03/02/2000
Mike Harvey is to join the board of ReGen Therapeutics Plc as managing director on completion of current fund raising following which the company plans to move to the Alternative Investment Market. Mike will join the company from Medeva Pharma Ltd, a subsidiary of Medeva Plc, where he was the director responsible for the operations of that group’s two major UK manufacturing plants. Prior to Medeva he worked in senior roles at Celltech and Glaxo. He has extensive experience of the development, manufacture and registration of drugs in international markets.
ReGen Therapeutics Plc is developing a therapy for Alzheimer’s disease and its move to the Alternative Investment Market (AIM) is being combined with a placing and offer for subscription proposed for mid-February 2000, to raise up to £5 million.
ReGen’s therapy is based on Colostrinin, which is a natural product first isolated by scientists of the Ludwik Hirszfield Institute of Immunology and Experimental Therapy, Polish Academy of Sciences, Wroclaw, Poland (Polish Institute). Initial limited clinical trials conducted in Poland have shown good therapeutic effect with a significant percentage of patients treated showing stabilisation, and in some cases, improvement over a period of several years.
ReGen has now commenced a 90 patient, final stage, clinical trial in Poland. This is being monitored by Rentschler Biotechnologie GmbH & Co.KG, a substantial shareholder in the company and an early pioneer in the research and production of interferon. It is anticipated that the results of the trial will be available later this year.
Deloitte & Touche Corporate Finance is nominated adviser to the company.