Having acquired the license Regenicin plans to develop the technology, with support from Lonza Walkersville, with a view to obtaining approval from the US Food and Drug Administration (FDA).
"We are excited to have secured the funds necessary to help us complete this licensing agreement with Lonza and to prepare to advance this important technology to commercialisation”, said Randall McCoy, CEO of Regenicin.
In conjunction with acquiring the license Regenicin has secured funding of $3.25m (€2.5m) through convertible loans and a private placement of its common stock.
Lonza has retained exclusive manufacturing rights for PermaDerm products.