MARBLEHEAD, Mass.--(BUSINESS WIRE)--Oct. 31, 2005--Privately held Advanced Ocular Systems, Inc. of Marblehead, Massachusetts (AOS), announced today that it intends to enter into a merger with Regenera Limited (ASX:RGA; OTCBB:RGNFY) of Perth, Western Australia. The merger creates a new global ophthalmic company with a strong pipeline of refractive and retinal technology and products and emerging revenues from existing licensed products. The merged company is expected to assume the name Advanced Ocular Systems Limited and will be headquartered in Marblehead, with pharmaceutical research and development and administrative operations in Australia. The merger will be effected by way of the acquisition by Regenera of 100% of the outstanding common stock of AOS for US$31 million. The consideration is to be satisfied wholly by an issue of RGA ordinary shares. Upon completion of the merger, AOS shareholders will own approximately 45% of Regenera Limited. The transaction is subject to final due diligence and shareholder approval on the part of both companies. The respective boards of the companies expect the merger to be completed in late December 2005.
