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™.
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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