04/05/2010
ReGen Therapeutics Plc (‘ReGen’ or the ‘Company’) announces that its Turkish licensee Eczacibasi Ilac Pazarlama A.S (‘Eczacibasi’)1 has received final approval to market ReGen’s nutritional supplement Colostrinin(TM) in the Republic of Turkey.
This approval now triggers a $50,000 milestone payment to ReGen. Eczacibasi has placed an order with ReGen for a launch stock of blistered tablets for which ReGen will receive a fee for the active ingredient component. These will be packaged locally by Eczacibasi under the brand-name ‘Dyna’ with product launch intended in May. Net Revenues to ReGen from Eczacibasi pursuant to the minimum annual purchase commitments in the distribution agreement are estimated to be $52,000 in the first year after final approval is obtained, and $104,000 in the second year. No further details of the launch will be disclosed at this time.
This announcement comes only a week after ReGen reported that Colostrinin(TM) is expected to be launched in India during the second quarter of 2010. Launch in these markets are key targets for ReGen as it seeks to achieve sustainable profitability in 2010.
Colostrinin(TM) is marketed as a nutritional supplement to ‘support healthy brain ageing and cognition in humans’. To date the product is marketed in the US, Canada and Australia under the brand name CogniSure(TM) 2 , in Cyprus3 and Poland 4 under the brand name Cognase(TM) and in the UK5 under the brand name MemoryAid.
1 Eczacibasi http://www.eczacibasi.com is a leading turkish industrials group with 40 companies, approximately 9,300 employees and revenues of $3.2bn in 2007. Eczacibasi’s Ilac Pazarlama A.S. division is based in Levent-Istanbul, Turkey.
2 Colostrinin(TM) for use as a human nutraceutical is licensed in North America and Australasia to Metagenics Inc. of San Clemente, California http://www.metagenics.com
3 Colostrinin(TM) is distributed in the Republic of Cyprus by Golgi
Pharmaceuticals Ltd http://www.healthybrainaging.com
4 Colostrinin(TM) is is distributed in Poland by Tagerr Polska an affliate of Tagerr a professional services and trading company established in Köln, Germany. http://www.cognisure.eu
5 Colostrinin(TM) is distributed in the UK by PRG Nutraceuticals Ltd http://www.memoryaid.com
For further information, please contact:
Percy Lomax
ReGen Therapeutics Plc
Tel: 020 7153 4920
Roland Cornish/Felicity Geidt
Beaumont Cornish Limited
Tel: 020 7628 3396
David Scott/Nick Bealer
Alexander David Securities Limited
Tel: 020 7448 9820