Healthcare Industry News: collagen scaffold
News Release - April 3, 2008
ReGen Biologics Reports Sales Progress and Provides Business Update
HACKENSACK, N.J.--(HSMN NewsFeed)--ReGen Biologics (the “Company”) (OTC: RGBI) filed its 2007 Annual Report on Form 10-K on March 27. It can be viewed in the Investor section of the Company’s website www.regenbio.com.Highlights in the report include significant improvement in several key sales measures. Annual revenue for 2007 increased 68% over the previous year to $986,000. In the same time period Menaflex™ dollar sales increased 140% to $553,000 while Menaflex unit sales increased 94% to 352 units.
As of December 31, 2007 the Company had $4.1 million in cash and investment balances, representing approximately 6 to 7 months’ cash based upon the Company’s estimated 2008 burn rate. The Company is evaluating its financing options.
The Company is continuing to pursue its appeal of the previously announced NSE decision received from the FDA regarding the Company’s collagen scaffold 510(k) filing. Communications with the FDA are ongoing and the Company will provide further updates as additional information becomes available.
“Our marketing efforts last year resulted in notable progress, including sales gains and new distribution agreements for Poland and South Africa. We continue to enter new markets, most recently launching the Menaflex collagen meniscus implant in the United Kingdom,” stated Gerald E. Bisbee, Jr., Ph.D., Chairman and Chief Executive Officer.
Through its new product branding efforts and website www.menaflex.com, the Company believes that consumer demand will help to drive product awareness and connect patients with trained surgeons. Based on increasing surgeon adoption, new market penetration, and increasing consumer awareness, the Company believes it is poised to at least double the ex-U.S. sales of its Menaflex product in 2008.
About ReGen Biologics, Inc.:
ReGen Biologics is an orthopedic products company that develops, manufactures and markets innovative tissue growth and repair products for U.S. and global markets. ReGen's patented collagen scaffold technology includes applications in orthopedics, general surgery, spine, cardiovascular and drug delivery. ReGen’s first approved product using its collagen scaffold technology is the Menaflex™ meniscus application, which is cleared for sale in Europe and other countries and marketed through ReGen’s European subsidiary, ReGen Biologics AG. ReGen continues to work to obtain FDA clearance of the Menaflex device in the United States.
For more information on ReGen, visit www.regenbio.com.
This press release contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations and beliefs of the management of ReGen and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including those discussed in the Risk Factors section of ReGen's 2007 annual report on Form 10-K and additional filings with the SEC. ReGen's filings with the SEC are available to the public at the Company's website at http://www.regenbio.com, from commercial document-retrieval services and at the Web site maintained by the SEC at http://www.sec.gov.
Source: ReGen Biologics
Issuer of this News Release is solely responsible for its
content.
Please address inquiries directly to the issuing company.
