Regenicin Completes Acquisition of Worldwide Exclusive
Know-How Technology License from Lonza Walkersville
NEW YORK, Aug. 18 /PRNewswire-FirstCall/ -- Regenicin, Inc. (OTC Bulletin Board: WDSTD), a development stage biotechnology company, announced today that it has completed an initial $3.25 million funding in conjunction with its acquisition of a worldwide exclusive license to know-how technology controlled by Lonza Walkersville ("Lonza Agreement"). Lonza Walkersville is a subsidiary of Lonza Group Ltd. (SIX: LONN), one of the world's leading suppliers to the pharmaceutical, healthcare and life science industries and the largest cell therapy manufacturer in the world.
The Lonza Agreement provides Regenicin with the worldwide marketing rights to a proprietary tissue-engineered skin substitute technology intended to restore the qualities of healthy human skin for use in the treatment of burns, chronic wounds and a variety of plastic surgery procedures. Regenicin's management team intends to use its expertise, with the assistance of Lonza Walkersville, to further enhance its capabilities and seek approval by the U.S. Food and Drug Administration for commercial sale. Regenicin plans to seek marketing approval for this revolutionary product throughout the world under the brand name PermaDerm PermaDerm™.
Pursuant to the Lonza Agreement, Lonza will retain exclusive manufacturing rights for PermaDerm™ products. Additionally, a license to the patent rights and related key intellectual property comprising the technology, developed at the University of California, University of Colorado, the University of Cincinnati and Shriners Hospitals for Children, may be acquired by Regenicin if FDA approval is obtained.
Regenicin secured the initial financing through a combination of convertible loans and a private placement of its common stock with several major institutions and accredited investors. NewOak Capital, Inc. and Smith Point, Ltd. acted as co-placement agents.
"We are excited to have secured the funds necessary to help us complete this licensing agreement with Lonza and to prepare to advance this important technology to commercialization. We believe Regenicin is now poised to address a significant unmet medical need as PermaDerm™ is the only tissue-engineered skin prepared from a patient's own skin cells," Randall McCoy, Chief Executive Officer of Regenicin said. "The technology combines cultured epithelium with a collagen-fibroblast implant that produces a skin substitute that contains both epidermal and dermal components. This model has been shown in preclinical studies to generate a functional skin barrier, which is an important step towards realizing the potential of regenerative medicine."
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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.
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.