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Regencin repays short-term loans

Last updated: 14:24 17 Jun 2011 EDT, First published: 12:24 17 Jun 2011 EDT

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Regenicin (OTC:RGIN), a biotechnology company specializing in the development of regenerative cell therapies to restore the health of damaged tissues and organs, announced on Friday that it has repaid its loans to financial backers, totalling $0.24 million.

The company was given short-term loans from supporters and members of its board of directors to finance operations.

The repayments met the terms and conditions of the loans, thus releasing the company’s assets being held as collateral in exchange for the credit, Regenicin said.

"The short-term loans extended to us were from people who genuinely want us to succeed in bringing new product candidates to market in the field of regenerative medicine," said CEO of Regenicin, Randall McCoy.

"We are pleased to have the financial wherewithal to repay these valuable contributors and continue on our path to fulfill our business objectives," he added.

The New Jersey-based company, which was founded in 2010, develops and commercializes technology through the use of tissue-engineered skin substitutes, to restore healthy human skin when treating burns, chronic wounds and a variety of plastic surgery procedures.

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