HONG KONG–(BUSINESS WIRE)– Regencell Bioscience Holdings Limited (NASDAQ: RGC) (“Regencell” or the “Company”), an early-stage bioscience company today released a letter from Yat-Gai Au, Founder and Chief Executive Officer of the Company.
As CEO of Regencell, I am pleased to take this opportunity to discuss the significant milestones we achieved thus far in 2021, update our shareholders on our business plan for the remainder of the year and discuss our goals for 2022 and beyond.
For those who are new to Regencell, the Company focuses on the research, development and commercialization of Traditional Chinese Medicine (“TCM”) for the treatment of neurocognitive disorders and degeneration, specifically Attention Deficit Hyperactivity Disorder (“ADHD”) and Autism Spectrum Disorder (“ASD”).
We have been researching and conducting studies to address the fundamental causes of ADHD and ASD disorders. Our goal is to improve the lives of ADHD and ASD patients, their families and caregivers and become a market leader for the treatment of these disorders. We aim to achieve improvements in both symptoms and overall health of patients as compared to currently available medications in the market. We are passionate about transforming the lives of patients, their families and caregivers and help them feel their best physically, mentally and emotionally!
On July 16, 2021, our ordinary shares began trading on the Nasdaq Capital Market. We raised net proceeds of approximately $19.3 million from the initial public offering of 2,300,000 ordinary shares at a public offering price of $9.50 per share. We plan to use these proceeds to fund our second research study, TCM formulae and products, staff salaries, product and intellectual property registrations, facilities rental, renovations and equipment, for working capital and other general corporate purposes.
Our first study using personalized TCM formula in Hong Kong showed a drop in assessment scores meaning that ADHD and ASD symptoms were less severe for patient who participated in the study. However, there is no assurance that we can expect similar outcome in our second research study.
Encouraged by this positive outcome, we plan to commence our second research study next month in Hong Kong, which is expected to last for approximately one year. Approximately 100 patients will participate in our second research study, in 3-12 months treatment cycles. Our goal for the second research study is to verify the effectiveness of the standardized TCM formulae with candidates that are experiencing mild, moderate and severe ADHD and ASD conditions. Once completed, the research study will provide the foundation for the Company to apply for a proprietary Chinese medicine (“pCm”) registration in Hong Kong. We look forward to sharing the outcome as soon as we complete the study.
During a short period of time, we have achieved significant milestones, and these could not have been achieved without the tremendous backing of our long-time supporters. Speaking on behalf of our entire management team and board of directors, I would like to extend my thanks and deepest gratitude to:
Mr. Samuel Chen and Mrs. Fiona Chen, Dr. Hai Ping Jin and Mr. Jay Lee for their contribution and support to our research. Their investment gives hope to ADHD and ASD patients, their families and caregivers in need of a solution.
Also, Mr. Sik-Kee Au, our strategic TCM research partner, for offering his 30+ years of experience in TCM research & development, and clinical practice. Our partnership with Mr. Au has been instrumental in conducting our studies and has given us the exclusive rights and ownership of all his TCM formulae and the intellectual property rights of the TCM formulae.
Last but not least, I would like to thank all of our business partners, professionals and investors for making this possible, and to our team for the amazing work they continue to do every day.
For further information, please visit our website at https://www.regencellbioscience.com/.
Respectfully, Yat-Gai Au Founder and CEO Regencell Bioscience Holdings Limited
About Regencell Bioscience Holdings Limited
Regencell Bioscience Holdings Limited is an early-stage bioscience company that focuses on research, development and commercialization of TCM for the treatment of neurocognitive disorders and degeneration, specifically ADHD and ASD. The Company started in Hong Kong in 2014 and completed its first research study using personalized TCM formula in Hong Kong. The Company aims to launch three liquid-based standardized TCM formulae candidates for mild, moderate and severe ADHD and ASD patients in Hong Kong first and subsequently to other markets as we deem appropriate.
All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
For more information, please contact: Corporate: James Chung Chief Strategy Officer Regencell Bioscience Holdings Limited firstname.lastname@example.org
For investors in Asia Region, please contact: Strategic Financial Relations Limited Vicky Lee (852) 2864 4834 Brigid Lee (852) 2114 4313 Yvonne Lee (852) 2864 484 SPRG_Regencell@sprg.com.hk
For investors outside of Asia Region, please contact: Lena Cati The Equity Group Inc. Vice President (212) 836-9611 email@example.com
Source: Regencell Bioscience Holdings Limited