Regeneus directors provide $2.5 million loan to extend funding runway
Regeneus Ltd's (ASX:RGS) Board of Directors has put in place loan funding of $2.5 million to extend the company's funding runway for the development and licensing of its clinical assets.
This funding has been led by the new chief executive officer, Leo Lee, with support from other directors.
The unsecured overall loan is for a term of 12 months. Each loan has been provided on identical terms to the company on an arm's length basis.
Lee 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 Lee and the management team with the opportunity to continue to progress and optimise the licensing discussions of Regeneus' Progenza stem cell technology in Japan and review and explore options around the world for Progenza and Sygenus.
Lee has extensive experience in leading pharmaceutical companies in Japan having been the former president of Japan for both Merck and Allergan.
He brings a unique set of skills and experience to the company as it seeks to partner its stem cell technologies in the key markets of Japan, USA and Europe and emerging markets of China and South Korea.
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