RegeneRx Expects to Complete Short-Term Financing While Awaiting Completion of Phase 3 Clinical Trial for Dry Eye Syndrome

RegeneRx Biopharmaceuticals, Inc a clinical-stage drug development company focused on tissue protection, repair and regeneration announced that it has verbally agreed to a short-term financing transaction with one of its major stockholders, and members of its board of directors and management. The funding will provide working capital through the first quarter of 2021 and while we await the completion of our phase 3 dry eye clinical trial (ARISE-3) expected later this year.  Patient enrollment in the ARISE-3 trial, sponsored by our U.S. joint venture, ReGenTree LLC, was delayed by several months due to the COVID-19 virus.

Due to lower cash use than projected, the Company currently has sufficient capital to operate through October, 2020. The Company will disclose pertinent information related to the financing when the contemplated transaction is completed.  While the Company expects the transaction to be completed shortly, there is no guarantee that it can be completed by October 31 or at all.  

"We have been working diligently to secure financing for operations with a number of potential investors during a very challenging COVID situation and have been fortunate to have been able to reduce our cash use and extend our runway.  I believe we should be able to consummate the currently contemplated transaction over the next week or so and strengthen our cash position while we await the completion and results of ARISE-3.  Once we receive a readout from ARISE-3, we can determine how to proceed with any additional financings as well as other strategic options," stated J.J. Finkelstein, President and Chief Executive.

SOURCE RegeneRx Biopharmaceuticals, Inc

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