Biologix Hair Inc. Announces Going Private Strategy, Delisting and Deregistration
Biologix Hair Inc. (OTCBB:BLGX)(OTCQB:BLGX) announced today that it will remove its common stock from quotation on the OTC Bulletin Board and deregister from the reporting requirements of the Securities Exchange Act of 1934, as amended. In light of available capital raising opportunities and recent regulatory changes, Biologix has decided to adopt a going private strategy that it believes will maximize management efficiencies and allow the Company to take advantage of new capital raising exemptions contained in the JOBS Act, which will allow registration exempt companies to raise up to $50 million in any 12-month period from accredited investors.
Both management and the Board of Directors believe that the going private strategy will protect Biologix from market instability during its crucial development stage, all while dramatically reducing capital raising and overhead costs. Biologix is eligible to deregister its stock because it has fewer than 300 shareholders of record. The going private strategy will see Biologix remove its common stock from quotation on the OTC Bulletin Board by filing a Form 25 with the SEC, whereafter its stock will cease to be quoted within 10 days. Subsequently, the Company will also file a Form 15 with the SEC to suspend its reporting requirements under Section 15(d) of the Exchange Act. Upon filing of the Form 15, the Company will no longer be obligated to file quarterly, annual or current reports with the SEC. Adoption and completion of the going private strategy is subject to formal approval of the Board of Directors, which is expected without delay.
About Biologix Hair Inc. and Biologix Hair Science Ltd.
Biologix Hair Inc. (Biologix Hair), together with its wholly owned biotechnology subsidiary, Biologix Hair Science Ltd. (TM) (BHS), is focused on realizing the full market potential for its patent-pending hair loss formula - Biologix Revive - and its demonstrated ability to prevent and reverse the effects of alopecia, which plagues hundreds of millions worldwide.
Between mid-2004 and late 2011, more than 30,000 pre-clinical-trial treatments of Biologix Revive were administered to 5,000-plus patients in South America suffering with varying degrees of alopecia, as well as people seeking preventive treatment. The participating treatment clinicians subjectively observed and reported that virtually 100% of preventive care clients continued to retain their healthy hair and an estimated 80-85% of the males and 90-plus% of the females treated for hair regeneration experienced significant regrowth of their own natural hair. And among alopecia areata patients, virtually total hair regrowth was observed in 100% of the cases. To date, no negative side effects have been reported.
BHS is currently focused on obtaining FDA approval for its breakthrough hair loss prevention and regeneration therapy and has initiated a research and development program with one of the world's leading medical research universities, the Beijing Institute of Technology (BIT). The R&D program, expected to take approximately twelve months to complete, is an important final step before formal clinical trials and the FDA approval process begins.
Additionally, on May 11, 2012, Venable LLC, the Washington-based law firm overseeing the worldwide IP and regulatory approval processes on behalf of BHS, filed a Patent Cooperation Treaty (PCT) application on behalf of BHS for Biologix Revive in Geneva, Switzerland. The PCT is an international treaty, administered by the World Intellectual Property Organization (WIPO), to which 144 countries have as of now contracted, including Canada and the United States.
Biologix management is determined to be in a ready position to capitalize on the high-margin sales potential of the Biologix Hair Therapy System(TM), if and when FDA and other major market approvals are forthcoming.
As BHS advances the regulatory approval process, Biologix Hair, together with wholly owned subsidiary companies operated by BHS, are rapidly developing a global distribution network of licensed clinicians and medical practitioners seeking to become Certified Biologix Hair Therapists(TM) and secure exclusive territorial purchasing and treatment rights for the Biologix Hair Therapy System(TM).
Biologix Hair has decided not to risk creating any potential regulatory conflicts by offering treatment outside the United States and other major high-product-margin markets until FDA approval has been granted. Therefore, the Biologix Hair Therapy System(TM) is not yet available other than to the 5,000+ patients who participated in the pre-clinical-trials conducted in South America.
To learn more about Clinician Licensing opportunities, Click Here (http://www.biologixhair.com/licensing/clinician-licensing-options/
) or call toll free +1 855.737.0333 or +1 647.344.5900.
This announcement is not an offer to sell any Biologix Hair Inc. ("Biologix") securities. Offers for any given security are made only through applicable offering circulars and related documents filed with the SEC pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934. Certain statements contained herein and subsequent oral statements made by and on behalf of Biologix may contain "forward-looking statements". Such forward-looking statements are identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and includes, without limitation, the development of treatment centers and approval from regulatory authorities. Forward-looking statements express our expectations or predictions of future events or results. They are not guarantees and are subject to many risks and uncertainties. There are a number of factors beyond our control that could cause actual events or results to be significantly different from those described in the forward-looking statements. Any or all of our forward-looking statements in this report or in any other public statements we make may turn out to be wrong. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise. In Canada, Europe and the United States, the Biologix treatment is not approved for use by Health Canada, EMA or the FDA. The company makes no representations that it will receive Health Canada, EMA or FDA approvals.
Biologix Hair Inc.
Toll Free: +1 855.292.8585 or +1 647.494.8001