ROCKVILLE, MD – RegeneRx Biopharmaceuticals, a company developing drugs to treat people who suffer heart attacks, plans to raise $3.9 million in an underwritten public offering of stock. The move comes on the heels of the company’s $3 million grant from the National Institutes of Health National Heart, Lung and Blood Institute, which we reported earlier this month.
The company has priced 11.5 million shares at 41 cents a share. It will use the proceeds to fund upcoming clinical trials.
RegeneRx is focused on the development of its drug, 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.