Directors Provide $2.5M Loan to Extend Funding Runway
Sydney, Feb 28, 2019 AEST (ABN Newswire) - Regeneus Ltd (
ASX:RGS) (Regeneus or the Company), a clinical-stage regenerative medicine company, is pleased to announce that its Board of Directors have put in place loan funding of $2.5m to extend the Company's funding runway for the development and licensing of its clinical assets.
This funding has been led by the new CEO, Leo Lee, with support from other Directors. The unsecured loan is for a term of 12 months. Each loan has been provided on identical terms to the Company on an arms length basis.
Leo said "This additional finance reinforces the Directors' ongoing commitment and confidence in the Company and the ability to unlock value in its clinical assets".
The funding will provide Leo and the management team with the opportunity to continue to progress and optimise the licensing discussions of the Company's Progenza stem cell technology in Japan and review and explore options around the world for Progenza and Sygenus.
About Regeneus Ltd
Regeneus Ltd (ASX:RGS) is a Sydney-based clinical-stage regenerative medicine company using stem cell technologies to develop a portfolio of novel cell-based therapies. The regenerative therapies seek to address unmet medical needs in human health markets, focusing on neuropathic pain, including osteoarthritis and various skin conditions, with its platform technologies Progenza(TM) and Sygenus. Visit www.regeneus.com.au for more information.
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