Sydney, Australia, Nov 21, 2019 - (ABN Newswire) - 2019 was a productive year as we continued our aim of commercialising Progenza and Sygenus, our core regenerative medicine technology platforms. In particular, our focus has been on the lead platform, Progenza, which has shown positive results for treating osteoarthritis in its Phase 1 trials. The market for osteoarthritis is significant and worth US$9.5bn across Japan, the US and Europe and we believe this represents a significant commercial opportunity for Regeneus.
During the year, we made several changes to ensure Regeneus was well-positioned to capture this opportunity, including the appointment of Leo Lee as Chief Executive Officer. Leo has deep experience in the industry and was the former president of Japan for both Merck and Allergan. Since his appointment, Leo, together with the Board, has formulated a new vision and a refreshed strategy for Regeneus which Leo will go through in more detail shortly.
In 2019, Regeneus also announced a number of changes to its Board, including my appointment as Non-Executive Chairman, together with the appointment of two additional Non-Executive Directors, Dr John Chiplin and Dr Alan Dunton, who both bring significant experience in leading large-scale life sciences and biotechnology companies internationally.
We believe these changes will support Regeneus and the Company's revised strategic direction as the company seeks to address the US$69bn global neuropathic pain market, starting with commercialising Progenza for osteoarthritis in Japan.
While lying outside the financial year, our recent $5.5m capital raise was well-supported by new and existing investors and directors, including the shortfall placed in full to a Japan-based biotech fund, announced on Tuesday. This is an important validation of the Company's revised strategy and vision and we thank all those who participated.
The primary focus for Regeneus in the new year is to continue to bring to market Progenza for the treatment of osteoarthritis and the completion of a Phase 2 trial. We are targeting a 2023 product launch in Japan and are focused on securing a Japanese commercialisation partnership.
We have started the 2020 financial year positively. Regeneus is more robust following our restructure and recent cost-containment initiatives which have strengthened our position as a company. We look forward to continuing rolling out the revised company strategy and meeting milestones throughout the remainder of the financial year.
To view 2019 AGM CEO Presentation, please visit:
About Regeneus Ltd:
Regeneus Ltd (ASX:RGS.AX - News) is a Sydney-based clinical-stage regenerative medicine company using stem cell technologies to develop a portfolio of novel cell-based therapies to address significant unmet medical needs in the human health markets with a focus on osteoarthritis and other musculoskeletal disorders, neuropathic pain and dermatology.
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