RegeneRx Biopharmaceuticals, Inc. (OTCBB:RGRX) reported today that European researchers further characterized the mechanism of action of Thymosin Beta 4 (Tß4), a novel wound healing drug under development by RegeneRx. Their findings were published in the most recent issue of the scientific journal, The Federation of American Societies for Experimental Biology (FASEB), Volume 16, May 2002, pp. 691-696.

Drs. Thomas Huff and Eric Hannappel and their colleagues at the Institute of Biochemistry, University of Erlangen-Nuremberg, Germany reported that Tß4 is concentrated at the site of tissue damage through its linkage to an important blood clotting factor, known as factor XIIIa or transglutaminase, which is released by activated blood platelets. Their data explain how Tß4 may modify specific biological responses in an extracellular environment.

Dr. Allan L. Goldstein, Chairman of Biochemistry and Molecular Biology at The George Washington University Medical School and Chief Scientific Advisor to RegeneRx explains, "This is a very important paper as it provides additional evidence of Tß4's mechanism of action in facilitating wound healing and complements the research reported in several recent publications by Dr. Hynda Kleinman's laboratory at the National Institutes of Health. Drs. Huff and Hannappel have shown that as Tß4 is released from blood platelets, upon injury or trauma, factor XIIIa enables it to attach to clotting and wound healing agents, such as fibrin and collagen. This action would allow much higher concentrations of Tß4 to remain at the wound site where it contributes to the wound healing process by accelerating and stimulating the migration of new cells."

RegeneRx Biopharmaceuticals, Inc., Bethesda, MD, (www.RegeneRx.com) holds an exclusive worldwide license for the compound from NIH for wound healing and is developing it for the treatment of a variety of human diseases. Tß4 is a naturally occurring 43-amino acid peptide that appears to regulate actin and down-regulate certain inflammatory cytokines, both of which are involved in the complex wound healing cascade. The Company holds several patents related to its technology and has numerous patent applications pending.

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 and commercialization 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 contained in this press release 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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