Contact: At RegeneRx: At the Financial |
RegeneRx Reports 2005 Year-End Results RegeneRx Reports 2005 Year-End Results March 31, 2006 — Bethesda, Md RegeneRx Biopharmaceuticals, Inc. (AMEX:RGN), announced today the results of its year ended December 31, 2005. The company reported a net loss of $5.5 million or $0.15 per share for the year ended December 31, 2005, compared with a net loss of $3.3 million or $0.10 per share for the year ended December 31, 2004. For the fourth quarter the company's net loss was $2.2 million, which included a non-cash charge of $0.6 million for previously capitalized patents costs. The net loss for 2005 resulted primarily from the continued research and development expenditures related to ongoing Phase II clinical trials to study the company's product (TB4) for the treatment of chronic dermal wounds, research and development efforts related to its technology platform, scale-up manufacturing and formulation efforts related to two anticipated clinical trials in the ophthalmic and cardiovascular fields, and administrative costs associated with managing the company's projects. RegeneRx had approximately $7.6 million in cash and short-term investments at December 31, 2005. On March 16, 2006, the company further enhanced its cash position through a $7.3 million registered direct offering of common stock and has approximately $13.3 million of cash on hand as of March 31, 2006. Highlights over the past year included:
"We were very pleased with our progress in 2005 as we continued to move our clinical program forward and substantially completed two new drug formulations for proposed clinical trials in the ophthalmic and cardiovascular fields. We were also the beneficiaries of a substantial amount of new scientific data related to our technology platform that continues to support our clinical trial program," said J.J. Finkelstein, president and chief executive officer. "In addition to the dermal trials, we look forward to our new clinical projects and will be meeting with the FDA shortly to discuss an Investigational New Drug (IND) submission for a proposed ophthalmic clinical trial, and later this year for a cardiovascular trial. It continues to be our goal to complete our dermal clinical trials in the U.S. and Europe by the end of this calendar year or the first quarter of 2007 and report the results shortly thereafter. "Outsourcing tactical aspects of our product development efforts continues to be a cost-effective way in which to advance our research and development, without substantial investment in personnel, infrastructure, and overhead. Given our current cash position, we should have sufficient capital to implement our business plan for the next 12-18 months," stated Neil Lyons, RegeneRx's chief financial officer. Conference Call For those unable to listen to the call live, a taped rebroadcast will be available via telephone beginning approximately two hours after completion of the live call on March 31, 2006 through April 7, 2006. To access the replay, dial 888.203.1112 and request reservation number 8645794. A replay of the call will also be available on the Internet at www.regenerx.com or www.viavid.com for 30 days. About RegeneRx Biopharmaceuticals, Inc. Safe Harbor Statement For more information please visit RegeneRx's web site at www.regenerx.com
BALANCE SHEETS
December 31, 2005 and 2004
December 31,
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2005 2004
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ASSETS
Current assets
Cash and cash equivalents $ 4,896,143 $ 2,874,260
Short-term investments 2,679,693 -
Due from related parties 4,592 12,357
Deferred offering costs - 75,884
Other current assets 72,894 30,338
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Total current assets 7,653,322 2,992,839
Fixed assets, net of accumulated
depreciation of $22,918 and $10,001 54,234 2,587
Deferred patent costs net of accumulated
amortization of $0 and $4,760 - 293,075
Other assets 17,078 -
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Total assets $ 7,724,634 $ 3,288,501
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 187,666 $ 426,043
Accrued expenses 526,461 153,879
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Total current liabilities 714,127 579,922
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Commitments - -
Stockholders' equity
Preferred stock, $.001 par value per
share, 1,000,000 authorized; no shares
issued - -
Common stock, par value $.001 per share,
100,000,000 shares authorized; 37,629,024
and 34,577,356 issued and outstanding 37,629 34,577
Additional paid-in capital 54,936,362 45,179,591
Accumulated other comprehensive loss (3,044) -
Accumulated deficit (47,960,440) (42,505,589)
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Total stockholders' equity 7,010,507 2,708,579
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Total liabilities and stockholders' equity $ 7,724,634 $ 3,288,501
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RegeneRx Biopharmaceuticals, Inc.
STATEMENTS OF OPERATIONS
Years ended December 31, 2005 and 2004
Years ended December 31,
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2005 2004
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Revenue $ - $ -
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Expenses
Research and development 4,028,857 2,184,314
General and administrative 1,640,670 1,158,450
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Total expenses 5,669,527 3,342,764
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Operating loss (5,669,527) (3,342,764)
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Interest income, net 214,676 16,365
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Net loss $(5,454,851) $(3,326,399)
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Basic and diluted net loss per common share $ (0.15) $ (0.10)
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Weighted average number of common shares
outstanding 36,843,609 32,909,753
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SOURCE: RegeneRx Biopharmaceuticals, Inc. |
