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AMARANTUS BIOSCI INC (OTCMKTS:AMBS) Updates On Asset Purchase Agreement

AMARANTUS BIOSCIENCE HOLDINGS, INC. (OTCBB:AMBS) accomplished the asset purchase agreement with famous firm Regenicin Inc (OTCMKTS:RGIN) by making last payment of $2.3 million. Regenicin is a leading name in the industry of biotech with a strong position in the segment of regenerative cell medications. It looks after the development and commercialization activities related to regenerative cell therapies. These treatments play an important role in improving the state of damaged tissues and organs.

The details

Amarantus established the Asset Purchase deal successfully with all the payments being made to seller on February 25, 2015. Following the purchase agreement, Amarantus gets hold of the trademark ‘PermaDerm.’ Both the parties confirmed that all lawful formalities have been met and deal is closed. As per the terms of the closed transaction, the company paid amount of $200,000 to a ‘senior’ secured creditor. The company together with Regenicin and Lonza Group, Ltd, agreed for a settlement a deal. Regenicin gave a joint dismissal related to all claims, whether unfamiliar or familiar, in the Lonza issue.

The terms

The deal between Regenicin and Amarantus was valued at $8.023 million with payment made in cash and stock. The payment structure included nearly $3.0 million in restricted stock and cash of $3.075 million. It also included forgiveness and payments of notes and liabilities worth $1.948 million. After the closure of deal, the company’s common stock will be restricted from sale.

The significance

AMARANTUS BIOSCIENCE HOLDINGS, INC. (OTCBB:AMBS) stated that the deal will strengthen its position in the market. It will be able to work on product development activities and other plans of life-saving technology. Regenicin expects the proceeds from the agreement would help it to start the FDA-supported clinical studies of its first cell treatment wound care product. The management of Regenicin said they are pleased with the completion of deal with Amarantus as they can move forward with development of cell therapy treatment.

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