21/07/2006
ReGen Therapeutics Plc (‘ReGen’ or the ‘Company’) announces that it has today placed through its brokers J M Finn & Co with new and existing shareholders 111,000,000 new ordinary shares at 1p per share to raise £1,110,000, before expenses (‘Placing’)
Application will be made for these 111,000,000 new ordinary shares to be admitted to the AIM Market of the London Stock Exchange Plc and dealings are expected to commence at 8am on 27th July 2006.
Executive Chairman Percy Lomax commented, ‘This money will be used for the commercialisation of Colostrinin(TM)as per the recently announced deal with Metagenics Inc. and carry out further work on the development of its constituent peptides as potential pharmaceuticals as well as providing additional resources for the development of new formulations of zolpidem for the rehabilitation of people with brain injury. This has received considerable positive publicity in the national press and a documentary film is currently being discussed with a number of producers. Depending upon the actual timing of anticipated revenues from the commercialisation of ColostrininTM, the achievement of development milestones and whether other commercial opportunities present themselves, it may be necessary to raise additional amounts of capital in the future.’
All new ordinary shares will rank pari passu with the existing ordinary shares of 0.1p each in the Company.
Two Non-Executive Directors are subscribing for new ordinary shares in the placing: Mr Peter Garrod is subscribing for 2,500,000 new ordinary shares making his total holding 66,250,000 representing 9.54% of the enlarged share capital. Mr Keith Corbin is subscribing for 1,000,000 new ordinary shares making his total holding 1,105,000 representing 0.16% of the enlarged share capital.
For further information, please contact:
Andrew Marshall
Greycoat Communications
Tel. 020 7960 6007