Tuesday, September 28, 2021
RegeneRx Biopharmaceuticals, Inc., a clinical-stage drug development company focused on tissue protection, repair and regeneration), today announced that GtreeBNT, the licensee for several RegeneRx products, is being acquired by HLB Group, a Korean company that includes six biopharmaceutical and financial subsidiaries in Korea and the U.S.
GtreeBNT announced that as part of its acquisition the company would issue approximately US$80 million of new stock and convertible bonds to HLB Group to fund ongoing programs. The new capital should speed up the clinical trials currently in progress and allow the company to focus on new drug approval. RGN-259 will remain a priority for the company.
HLB's recommended executives are expected to be appointed at the general meeting scheduled for October 29, 2021. Won Yang, the current CEO of GtreeBNT, is expected to remain as the chief research officer and continue to lead the development of new drugs after the acquisition.
RegeneRx has scheduled its 2021 Annual Stockholder Meeting for November 10, 2021 and hopes to have additional details on the acquisition and its effect on GtreeBNT's clinical development activities and timing related to RGN-259 and RGN-137, products developed for the treatment of dry eye syndrome, neurotrophic keratitis, and epidermolysis bullosa.
"The fact that GtreeBNT will receive a significant capital infusion related to the transaction, we believe, should benefit the development of the products we licensed to the company. As soon as practicable after we receive any new information from the new management related to our products we will update our stockholders," stated J.J. Finkelstein, president and chief executive.