ReGen Therapeutics Limited – Shareholder Update
9th December 2013
By way of a brief update to the statement made on 30/9/13 (as part of the Report and Financial Statements of the Company for the Year ended December 2012) :
- Sales revenues for Colostrinin have continued to be poor during 2013, largely as a consequence of the loss of our marketing and distribution partners in Turkey, India and Cyprus as previously reported
- Interest on the £240,000 loan from ADI has continued to accrue and as of the end December 2013 this will stand at £57,752. Technically this loan can be called upon after 14th February 2014, although at the election of either Alexander David Investments Plc (“ADI”) or the Company it can be converted into ReGen Therapeutics Limited shares.
- Potential ‘retail’ discussions in the USA have stalled
- The grant application to conduct a clinical trial with Colostrinin in Alzheimer’s disease in the UK has been turned down
On the positive side:
- Our USA licensee Metagenics remains on schedule to introduce a Colostrinin combination product via the ‘professional’ channel in Q1 2014, having bought active ingredient from us recently
- Active discussions are ongoing with a major Indian company with a view to replacing USV as our Indian licensee
- Tagerr our distributor in Poland continue to await feedback on their regulatory application to switch from distributing product made by Metagenics to RGTL bulk tablets
- In terms of cost saving initiatives the Company has now minimised its costs on its virtual office facility, its website, share registry and patent portfolio and all Directors and consultants remuneration continues to be deferred
Against this background the Directors continue to explore various ways of financing and developing the Company with its advisers and contacts in order to secure a viable future for the Company in the best interest of all shareholders. To leave no stone unturned the Directors are now formally exploring the possibility of selling the Company as a ‘going concern’ with the Colostrinin business and UK tax losses of approximately £13M as its major assets.
Companies interested in discussing such a transaction are requested to contact either myself, Tim Shilton, CEO or Mr Norman Lott, Finance Director.
Tim Shilton, CEO – 44 (0)7920-153309
Norman Lott, Finance Director – 44 (0)7990-502496