RegeneRx Biopharmaceuticals, Inc. (OTCBB:RGRX) reported that it completed a $400,000 short-term private debt offering. The sum comes due on December 31, 2003, or earlier upon completion of certain financing milestones or strategic partnerships. The company will pay 10% annual interest on the sum and the noteholders will receive a warrant to purchase 200,000 shares of the company's restricted common stock at a nominal price for a period of eighteen months.

"These funds come at a very important time as we are working on several potential financing and strategic partnership transactions. This capital will allow us to continue operating at our present pace while we negotiate these transactions," said J.J. Finkelstein, RegeneRx's President and CEO. "We are fortunate to have access to a number of investors who strongly believe in our technology and business strategy and are able to provide short term financing during such periods. We appreciate their willingness to step up on short notice when necessary."

RegeneRx Biopharmaceuticals, Inc. (www.regenerx.com) is developing 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 I human clinical trials to determine the safety and efficacy of Tß4 for the treatment of chronic dermal wounds.

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.

The information in this press release may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements concern the Company's current expectations regarding future events, including the ongoing and prospective development of Tß4 and possible future benefits to the Company, its shareholders, and patients. Due to the nature of product development and the regulatory approval process, the forward-looking statements are subject to risks and uncertainties, including those reflected in the Company's filings with the Securities and Exchange Commission, particularly its most recent Annual Report on Form 10-KSB. The Company assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company.

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