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."
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.
CONTACT: Meghan O'Sullivan,
978-264-0707 x 101, meghan@ocmarketing.com
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SOURCE Regenicin, Inc.
