RegeneRx Biopharmaceuticals, Inc. (OTC Bulletin Board: RGRX) (“the
Company” or “RegeneRx”) today announced that it has received $225,000
through the issuance of unsecured convertible notes to two directors and
two unaffiliated investors. The loan proceeds will allow the Company to
maintain current operations and continue work on several opportunities
related to its ophthalmic, cardiac and central nervous system drug
candidates, as well as certain strategic financial opportunities.
The notes are for a five-year term and accrue interest at a 5% simple
interest rate, which is payable at the end of the term or upon
conversion of the notes into common stock. The note holders may convert
their notes, at their sole discretion, into common stock at any time
within the 5-year term at a price of $0.06 per share. The note holders
are Allan L. Goldstein, RegeneRx’s chairman, founder and chief
scientific advisor; Joseph C. McNay, an independent board member; and
two unaffiliated investors.
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 formulations in
development for ophthalmic, cardiac, central nervous system and dermal
indications, two strategic licensing agreements in China and the EU, and
has an extensive worldwide patent portfolio covering its products.
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 forward-looking statements
involve risks and uncertainties that could cause actual results to be
materially different from historical results or from any future results
expressed or implied by such forward-looking statements. Please view
these and other risks described in the Company’s filings with the
Securities and Exchange Commission (“SEC”), including those identified
in the “Risk Factors” section of the annual report on Form 10-K for the
year ended December 31, 2011, and subsequent quarterly reports filed on
Form 10-Q, as well as other filings it makes with the SEC. Any
forward-looking statements in this press release represent the Company’s
views only as of the date of this release and should not be relied upon
as representing its views as of any subsequent date. The Company
specifically disclaims any obligation to update this information, as a
result of future events or otherwise, except as required by applicable
law.
