Regenicin (OTC:RGIN) announced Thursday that its former president Joseph Connell has dropped the lawsuit he had taken out against the company and its board of directors in the US District Court for the Southern District of New York.
In return, Regenicin has dropped its action against Connell, which was pending in the US District Court for the District of Nevada.
The Little Falls, New Jersey-based company said it expects the pending partnership dispute between Connell and Regenicin's current CEO, Randall McCoy, to be resolved soon. The company said its board of directors and its shareholders will not be affected.
"Mr. Connell and I had a previous business partnership separate and away from Regenicin. This matter is and has always been between the individual parties so I'm very pleased to have the matter formally resolved for our company and the board," McCoy said.
The biotechnology company, which focuses on regenerative cell therapies, saw a 23.4% spike in its stock on the OTC. As of Thursday at 12:10 pm, shares were trading at $0.29 each.
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