Message #30 From:
NewsBot Date: December 4, 2006 05:30:00 AM
RGBI News ReGen Biologics Completes Approximately $7 Million Private Placement
FRANKLIN LAKES, N.J.--(BUSINESS WIRE)--ReGen Biologics, Inc. (OTC BB: RGBI)
an innovative orthopedic products company announced today that it has
completed a $6.95 million private equity placement.
Commenting on the financing, Gerald E. Bisbee, Jr., Ph.D., Chairman and
Chief Executive Officer stated, “We are
delighted with the participation of existing investors from the U.S. and
Europe and we welcome new investors to this financing.”
Under the terms of the financing, the Company sold approximately 18.8
million shares of restricted common stock at a price per share of $0.37,
for gross proceeds of approximately $6.95 million. The terms of the
transaction include 30% warrant coverage with a 5-year term and an
exercise price of $0.55 per share, as well as an option to each
purchaser to purchase the number of common shares purchased at closing,
exercisable for cash at $0.37 per share within 15 days of FDA clearance
of the Company’s collagen scaffold device. The
Company has agreed to register the common stock sold in the private
placement as well as the common shares issuable upon the exercise of the
warrants and options on one or more registration statements to be filed
with the SEC.
About ReGen Biologics, Inc.:
ReGen Biologics is an orthopedic products company that develops,
manufactures and markets innovative tissue growth and repair products
for U.S. and global markets. ReGen's patented collagen scaffold
technology includes applications in orthopedics, general surgery, spine,
cardiovascular and drug delivery. ReGen’s
first approved product using its collagen scaffold technology is the CMI™,
a meniscus application, which is cleared for sale in Europe and marketed
through ReGen’s European subsidiary, ReGen
Biologics AG.
ReGen is headquartered in Franklin Lakes, NJ and manufactures its
collagen scaffold products in its ISO Certified facility located in
Redwood City, CA. For more information on ReGen, visit www.regenbio.com.
This press release contains forward-looking statements within the
meaning of the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are based on the current
expectations and beliefs of the management of ReGen and are subject to a
number of factors and uncertainties that could cause actual results to
differ materially from those described in the forward-looking
statements, including those discussed in the Risk Factors section of
ReGen's 2005 annual report on Form 10-K/A and additional filings with
the SEC. ReGen's filings with the SEC are available to the public at the
Company's website at http://www.regenbio.com,
from commercial document-retrieval services and at the Web site
maintained by the SEC at http://www.sec.gov.
