ROCKVILLE, MD – The American Reinvestment and Recovery Act passed last year is helping some Southeast biotech companies. RegeneRx Biopharmaceuticals, Inc. (NYSE Amex:RGN), for instance has been awarded a $3 million grant from the National Institutes of Health’s National Heart, Lung and Blood Institute to support and accelerate the clinical development of its novel product candidate RGN-352.

The drug is an injectable formulation of the novel therapeutic peptide Thymosin beta 4, or Tβ4, for patients who have suffered an acute myocardial infarction (heart attack).

The award is being issued under the American Reinvestment and Recovery Act of 2009.  We’ve heard from other Southeast biotech and pharmaceutical companies that funds from the ARRA have given them a boost.

RegeneRx is focused on the development of Tβ4 for tissue and organ protection, repair and regeneration. In published preclinical studies, Tβ4 has been shown to significantly reduce myocardial scar volume, regenerate myocardial tissue, and improve cardiac function after an ischemic event.

While RegeneRx is initially targeting RGN-352 for the treatment of patients who have suffered an acute myocardial infarction, or heart attack, although recent animal research suggests that this formulation may also benefit patients with multiple sclerosis and stroke

The company is planning to initiate a Phase 2 clinical trial with RGN-352 later this year.

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Tags: Biotech, heart attack drug, Maryland, NIH grant, Pharma, RegeneRx