The annual meeting of ReGen Biologics, Inc. shareholders
was held Friday, May 12 in New York City. Three proposals were
reviewed and passed.
All six of the current company directors were elected for the next
year. The directors are Gerald E. Bisbee, Jr., Ph.D., Abhi Acharya,
Ph.D., Alan W. Baldwin, Robert G. McNeil, Ph.D., J. Richard Steadman,
M.D. and William R. Timken.
The other two proposals voted upon by shareholders were the
ratification of the appointment of Ernst & Young LLP as the Company's
independent accountants for the current fiscal year, and the one for
eight reverse stock split of all of ReGen's issued and outstanding
common stock, subject to the authority of the Board.
Gerald E. Bisbee, Jr., Ph.D., Chairman and Chief Executive Officer
of ReGen Biologics commented, "We appreciate investors' support of
ReGen and their participation in the annual meeting." Dr. Bisbee
continued, "The board's intention regarding the reverse stock split is
to approve the reverse split only as part of a sequence of steps,
which would likely include the listing or quotation of our common
stock on a national exchange or quotation system and an underwritten
public offering of equity securities, neither of which is expected to
occur until either we receive FDA clearance of our collagen scaffold
device, or we achieve some other significant milestone in our
business."
About ReGen Biologics, Inc.:
ReGen Biologics (OTCBB: RGBI) 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. The Company's first
approved product using its collagen scaffold technology is the
CMI(TM), a meniscus application of its collagen scaffold technology,
which is cleared for sale in Europe and marketed through the Company's
European subsidiary ReGen Biologics AG.
ReGen is headquartered in Franklin Lakes, NJ and manufactures its
collagen scaffold products in its ISO Certified facility located in
Redwood City, CA. 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 2005 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.
