RegeneRx Biopharmaceuticals, Inc. (NYSE Amex: RGN), a biopharmaceutical company focused on the development of a novel therapeutic peptide, Thymosin beta 4, for tissue and organ protection, repair and regeneration in cardiovascular diseases, central nervous system injuries, ophthalmic indications and dermal wounds, today announced that the underwriters of its recently completed public offering of units have exercised an option to purchase an additional 1,624,750 units at $0.41 per unit, consisting of an aggregate of 1,624,750 shares of common stock and warrants to purchase an aggregate of 649,900 shares of common stock. Each warrant has a term of five years and represents the right to purchase one share of common stock at an exercise price of $0.56 per share. No fractional warrants will be issued. The additional units separated immediately, and the common stock and warrants were issued separately. The warrants are quoted on the NASD Over the Counter Bulletin Board. The sale of the additional units occurred on June 2, 2010.

Including the proceeds from the sale of the additional units pursuant to the exercise of the over-allotment option, the aggregate net proceeds to RegeneRx from the public offering of the units, after deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $4.5 million. RegeneRx plans to use the net proceeds from this offering to support and fund several clinical trials, including a proposed Phase 2 clinical trial of its product candidate RGN-352 for the treatment of patients with acute myocardial infarction, more commonly known as a heart attack; an ongoing Phase 2 clinical trial of its product candidate RGN-137 in patients with the skin defect epidermolysis bullosa; compassionate use studies of its product candidate RGN-259 in patients with neurotrophic keratitis; a proposed physician-sponsored trial of RGN-259 in patients with dry eye associated with graft versus host disease; and another proposed physician-sponsored Phase 1/2 trial of RGN-352 in patients with multiple sclerosis. The company also plans to use the net proceeds for general corporate purposes, including working capital.

Maxim Group LLC acted as the sole book-running manager for the offering, with Boenning & Scattergood as co-manager. The offering was made pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission on May 17, 2010. A final prospectus relating to the offering was filed with the SEC on May 18, 2010 and is available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus may also be obtained by contacting the prospectus department at Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, or by telephone at 1-800-724-0761.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, units, shares of common stock or warrants. Furthermore, RegeneRx will not sell any of the units and has been advised by Maxim Group that the underwriters and their affiliates will not sell any of the units in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of any such state or jurisdiction.

About RegeneRx Biopharmaceuticals, Inc.

RegeneRx is focused on the development of a novel therapeutic peptide, Thymosin beta 4, or Tβ4, for tissue and organ protection, repair and regeneration. Currently, RegeneRx has formulated three product candidates in clinical development: RGN-137, a topically applied gel for chronic dermal wounds and reduction of scar tissue that is currently in a Phase 2 clinical trial for the treatment of epidermolysis bullosa; RGN-259, a sterile, preservative-free topical eye drop for ophthalmic indications that is currently being supported in compassionate use studies; and RGN-352, an injectable formulation for systemic delivery to treat cardiovascular diseases, central nervous system diseases, and other medical indications that require administration by injection, that has completed a Phase 1 clinical trial. RegeneRx is initially targeting RGN-352 for the treatment of patients who have suffered an acute myocardial infarction, or heart attack, although recent animal research suggests that this formulation may also benefit patients with multiple sclerosis and stroke. RegeneRx has a fourth product candidate, RGN-457, which is an inhaled formulation targeting cystic fibrosis and other pulmonary diseases, in pre-clinical development. These product candidates are based on Tβ4, a synthetic copy of a 43-amino acid, naturally occurring peptide that is the subject of an exclusive worldwide license from the National Institutes of Health. In addition to the four pharmaceutical product candidates described above, RegeneRx is pursuing the commercial development of peptide fragments of Tβ4 for potential cosmeceutical use. RegeneRx holds over 60 worldwide patents and patent applications related to its product candidates.

Forward-Looking Statements

Any statements in this press release that are not historical facts are forward-looking statements made under the provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained herein which do not describe historical facts, including but not limited to, statements regarding the intended use of the net proceeds of the offering, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include the risks and uncertainties inherent in our business, including, without limitation, the risk that our product candidates do not demonstrate safety and/or efficacy in future clinical trials; risks related to our ability to obtain financing to support our operations on commercially reasonable terms; the progress, timing or success of our clinical trials; difficulties or delays in development, testing, obtaining regulatory approval for producing and marketing our product candidates; regulatory developments; the size and growth potential of the markets for our product candidates and our ability to serve those markets; the scope and validity of patent protection for our product candidates; competition from other pharmaceutical or biotechnology companies; and other risks described in our filings with the Securities and Exchange Commission (“SEC”), including those identified in the “Risk Factors” sections of the Annual Report on Form 10-K for the year ended December 31, 2009, filed with the SEC on March 31, 2009, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, filed with the SEC on May 17, 2010, as well as other filings we make with the SEC. Any forward-looking statements in this press release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. We anticipate that subsequent events and developments may cause our views to change, and we specifically disclaim any obligation to update this information, as a result of future events or otherwise, except as required by applicable law.

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