Regenicin Clears Past Due Payment to Lonza Walkersville, Inc.
21 Junho 2011 - 9:47AM
Marketwired
Regenicin, Inc. (OTCBB: RGIN), a biotechnology company specializing
in the development of regenerative cell therapies to restore the
health of damaged tissues and organs, recently announced it has
reimbursed Lonza Walkersville, Inc. for their work in moving
Regenicin's leading product candidate through the FDA application
process. The total payment to Lonza Walkersville, Inc. was in the
amount of $260,344.23.
On April 20, 2011, Regenicin received a letter from Lonza
America Inc. alleging the company was in breach of its Know-How
License and Stock Purchase Agreement with Lonza Walkersville, Inc.
That letter identified a past due payment of $183,687, which was
later increased to $260,344.23 as reflected in a letter Regenicin
received from Lonza dated June 1, 2011.
While there was a dispute in the amount owed under the
Agreement, in order to avoid a conflict with an important
contractual partner in the pursuit of its business objectives,
Regenicin paid Lonza the invoices claimed in full. "We look forward
to a long and successful relationship in the future with the Lonza
team," said Randall McCoy, Regenicin's CEO, "and we're happy to
have this issue behind us as we move forward."
About Regenicin Regenicin, Inc. (OTCBB:
RGIN), is a biotechnology company specializing in the development
of regenerative cell therapies to restore the health of damaged
tissues and organs.
Regenicin, which was founded in 2010, has assembled a
world-class management team with a proven track record for
developing and bringing innovative medical devices and
biotechnology products to market. The company is publicly traded
with headquarters in New Jersey.
Safe Harbor Statement. This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements are based on
the current plans and expectations of management and are subject to
a number of uncertainties and risks that could significantly affect
the company's current plans and expectations, as well as future
results of operations and financial condition. A more extensive
listing of risks and factors that may affect the company's business
prospects and cause actual results to differ materially from those
described in the forward-looking statements can be found in the
reports and other documents filed by the company with the
Securities and Exchange Commission. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Allison Van Ness 646-403-3581 Email Contact
Regenicin (CE) (USOTC:RGIN)
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