RegeneRx Announces Exercise of Over-Allotment Option for Recent Public Offering
02 Juin 2010 - 10:05PM
Business Wire
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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