AMARANTUS BIOSCIENCE HOLDINGS, INC. (OTCBB:AMBS) closed the asset purchase deal with Regenicin Inc (OTCMKTS:RGIN) by making a final payment of $2.3 million. As per the mutually agreed deal, the company made a payment of $200,000 to a senior secured creditor. Also, the two firms in association with Lonza Group, Ltd, and its subsidiaries entered into a settlement deal in the Amarantus’s lawsuit. The seller submitted a joint dismissal in terms of all claims, recognized or unrecognized, in the Lonza issue.
Regenicin Inc (OTCMKTS:RGIN) is a reputed biotech firm that specializes in the commercialization and development activities of regenerative cell therapies to improve the health of damaged organs and tissues. The buyer, Amarantus confirmed the completion of the Asset Purchase deal with the final payments being done to the seller on February 25, 2015. After the deal, the trademark ‘PermaDerm’ will be owned by Amarantus. All the necessary legal formalities have been fulfilled by both parties.
The Asset Purchased deal culminated between Amarantus and Regenicin is worth $8.023 million. The payment form comprised of almost $3.0 million in restricted stock and approximately $3.075 million in cash. Also, it included forgiveness and payments of ‘notes and liabilities’ measured at $1.948 million. Due to the deal, Amarantus common stock will be restricted from sale.
The buyer party stated that the agreement with Amarantus will provide it with ample capital to progress with product development efforts and plans of life-saving technology. Regenicin expects the proceeds from the deal would lead the company to the initiation of FDA-sanctioned clinical trials with its first cell therapy wound care product. Regenicin CEO Randall McCoy stated that the management is encouraged to see the completion of Asset Purchase deal. The team is now well placed to work on cell therapy treatment and push it into the FDA approval pipeline. The company is known for its wide and innovative range of biotech products in the market.