21st Jul 2006 07:00
ReGen Therapeutics PLC21 July 2006 ReGen Therapeutics Plc places 111,000,000 of shares ReGen Therapeutics Plc ("ReGen" or the "Company") announces that it has todayplaced through its brokers J M Finn & Co with new and existing shareholders111,000,000 new ordinary shares at 1p per share to raise £1,110,000, beforeexpenses ("Placing") Application will be made for these 111,000,000 new ordinary shares to beadmitted to the AIM Market of the London Stock Exchange Plc and dealings areexpected to commence at 8am on 27th July 2006. Executive Chairman Percy Lomax commented, "This money will be used for thecommercialisation of Colostrinin(TM)as per the recently announced deal withMetagenics Inc. and carry out further work on the development of its constituentpeptides as potential pharmaceuticals as well as providing additional resourcesfor the development of new formulations of zolpidem for the rehabilitation ofpeople with brain injury. This has received considerable positive publicity inthe national press and a documentary film is currently being discussed with anumber of producers. Depending upon the actual timing of anticipated revenuesfrom the commercialisation of ColostrininTM, the achievement of developmentmilestones and whether other commercial opportunities present themselves, it maybe 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 theplacing: Mr Peter Garrod is subscribing for 2,500,000 new ordinary shares makinghis 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 histotal holding 1,105,000 representing 0.16% of the enlarged share capital. For further information, please contact: Andrew MarshallGreycoat CommunicationsTel. 020 7960 6007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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