SAN DIEGO, March 15, 2017 /PRNewswire/ --
Regen BioPharma Inc. (OTCQB: RGBP), (OTCQB: RGBPP) announced that its management team has agreed to collectively cancel 16,500,000 common shares and 15,000,000 Series A Preferred shares. Of these amounts, 7,500,000 common shares and 2,500,000 Series A Preferred shares were already cancelled in December 2016 with the remaining shares being submitted for cancellation on March 13, 2017.
The Company has created a new class of stock, Series M Preferred which does not trade publicly. The management team will receive replacement shares for the publicly traded shares they cancelled. The Company's Chairman & CEO David Koos said "The Regen BioPharma Inc. management team collectively feel shifting our employment shares to Series M Preferred makes a huge statement on our commitment to and confidence in the long term growth of Regen. Our motivation and focus is long term shareholder value which we have just memorialized by accepting non-trading Series M Preferred stock for our publicly traded shares."
The Company believes this move will strengthen its relationship with its shareholders, as the compensation incentives for management are tied to achieving milestones.
About Regen BioPharma Inc.:
Regen BioPharma Inc. is a publicly traded biotechnology company (OTCQB: RGBP) and (OTCQB: RGBPP). The Company seeks to identify undervalued regenerative medicine applications in the immunotherapy and stem cell space. The Company is focused on rapidly advancing these technologies through pre-clinical and Phase I/ II clinical trials. Currently, the Company is focused on gene silencing therapy and small molecule therapies for treating cancer, along with developing stem cell treatments for aplastic anemia and disorders of the bone marrow. Additional information on Regen BioPharma is available at http://www.regenbiopharmainc.com.
Disclaimer: This news announcement may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Regen BioPharma Inc.
David R. Koos, Ph.D.
Chairman & Chief Executive Officer
For Investor Relations: Synergy: 1-888-259-9173
SOURCE Regen BioPharma Inc.