Regenicin, even though still in the development stage, is already a promising biotech pioneer in next-gen skin substitutes via tissue engineering workflows. In fact, today the company reported the acquisition of a worldwide license to a proprietary technology which constitutes the aforementioned workflows.
The technology, formerly controlled by Lonza Walkersville, a subsidiary of Lonza Group Ltd., will pass to Regenicin with the payment of an initial $3.25M obligation, as required by the licensing agreement, and can be deployed to treat burns, chronic wounds and a host of other plastic surgery operations where skin remediation is essential.
CEO of WDSTD, Randall McCoy, explained that the technology combines cultured epithelium (skin cells) with a special collagen-fibroblast implant that together produce a rudimentary skin mesh comprised of both epidermal and dermal components.
Preclinical studies validate the effectiveness of the technology in producing a functional skin barrier, and this is considered a milestone by McCoy towards realizing the true potential of regenerative medicine.
Utilizing the vast experiential knowledge of WDSTD’s veteran management team, the plan is to work closely with Lonza Walkersville to develop the technology to its full potential, and then acquire FDA approval for rapid commercialization under the brand PermaDerm™.
The agreement stipulates that Lonza will retain exclusive manufacturing rights to PermaDerm products and that, pending FDA approval, WDSTD will gain a license to the fundamental intellectual property and patent rights associated with the technology, which was developed at the Universities of California, Colorado and Cincinnati in conjunction with Shriners’ Hospitals for Children.
Initial financing was obtained via private placement of common stock and convertible loans with co-placement agents NewOak Capital, Inc., and Smith Point, Ltd., thus facilitating the placement to major institutions/accredited investors.
McCoy was excited about securing the licensing agreement and said he looked forward to commercializing this breakthrough technology, which would be essentially unchallenged as a skin replacement engineered from the patient’s own cells.