Contact:

At RegeneRx:
J.J. Finkelstein
jjfnk@regenerx.com
301.280.1992

At the Financial
Relations Board:
Analyst Inquiries:
Leslie Loyet
312.640.6672

or
General Inquiries
Kathy Waller
312.640.6696

or
Media Inquiries
Tim Grace
312.640.6741

RegeneRx Biopharmaceuticals, Inc. (AMEX: RGN) Thymosin beta 4 (Tß4) was the subject of four presentations by three independent research groups at the 2005 Association for Research in Vision and Ophthalmology (ARVO) meeting in Ft. Lauderdale, Florida this week. Among the most significant of the presentations was an abstract by Dr. Gabriel Sosne and his colleagues indicating Tß4's ability, in vitro, to prevent apoptosis (cell death) in the outer layers of the eye after chronic use of eye drops containing benzalkonium chloride (BAK). BAK is an ingredient commonly used as a preservative in many ocular solutions, such as glaucoma eye drops.

According to Dr. Sosne, Assistant Professor of Ophthalmology at Wayne State University and the Kresge Eye Institute in Detroit, Michigan, "There is a significant and growing problem with ocular surface irritation and apoptosis with chronic use of eye drops containing BAK. Patients often develop symptoms such as redness and general eye discomfort. Based on our studies, we believe Tß4 may reduce apoptosis and prevent these undesirable effects when used with eye drops containing BAK, or as an additive to formulations containing BAK."

J.J. Finkelstein, RegeneRx's president and CEO, added, "Clearly, this is an exciting observation and, potentially, a very interesting commercial opportunity. We look forward to working with Dr. Sosne to further assess the commercial possibilities."

About RegeneRx Biopharmaceuticals, Inc.
RegeneRx (www.regenerx.com) is a biopharmaceutical company developing Tß4 as a platform technology for the treatment of acute and chronic wounds and for a variety of human diseases involving tissue and organ repair under an exclusive world-wide license from the National Institutes of Health. The company holds over fifty world-wide patents and patent applications related to dermal, ocular, and internal wounds and tissue repair, including the treatment and prevention of cardiac and neurological injuries, as well as issued patents related to the treatment of septic shock. RegeneRx recently received clearance from the U.S. FDA for its first three Phase II dermal wound healing clinical trials and has targeted ocular wound healing as part of its ongoing clinical development program.

Thymosin Beta 4
Tß4 is a naturally occurring peptide present in virtually all human cells. It is a first-in-class drug that promotes endothelial cell differentiation, keratinocyte migration, collagen deposition, and down-regulates certain inflammatory cells. A key mechanism of action is Tß4's ability to regulate the cell-building protein, actin, a vital component of cell structure. Additionally, Tß4 directly influences the production of laminin-5, a protein necessary for proper adhesion of certain types of mammalian cells and an important component of the wound healing process. It has also recently been reported that Tß4 can inhibit or prevent apoptosis (programmed cell death) in ocular tissue and cardiac tissue. Researchers at the National Institutes of Health (NIH), and at other academic institutions throughout the U.S., have published numerous scientific articles indicating that Tß4 is effective in accelerating dermal and corneal wounds in several animal models, under a variety of conditions. A recent article appeared in the scientific journal, Nature, indicating that Tß4 prevents and/or repairs cardiac damage in laboratory animals after a myocardial infarction (heart attack).

Safe Harbor Statement
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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