RegeneRx Biopharmaceuticals, Inc. (OTCBB:RGRX) reported today that a paper published in the May issue of the peer-reviewed journal, Experimental Eye Research, (Volume 72, Number 5, pp. 605-608) further characterized the wound healing properties of Thymosin Beta 4 (Tß4) in animal models. The product is being developed by RegeneRx under an exclusive world-wide license from the National Institutes of Health in Bethesda, Maryland.

Dr. Gabriel Sosne, a member of the Henry Ford Hospital in Detroit, MI, and his colleagues at the National Institute of Dental and Craniofacial Research (NIDCR), Bethesda, MD; the National Eye Institute, Bethesda, MD, and the Uniformed Services University of the Health Sciences Medical School, Bethesda, MD, reported that Tß4 accelerated corneal re-epithelialization following debridement compared to controls (p<0.01); all doses of Tß4 yielded a significant response in comparison to placebo (p<0.001); and Tß4 promoted corneal epithelial cell migration in vitro compared to media alone (p<0.01). He concluded, "Our data are the first ocular studies to provide evidence that a single treatment of Tß4 accelerates in vivo wound healing, modulates corneal cytokine production and in vitro enhances epithelial cell migration."

These new findings follow several recent scientific presentations at the 7th International Congress of Allergy and Immunology held in New York in April. According to Dr. Hynda Kleinman, Director of the Laboratory for Developmental Biology at the NIH's NIDCR and a presenter at the conference, "Tß4 shows markedly accelerated wound healing in the eye by increasing epithelial migration and reducing inflammation, both of which are important to more rapid and complete healing. Tß4 could become a very important new compound for the treatment of wound repair related to trauma, surgery, or chronic disease." In addition, Tß4's ability to markedly reduce inflammation in the eye by down-regulating specific inflammatory cytokines points to its potential use as a novel non-steroidal anti-inflammatory agent.

RegeneRx Biopharmaceuticals, Inc., Bethesda, MD, recently obtained an exclusive world-wide license for the compound from NIH and is developing it for the treatment of a variety of human diseases. The Company is presently involved in discussions with prospective partners for development of Tß4 in certain fields of use. Tß4 is a 43-amino acid peptide which appears to regulate actin, down-regulate certain inflammatory cytokines, and promote angiogenesis, all of which are involved in the complex wound healing cascade.

RegeneRx, founded in 1982, is developing products to treat a variety of human diseases. For the past several years researchers at the Company and the NIH have been exploring the vital role of Tß4 in the regeneration, remodeling, and healing of chronic wounds caused by trauma, surgery, or disease.

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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