RGT Argent Biopharma Limited

 
TIDMRGT 
 
FOR IMMEDIATE RELEASE23 February 2010 
 
                             ReGen Therapeutics Plc 
 
                           Notice of General Meeting 
 
                             Share Issue Authority 
 
The  Board of ReGen Therapeutics Plc  ("ReGen" or "the Company") today announces 
that  a General  Meeting of  the Company  will be  held at11.00 a.m. on 11 March 
2010 at  the offices of Alexander  David Securities Limited, 10 Finsbury Square, 
London, EC2A 1AD. 
 
A  circular  containing  the  Notice  of  General  Meeting  is  being  posted to 
shareholders,       and       is       available      on      the      Company's 
website:www.regentherapeutics.com <http://www.regentherapeutics.com/> 
 
Introduction 
 
Between  2007 and 2008 losses before tax decreased by over  GBP1,000,000 and whilst 
a  further decrease in losses in 2009 is  anticipated, ReGen, is not yet trading 
profitably.   The  Directors  have  drastically  reduced costs wherever possible 
including  at  least  halving  Directors  salaries  and  further  reducing other 
expenses, but additional funds will still be needed to sustain the Company until 
such time that it can become profitable. 
 
The  Company has already raised  GBP125,000 in one placing this year with long-term 
investors   and   the   Company  has  identified,  from  the  placing  and  from 
conversations,  a  number  of  potential  additional long-term investors who are 
willing to provide further funding for the Company. 
 
We  set  out  below  the  continuing  roll  out of our worldwide network for the 
distribution of Colostrinin(TM). 
 
Current Markets: 
USA and Canada 
Development   in   the   USA   of  CogniSure(TM)   (Metagenics  brand  name  for 
Colostrinin(TM))  has  not  been  as  rapid  as  we had hoped - this remains our 
largest  market. We  believe the  takeover of  Metagenics by  Alticor, part of a 
worldwide  marketing group with an annual turnover of  GBP3.3 billion, will lead to 
our  product  being  more  widely  promoted,  outside  of  the relatively narrow 
marketing strategy of the original Metagenics design.  Metagenics advise us that 
they  are currently working on positioning the product in the USA and Canada and 
expect to carry out a substantial relaunch of the product in 2010. 
 
Australia 
The  ban imposed in August 2009 by  the Australian Quarantine Inspection Service 
(AQIS)  on the import  of colostrum based  products into Australia  has now been 
lifted,  as far  as products  containing Colostrinin(TM)  are concerned.  Health 
World in Australia has since ordered material sufficient to make products with a 
retail sales value of over US$300,000. 
 
Cyprus 
Golgi  Pharmaceuticals Limited has carried  out a significant marketing campaign 
to  promote  Cognase(TM)  (Golgi's  brand  name for Colostrinin(TM)) though some 
consumers   have  experienced  problems  with  tablets  discolouring.   Upgraded 
packaging  has now been developed  by Metagenics to prevent  this problem, and a 
supply of this newly packaged product has been delivered to Cyprus. 
 
Poland 
Sales  in Poland are proceeding as expected  at the time of signing the original 
Test Marketing Agreement in November 2008. 
 
UK 
MemoryAid  was successfully launched  in September 2009 and  we are very pleased 
that Colostrinin(TM) is finally available in our home market. 
Potential markets: 
Turkey 
Eczacibasi,  a leading  Turkish industrials  group with  annual revenues of $3.2 
billion,  now expect the  Government to give  final labelling approval for their 
'Dyna(TM)' version of Colostrinin(TM) within the next few weeks and for the full 
commercial  launch in Turkey to take place  in the first half of 2010.  We would 
remind  Shareholders of the financial terms  of the Turkish agreement which are: 
 On  Government approval, Eczacibasi will pay  ReGen a $50,000 milestone payment 
and  net  revenues  to  ReGen  from  Eczacibasi,  pursuant to the minimum annual 
purchase  commitments in the Distribution Agreement, are estimated to be $52,000 
in  the first year, after  regulatory approval is obtained,  and $104,000 in the 
second year. 
 
India 
ReGen  has a Material Transfer Agreement in  place with an Indian company, which 
has  now produced a tablet for the  Indian market.  We are now negotiating final 
contract  terms for a  full Licensing and  Distribution Agreement for India.  We 
would  comment that  India with  a population  of 1.1 billion  represents a very 
significant market where self-medication is a normal feature of medicine. 
 
South Korea 
We  are now negotiating the final terms of  a contract with a major South Korean 
company  to distribute Colostrinin(TM) in South  Korea.  We believe this company 
would have the marketing power to fully exploit the sales potential of a product 
based on Colostrinin(TM). 
 
China 
Our  contacts through  a technology  transfer company,  sponsoring innovation in 
China  from the  UK, has  led to  us signing  a Confidentiality Agreement with a 
leading  Chinese pharmaceutical company to  explore the possibility of marketing 
Colostrinin(TM) in China.  With a population of 1.3 billion, nearly one fifth of 
the  world's population,  China also  represents a  very significant  market for 
Colostrinin(TM).  Like India, China also self-medicates and as we are well aware 
is an important market for alternative therapies. 
 
 
The  Board believes that it is in the best interests of Shareholders to continue 
to  seek support  for ReGen's  development. The  Company is therefore seeking to 
renew  Shareholder  authority  to  take  in  additional  investment  and/or make 
acquisitions to maintain the capital base into 2010. The Board wishes to be able 
to  be  in  a  position  to  consider  promptly  and  effect appropriate funding 
proposals  as  and  when  they  occur  and  is  therefore  now  seeking to renew 
Shareholder  authority  to  be  able  to  issue new Ordinary Shares and/or other 
securities  of the Company to facilitate future fundraisings and/or acquisitions 
of  complementary businesses.   The Board  are requesting  authority to issue up 
to20,000,000  new Ordinary Shares for  these specific purposes, which represents 
approximately 44.4 per cent. of the current issued share capital of the Company. 
 
In  addition, the Board is seeking renewal of their general authorities to issue 
new  Ordinary Shares and/or other securities,  such general authority being last 
granted  to them at the General Meeting of the Company held on 7 December 2009. 
The  Board are requesting authority to issue up to2,250,000 new Ordinary Shares, 
which  represents approximately 5 per cent. of  the current issued share capital 
of the Company. 
 
General Meeting 
 
The  grant  of  general  authorities  to  issue  Ordinary  Shares  and/or  other 
securities  of the Company requires Shareholder approval. Accordingly, a General 
Meeting  of  the  Company  is  being  convened  for  the purpose of granting the 
Directors  authority to allot Ordinary Shares and to disapply pre-emption rights 
in connection with such allotments. 
 
 
For further information please contact: 
 
Percy Lomax, ReGen Therapeutics Plc: telephone 020 7153 4920 
Roland Cornish/Felicity Geidt, Beaumont Cornish Limited: telephone 020 7628 3396 
David   Scott/Nick   Bealer,   Alexander  David  Securities  Limited:  telephone 
020 7448 9820 
 
 
 
[HUG#1387120] 
 

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