Firstly, we would like to thank all the kind and generous people who donated during our very successful fundraising campaign in the run up to July. We would also like to acknowledge everyone who continues to support us in these challenging and uncertain economic times. Your support is invaluable to us and really does make a positive difference!
We are pleased to announce that since the fundraiser earlier this year, much progress has been made behind the scenes. We have acquired access to a suitable laboratory with all the facilities we will need to conduct our work. We have also managed to obtain cooperation and expertise from some of the most talented and forward thinking doctors in the field of regenerative medicine, who understand and respect the unique and very specific goals we have for this project. The second step in this groundbreaking project was to prepare a scientific protocol, which would serve as a blueprint for the experiments that our scientific staff would follow. With the support and expertise of leading biochemistry scientists in both the United States and Italy, this was completed, and experimentation commenced on September 23, 2012.
The experimentation is part of a strategy that will bring foregen to a clinical trial. Our scientists have chosen to work with various promising technologies that are recognized by the regenerative medicine community at large; among them are ways of working with stem cells and the extracellular matrix. After considering the best way to establish scientific credibility and viability for our project, our scientists have decided that it is necessary to take an intermediate step with animal tissue to preserve the safety of future human participants. This is what we are pursuing now.
The first experiment has huge importance for all people concerned with human dignity and bodily integrity, because for the first time in history, a committed and passionate organization has decided to solve a senseless problem facing millions of men in the world. We intend to regenerate the foreskin as nature created it. The technology is available, but to achieve our goals more quickly we will need even more supporters. So far, each donor has given his money for a cause in which he believes and for the chance at becoming whole. We have raised awareness, but nevertheless the pace of fundraising has been too slow.
In order to increase our reach to other potential supporters in the world, foregen will continue to exist as a non-profit organization, but next year external investors will establish a for-profit enterprise which will support the immense work of foregen. In this new company, supporters will contribute to something they are passionate about; but unlike the non-profit, this time their money will buy shares of the new company. This level of personal investment should raise money much faster. Although both organizations will share the same overall vision, the for-profit will be managed independently to facilitate investment, while the non-profit will continue to raise funds in accordance with our charter. To be able to achieve its goals Foregen needs very special investors, people who want to invest their money to resolve their personal problem and the problem of countless circumcised men in the world. In this way each investor will take his own responsibility to fund this marvelous project which intends to regenerate man to his original integrated state.
The first phase of the experiment is progressing as planned, and we will continue to provide more details as promised. Once the experiment on animal tissues has been concluded, fundraising for the first human application trials will then commence. The scientists involved in this project work with us on a confidential basis, and we hope you can understand that this unconventional and pioneering work is best carried out without them having to deal with a constant stream of inquiries, speculation from the press, and interference from pro-circumcision activists.
In the meantime we would like to thank everyone for their continued support, interest, and kind generosity. Your support really does matter to us. 2012 has been an exciting year for foregen, but in many ways it is only the beginning. Please look forward to 2013 and the many exciting developments we are planning to share with you!