So what happened to WDST? Print E-mail
By M.E.Garza   
Wednesday, 10 November 2010 09:31

best penny stocksFirst things first, there has been ticker change for Regenicin, the company which is about to commercialize PermaDermâ„¢- the engineered skin substitute- whose story we have been following closely.

WDST.OB is no longer valid. It has changed to RGIN.OB. If that is news to you, you're not alone. We did not find any indication via PR or otherwise that this was coming, but it should not be seen as a negative development in any way. We already knew that the company had been taken public via a reverse merger into an existing shell, so now it simply appears that the ticker has been changed.

As we told readers previously, the company has the full attention of the U.S. Military who hopes to help the company push the technology out of the lab and into the battlefield. Our initial attention saw the stock rise 17% on big volume last week, but the rally was short lived. The stock is currently down about two cents from where we initially alerted as investors continue to wait for the next shoe to drop.

I can tell you that some parties within the ranks of the companies involved were quite upset that we had leaked out information about yesterday's presentations. At one point, even legal action was threatened but then quickly rescinded. The Department of Defense centric event in Walkersville, MD was quarterbacked by Lonza to "celebrate the newest advancements in regenerative medicine."

Given the nature of the presentation and VIPs in attendance, yesterday's event did come with some level secrecy and security. We are told that the event was "a tremendous success" full of moving speeches by members of congress, wounded soldiers, as well as members of the scientific and medical community- including Dr. Craig Eagle, a member of Regenicin's Board of Directors, and head of Oncology for Pfizer Worldwide who (we are told) spoke very eloquently about Regenicin's plans to commercialize the break-through skin susbtitute technology.

One company source told investors via email that the event was conservative and low key especially given "a potential Department of Defense contract." We knew and disclosed that the company(ies) had applied for government grants but this is the first time we have heard from an official about an actual contract.  Sources say everything is progressing on schedule. As soon as we have more information to share we will do it in this space.  My full report on the company was put on hold temporarily after the threatening phone calls, but we do intend to release it as soon as we are given the green light by legal.

PermaDermâ„¢ is the only tissue-engineered skin prepared from autologous (patient's own) skin cells from both the epidermal and dermal skin layers.  A small sample of the patient's skin can be expanded in the laboratory to cover a wound site that extends over 50% of the patient's body. These self-to-self skin grafts are intended to form permanent wound closure that is not rejected by the patient's immune system, a critical possibility in porcine or cadaver skin grafts used today.

Disclosure: Long RGIN

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