The package I just bought over the summer still describes how to regenerate.
24 hours in 1:1 non-scented, non-low-splash hyperchlorite bleach.
Rinse well and soak in fresh water with 3 tablespoons of prime per cup of water for 8 hours.
I recently did this and noticed my royal gramma 'flashing' against rocks, etc. So I removed the regenerated material and added a capful of prime and the next moring the gramma was acting normal again.
So now I am a bit afraid to use it after regeneration. I regenerated it AGAIN in case I didn't get all the bleach out. This time I did two 8-hour soaks in water/prime and let it dry, but I have yet to try again.
By the way, this stuff STINKS like old gym shoes or something...you are supposed to check for bleach smell before putting it back in the tank but it's hard to tell with the odor of the material itself.