Regen is not technically an IPO because we're technically insiders and already received what would have been otherwise offered to the public. When Regen goes public (receives a ticker), there will be no offered shares by Regen, since the insiders (us) and BMSN own all of the shares. Regen would have to then do a second offering if they were to sell other shares to the public.

Please keep in mind, insiders in this sense refers to the fact the we have shares and the company is not public.