Bio-Matrix Scientific Group, Inc. Announces Newly Formed Stem Cell Subsidiary -- Regen BioPharma Inc., Secures $20,000,000 in Institutional Funding
Southridge Partners to Provide $20 Million in Funding for the Rapid Commercialization of Stem Cell Therapies
SAN DIEGO, CA--(Marketwire - Apr 30, 2012) - Bio-Matrix Scientific Group, Inc. (OTCQB: BMSN) (PINKSHEETS: BMSN) announced today it has formed a new subsidiary, Regen BioPharma, Inc. Regen BioPharma has developed a vertically-integrated structure for acquiring patents, performing accelerating preclinical and clinical development, and licensing or selling technology developed to large pharma companies in the area of stem cells.
To date, Regen BioPharma has reviewed more than 20,000 US issued patents covering stem cell related subject matter, created a shortlist of 30 promising technologies for rapid commercialization, and currently is in negotiations to license several of these. Once the technology is secured, the Company anticipates partnering with industry leading scientists, physicians, and service providers to complete the Investigational New Drug (IND)-enabling work and begin clinical trials.
"In biotechnology in general, and specifically in the area of regenerative medicine, the biggest value creation occurs for shareholders when a company files an IND and obtains human data that provides proof of safety and efficacy," said David R. Koos, Chairman and Chief Executive Officer of Bio-Matrix. "We are assembling the team and capabilities to in-license and evaluate technologies rapidly, then to develop the regulatory package and initiate clinical trials. Our business model and partnerships will allow us to take cell therapy products from discovery to FDA Phase II clinical trials in as short a period as 18 - 24 months."
The Company also announced that it has secured $20,000,000 in financing from Southridge Partners II, LP of Ridgefield, Connecticut.
This agreement grants the Company the option to sell and obligates Southridge to purchase up to $20,000,000 of common stock over its term. The per share price will be determined based on market prices in accordance with an agreed upon formula and the Company is not obligated to draw on the facility.
The Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission to register the resale by Southridge of any shares issued to it under the agreement. Subject to the effectiveness of the registration statement and the satisfaction of other customary conditions, the Company may draw on the facility from time to time, as and when it determines appropriate, in accordance with the timing and volume provisions set forth in the agreement.
A spokesperson for the Company noted that Its investment banker, Christopher Schufeldt of Capital Path Securities was instrumental in arranging the funding agreement with Southridge Partners II LP.
About Bio-Matrix Scientific Group, Inc.:
Bio-Matrix Scientific Group, Inc. (OTCQB: BMSN) (PINKSHEETS: BMSN) is a biotechnology company focused on the development of regenerative medicine therapies and tools. The Company is specifically focused on human therapies that address unmet medical needs. Specifically, Bio-Matrix Scientific Group Inc. is looking to increase the quality of life through therapies involving stem cell treatments. These treatments are focused in areas relating to lung, heart, circulatory system and other internal organs.
Through Its wholly owned subsidiary, Regen BioPharma, it is the Company's goal to develop translational medicine platforms for the rapid commercialization of stem cell therapies. The Company is looking to use these translational medicine platforms to advance intellectual property licensed from entities, institutions and universities that show promise towards fulfilling the Company's goal of increased quality of life.
Areas of interest to the Company include:
This news release may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
|Last Updated ( Monday, 30 April 2012 14:04 )|