14/06/2007
ReGen Therapeutics Plc raises £1,348,062 through placing of new ordinary shares.
ReGen Therapeutics Plc (‘ReGen’ or the ‘Company’) announces that it has today placed directly and through its brokers, HB Corporate, 179,741,600 new ordinary shares of 0.1p each (‘Ordinary Shares’) at 0.75p per share with new and existing investors (the ‘Placing’) and as a result has raised £1,348,062 before expenses of the issue. Following the Placing the Company will have in issue 1,025,887,710 Ordinary Shares. The Ordinary Shares to be issued pursuant to the placing will represent 17.52 per cent of the enlarged issued share capital of the Company and will rank pari passu in all respects with the existing Ordinary Shares.
Application will be made to the London Stock Exchange for the 179,741,600 new Ordinary Shares to be admitted to trading on AIM and dealings in the new Ordinary Shares are expected to commence on 20 June 2007.
Three of the Company’s directors are subscribing for new Ordinary Shares in the placing: Mr Martin Small is subscribing for 800,000 new Ordinary Shares making his total holding 3,382,069 Ordinary Shares, representing 0.33% of the enlarged share capital. Mr Keith Corbin is subscribing for 1,333,333 new Ordinary Shares making his total holding 3,105,000 Ordinary Shares, representing 0.30% of the enlarged share capital. Dr Peter Garrod is subscribing for 3,000,000 new Ordinary Shares making his total holding 74,750,000 Ordinary Shares representing 7.29% of the enlarged share capital.
Executive Chairman Percy Lomax commented, ‘This is the second tranche of a fundraising programme begun in January 2007. This programme was designed to support ReGen in the run up to ColostrininTM coming to market and generating sales and results being obtained in relation to the Company’s zolpidem trials. The proceeds of this tranche will be used to continue working towards finalising ColostrininTM development, the veterinary trial, the completion of the zolpidem trial and continuing a programme of developing the peptides to preclinical candidate level.’
For further information, please contact:
Andrew Marshall
Greycoat Communications
Tel: 020 7960 6007
Mobile No: 07785 297111
Rod Venables/Cecil Jordaan
HB Corporate
Tel: 020 7510 8600
Percy Lomax
ReGen Therapeutics Plc
Tel: 020 7153 4920