AMARANTUS BIOSCIENCE HOLDINGS, INC. (OTCBB:AMBS) concluded the asset purchase deal with famous company Regenicin Inc (OTCMKTS:RGIN) by paying final amount of $2.3 million. Under the terms of the mutually agreed transaction, the company paid $200,000 to a senior secured creditor. Regenicin and Amarantus together with Lonza Group, Ltd, and its subsidiaries entities made a settlement deal in the company’s case. The seller gave a joint dismissal in respect of all claims, whether familiar or unfamiliar, in the Lonza issue.
Regenicin is a renowned biotech entity that holds strong foothold in the commercialization and development operations of regenerative cell medications to improve the state of damaged organs and tissues. Amarantus confirmed the conclusion of the Asset Purchase deal with all the left payments being made to Regenicin on February 25, 2015. Now, following the deal, the trademark ‘PermaDerm’ belongs to Amarantus. The company confirmed that all legal formalities have been met by both parties.
The Asset Purchased deal ended between Regenicin and Amarantus amounts to $8.023 million. The mode of payment was divided in cash and stock. It comprised about $3.0 million in restricted stock and $3.075 million in cash. The payment also covered forgiveness and payments of liabilities and notes amounting to $1.948 million. As a result of the deal, the company’s common stock will be controlled from sale.
The buyer expressed that the deal will provide it with capital to move forward with product development measures and programs of life-saving technology. The seller expects the funds from the deal would help the company to the commencement of FDA-approved clinical trials related to its first cell therapy wound care product. Randall McCoy of Regenicin said the management is delighted with the completion of Asset Purchase deal with Amarantus. The team can now carry out development work of cell therapy treatment.