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Regenicin reimburses Lonza Walkersville in full

|Includes: Regenicin, Inc. (RGIN)

Regenicin (OTCBB:RGIN) said Tuesday it has reimbursed Lonza Walkersville Inc., a supplier to the biopharmaceuticals market, $0.26 million for the work Lonza did in moving its main product candidate through the FDA application process.

In late April, New Jersey-based Regenicin, which specializes in the development of regenerative cell therapies to restore damaged tissues and organs, received a letter from Lonza alleging the company was in breach of their "know-how license and stock purchase agreement". The letter noted a past due payment of $183,687, which was later increased to $260,344 in June.

Regenicin said that while there was a dispute relating to the amount owed, the company paid the invoice in full to avoid a conflict with what it called "an important contractual partner".

"We look forward to a long and successful relationship in the future with the Lonza team," said Regenicin CEO Randall McCoy, "and we're happy to have this issue behind us as we move forward."