SAN DIEGO, CA -- (Marketwire) -- 04/30/12 -- 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.