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 with certain institutional and accredited investors, including certain directors and officers of the Company, in connection with a private placement of up to $2,000,000 of shares of its common stock and warrants at a purchase price of $0.20 per share and accompanying warrants. RegeneRx will be issuing to each purchaser Series A Warrants to purchase up to approximately 7.5 million shares of common stock with an exercise price of $0.24 per share, exercisable immediately and have a term of two years following issuance and Series B Warrants to purchase up to approximately 7.5 million shares of common stock with an exercise price of $0.28 per share, exercisable immediately and have a term of five years following issuance. The offering is expected to close on or about June 30, 2021, subject to customary closing conditions.
The net proceeds to RegeneRx, after deducting placement agent fees and other offering expenses, are expected to be approximately $1.8 million. The Company intends to use the net proceeds of this offering to fund its on-going operations.
Roth Capital Partners is acting as the sole placement agent in this offering.
About RegeneRx Biopharmaceuticals, Inc.
RegeneRx is focused on the development of novel therapeutic peptides, including Thymosin beta 4 (Tβ4) and its constituent fragments, for tissue and organ protection, repair, and regeneration. RegeneRx currently has three drug candidates in clinical development for ophthalmic, cardiac/neuro and dermal indications, four active strategic licensing agreements in the U.S., China, and Pan Asia (Korea, Japan, and Australia, among others), and the EU, and has patents and patent applications covering its products in many countries throughout the world.
