10/06/2002
London, UK – 10th June 2002: ReGen Therapeutics Plc (‘ReGen’ or the ‘Company’),a company developing ColostrininTM as a potential treatment for Alzheimer’s disease, announces that it has today raised £429,470.20 through the issue of new ordinary shares to certain of its existing shareholders.
945,702 new ordinary shares have been issued to the Company’s broker, Hoodless Brennan & Partners plc, at 10p per share pursuant to the exercise of the option granted to them by the Company on 5 November 2001. In addition, 3,349,000 new ordinary shares have been issued to certain existing institutional shareholders at 10p per share. The issue of these shares has been made pursuant to the existing general authority given to Directors at the Extraordinary General Meeting of the Company held on 29 January 2002.
This interim funding exercise enables the Company to continue with its primary aim, the development of an effective therapy for Alzheimer’s disease, and to examine options for expanding its future activities. These include an investigation into whether Colostrinin or its constituent peptides might have pharmaceutical applications in the treatment of other diseases and the potential application of ColostrininTM as a neutraceutical.
Application has been made for all of the new ordinary shares to be admitted to the Alternative Investment Market of the London Stock Exchange plc and dealings are expected to commence at 8.00 am on 11 June 2002.
ReGen confirms that its clinical trial in Poland was completed on 16 May and that analysis of the resultant data has now commenced. The Company expects to be in a position to make an announcement on the results of the analysis by the end of June 2002. The 15-week data from the trial showed that ColostrininTM reached statistical significance in its primary end point, and that there were no ColostrininTM related safety issues of concern in the trial. The Company remains hopeful that the final examination of patient data from the trial will confirm its confidence that ColostrininTM represents an exciting advance in the search for an effective therapy against Alzheimer’s disease.
Executive Chairman Percy Lomax said ‘This fundraising illustrates the continued support of our broker and our institutional shareholders’.
For further information, please contact:
Lisa Baderoon
BUCHANAN COMMUNICATIONS
Tel No: 020 7466 5000
Mobile: 07721 413 496
lisab@buchanan.uk.com