Shares of Regenicin Inc. (RGIN) Rebound in After-Hours on Wednesday
Shares of Regenicin Inc. (OTC: RGIN), a biotechnology company engaged in the development and commercialization of regenerative cell therapies to restore the health of damaged tissues and organs, plunged in Wednesday’s trading session.
The penny stock of RGIN ended the day 25.93% lower at $0.200, with volume up from daily average of 272,659 to 7.89 million. The stock rebounded in after-hours trading on Wednesday, gaining 23.50%.
Regenicin on Wednesday clarified its prior press release on FDA issuance of Orphan Status for PermaDerm® product. RGIN said that while it believes it was accurate in representing the FDA’s action, the press release was misinterpreted y some to suggest that PermaDerm is approved as a skin graft for immediate use on burn patients.
RGIN noted that the Orphan designation has certain benefits to the recipient; however, it does not mean immediate commercialization of the product.
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