Shares of Regenicin (OTC: RGIN) meandered throughout the day in a tight trading range that ended with the stock posting no change for the session at a price of 20 cents. Trading activity can best be described as sporadic with a tad over 1.6 million shares exchanging hands.
The opening five minutes of the day basically established the high and low prices for the day as the stock opened the day down a penny and then moved to a daily high of .24. One half of the total shares exchanging hands on the day traded in the first hour. Afterwards, volume barely registered until the last few minutes of the trading session when 200,000 shares hit the tape. With barely a breath of volume, the stock hit an intraday low of 17 cents about an hour before the closing bell.
Though the volume yesterday for Regenicin was higher than its daily average, the intermittent trading mimicked the history of the stock over the last year. Up until the last eight trading days, trading has been virtually invisible at times. On Tuesday, volume spiked to 4 million shares, doubling that amount on Wednesday when the stock transitioned in a wide range between 15 and 45 cents.
The recent activity has revolved around FDA statements concerning Regenicin’s Permaderm product, which is the only engineered skin that’s prepared from a patient’s own skin.
On Tuesday, the FDA granted orphan approval status for the treatment therapy. Late Wednesday after the closing bell, the company issued a press release which clarified the statement from the FDA. Some had interpreted the ruling to mean the product was approved for immediate commercial use. Regenicin stated the orphan designation does provide certain benefits toward the progress of final approval, but the company will need to work with the FDA before commercial use becomes a reality.
Even though the company was founded in 2007, little headline news existed before the flurry of reports this week.
Regenicin is a biotechnology firm specializing in the development of regenerative cell therapy to restore damaged tissues and organs. The company’s primary focus is to develop technologies and therapies for skin regeneration in helping to restore healthy skin to patients with severe burn patients, chronic wounds, and plastic surgery procedures. As of 2011, the Little Falls, New Jersey company employed seven people. The company reported zero revenues for fiscal year 2011, which ended in September of that year.
No insider buys or sales have been recorded over the last year, and currently, no research analysts follow the company or stock.
Presently the company faces no known competition for it analogous therapy.