, Amarantus made the final payments due to Regenicin in the amount of $2.3 Million, along with a payment of $200,000 to Regenicin's senior secured creditor. In addition, Regenicin with Amarantus and Lonza Group, Ltd and its related entities, have signed a Settlement Agreement in the company's lawsuit with Lonza Group, Ltd and its related entities. Regenicin has filed a joint dismissal of all claims, known or unknown, in the Lonza matter.
The Company is pleased to announce the completion of the Asset Purchase Agreement with the final payments being made by Amarantus on February 25, 2015. The PermaDerm trademark has been transferred and all obligations by all parties have been completed.
Regenicin values The Asset Purchase Agreement transaction with Amarantus at $8.023 million, comprised of $3.075 million in cash, $3.0 million in Amarantus restricted stock, and payments and forgiveness of liabilities and notes totaling, $1.948 million. It should be noted that the Amarantus stock is restricted from sale until May 7, 2015.
Management believes that this transaction will provide Regenicin adequate funding to continue product development of life saving technology. It is estimated that the proceeds should bring us to the initiation of FDA sanctioned clinical trials with our first cell therapy wound care product.
"We are excited to have the Asset Purchase Agreement completed," says Randall McCoy CEO of Regenicin. "We are now well positioned to establish Regenicin's own cell therapy product in the FDA approval pipeline."
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.