RegeneRx Biopharmaceuticals, Inc. (OTCQB: RGRX), a clinical-stage drug development company focused on tissue protection, repair and regeneration, today announced that it has entered into a definitive agreement to sell 5,147,059 shares of common stock at a purchase price of $0.34 per share to a dedicated healthcare institutional investor in a private placement. In connection with the offering, the investor will also receive warrants to purchase up to 5,147,059 shares of common stock with an exercise price of $0.51 per share and a five and one-half year term. The transaction is expected to close on or about June 30, 2016.
Maxim Group LLC is acting as the sole placement agent for the offering.
About RegeneRx Biopharmaceuticals, Inc. (www.regenerx.com)
RegeneRx is focused on the development of a novel therapeutic peptide, Thymosin beta 4, for tissue and organ protection, repair and regeneration. RegeneRx currently has three drug candidates in clinical development for ophthalmic, cardiac and dermal indications, three active strategic licensing agreements in China, Pan Asia (Korea, Japan, and Australia, among others) and in the U.S. RGN-259, the Company's T?4-based ophthalmic drug candidate is being developed for dry eye syndrome and for the treatment of neurotrophic keratopathy (NK), both of which are being developed in the U.S through its joint venture, ReGenTree. ReGenTree has recently announced results from its Phase 2b/3 U.S. trial in patients with dry eye syndrome and is conducting a Phase 3 clinical trial for the treatment of patients with NK, for which it has been granted orphan status by the U.S. FDA. RGN-352, the Company's T?4-based injectable drug candidate, is a phase 2-ready drug candidate designed to be administered systemically to prevent and restore tissue damage associated with acute events such as heart attacks, strokes, and other similar injuries. RGN-137, the Company's T?4-based dermal gel, is in Phase 2 clinical development. The Company currently has licensed RGN-259 and other T?4-based product candidates to Lee's Pharmaceuticals, Ltd., in China, Hong Kong, Taiwan and Macau. For additional information about RegeneRx please visit www.regenerx.com.
