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news.ReGen Biologics, an orthopedic products company, has recently completed the second of a two stage private placement of approximately $1.7 million in common stock for combined gross proceeds of approximately $9 million.
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The proceeds will support the launch of the company’s Menaflex collagen meniscus implant device in the US, which recently received the FDA clearance.
In the recent closing, ReGen issued approximately 495,000 shares of common stock at $3.50 per share and provided 15% warrant coverage with a five-year term and an exercise price of $1.20 per share. On a combined basis, the company received gross proceeds of $8.8 million, issued approximately 2.5 million shares of common stock at $3.50 per share and issued approximately 376,500 warrants exercisable for $1.20 per share.
Gerald Bisbee, Jr, chairman and CEO of ReGen Biologics, said: “This financing marks a successful conclusion to the first stage of our US commercialization funding strategy. We appreciate the financial support that we have enjoyed from many long-term ReGen investors.”