Contact Information:

At RegeneRx:
J.J. Finkelstein
jjfnk@regenerx.com
301.280.1992

At the Financial
Relations Board:
Tim Grace
Media Inquiries
312.640.6741

Leslie Loyet
Analyst Inquiries
312.640.6672

Kathy Waller
General Inquiries
312.640.6696

RegeneRx Biopharmaceuticals, Inc. (OTCBB: RGRX) (www.regenerx.com), a biopharmaceutical company focusing on the development of products to treat chronic wounds, among a variety of other human diseases, announced that it plans to accelerate its investor relations outreach and communications efforts, and has retained FRB | Weber Shandwick, Financial Communications.

"During the past several years, we have been quietly focused on conducting research and exploring numerous potential applications related to our technology platform," said J.J. Finkelstein, RegeneRx's President & CEO. "We are very excited about the clinical prospects of our technology and, therefore, engaged FRB | Weber Shandwick to help us tell our shareholders, the financial community and the news media about our vision, strategies and prospects as we move forward."

About RegeneRx
RegeneRx is a biopharmaceutical company developing Thymosin ßeta 4 (Tß4) as a platform technology for the treatment of acute and chronic wounds and for the treatment of a variety of human diseases involving tissue and organ repair under an exclusive world-wide license from the NIH. The Company holds several patents related to the technology and has numerous world-wide patent applications pending. RegeneRx recently began Phase 1 human clinical trials to determine the safety and efficacy of Tß4 for the treatment of chronic dermal wounds and expects Phase 2 trials to begin in the latter part of 2003 or early 2004.

About Tß4
Tß4 is a naturally occurring 43-amino acid peptide present in virtually all human cells. Its gene is up-regulated following tissue injury and during the remodeling and differentiation of cells. Tß4 represents a new class of wound healing drug and is different from other wound repair factors, such as growth factors, in that it promotes endothelial and keratinocyte cell migration, down-regulates a number of inflammatory cytokines and chemokines, and has a very low molecular weight, allowing it to diffuse relatively long distances through tissues. A key mechanism of action is Tß4's ability to regulate the cell-building protein, actin, a vital component of the cytoskeleton. It has been the subject of a significant amount of research at the NIH and a number of other academic institutions, and has been reported to be effective in the repair of dermal and corneal wounds in numerous animal models under a variety of conditions.

About FRB | Weber Shandwick
FRB | Weber Shandwick operates as a division of Weber Shandwick, a unit of The Interpublic Group of Companies (NYSE: IPG), one of the world's leading public relations agencies with offices in major media, business and government capitals around the world. Weber Shandwick is a leader in marketing, public relations, public affairs and corporate communications counseling, and also provides services in advocacy advertising, market research and visual communications. Find out more at www.webershandwick.com.

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