RegeneRx Biopharmaceuticals, Inc. (RGRX) Receives $1.35 Million Pursuant To Product License And Stock Purchase Agreement
3/31/2014 8:36:57 AM
ROCKVILLE, Md.--(BUSINESS WIRE)--RegeneRx Biopharmaceuticals, Inc. (OTC: RGRX) (“the Company” or “RegeneRx”) today announced that it received the initial $1.35 million payment pursuant to its product license and securities purchase agreement with G-treeBNT Co., Ltd (formerly Digital Aria Co., Ltd.), headquartered in Gyeonggi-do, Korea, for G-treeBNT to develop RegeneRx’s RGN-259 preservative-free eye drop product candidate in Asia (excluding China, Hong Kong, Taiwan, and Macau), and its RGN-137 topical dermal gel product candidate in the U.S. G-treeBNT purchased stock at $0.12 per share, is obligated to make an additional equity investment of $1.0 million at $0.12 per share by August 31, 2014 and retains an option until January 31, 2015 to purchase additional common stock for $825,000 at $0.15 per share. The licensing and securities purchase agreements will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2014.
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