Regenicin, Inc. Clears Past Due Payment to Lonza Walkersville, Inc.
Published: Jun 21, 2011
LITTLE FALLS, NJ--(Marketwire - June 21, 2011) - 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."
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