RegeneRx Biopharmaceuticals, Inc. (OTCBB: RGRX), announced today the results of its year ended December 31, 2001. The Company had a net loss of $150,609, or $0.01 per basic and diluted share for the year ended December 31, 2001, compared with net income of $1,041,432, or $0.06 per basic and $0.05 per diluted share for the year ended December 31, 2000. The net loss for 2001 stemmed primarily from the ongoing operating expenses net of the realized gain on sale of investments of $174,780 and the $118,274 extraordinary gain resulting from the forgiveness of debt. Net income in 2000 included a realized gain on sale of investments of $694,931 and an extraordinary gain of $781,775 related to the settlement of vendor payables and notes payable.

Highlights for 2001, and subsequently, included:

• Secured $1.7 million in operating capital necessary to fund Phase I human clinical trials scheduled for the latter part of 2002; Appointed J.J. Finkelstein as President and CEO. Receipt of exclusive world-wide license from National Institutes of Health ("NIH") for Thymosin Beta 4 ("Tß4") in chronic wounds; Entered Cooperative Research Agreements with NIH and UT Southwestern to explore various new uses of Tß4; Publication of numerous scientific papers related to Tß4;
• Presentation of significant Tß4 data at scientific meetings around the world;

According to Mr. Finkelstein, "We continued substantial progress throughout 2001 and are now positioned to begin clinical trials. Our board, consultants, and most recent financing have enabled us to achieve our initial goals set forth several years ago and have also given us the resources to move forward in an expeditious manner. We are quite excited about the prospects of Tß4 and look forward to the initiation of human clinical trials later this year."

RegeneRx is a biopharmaceutical company, founded in 1982, whose primary focus is on products to treat acute and chronic wounds. For the past several years researchers at the Company and the NIH's Institute of Dental and Craniofacial Research have been exploring the vital role of Tß4 in the regeneration, remodeling, and healing of chronic wounds and have published scientific papers on its efficacy in animal models. Tß4 is a 43 amino acid peptide found in high concentration in blood platelets, wound fluid, white blood cells, and in most other tissues of the body. It is the major actin-sequestering molecule found in most mammalian cells and, as such, plays a vital role in the regeneration, remodeling, and healing of injured or damaged tissues. Tß4 has been found to stimulate wound healing and angiogenesis in rats when applied either topically or injected intraperitoneally. Most recently, investigators at NIH, GWU, and the Uniformed Services Medical School, have found that Tß4 is active in stimulating endothelial and keratinocyte cell migration in vitro and angiogenesis in vivo.

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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