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news.Regenerx Biopharmaceuticals has closed a previously announced sale to affiliates of its largest shareholder, Sigma-Tau Finanzaria, of five million shares of the company's common stock at a price per share of $1, for gross proceeds of $5 million.
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In connection with the offering, the company also agreed to issue warrants to purchase an additional one million shares of its common stock with an exercise price of $1.60 per share.
Neil Lyons, CFO of RegeneRx, said: “These unique buy-back terms provide financing flexibility if and when our Phase II clinical trials report data that is favorably received by the financial markets. Further, these newly issued unregistered shares will be held by long-term affiliates and will, thus, not be traded in the near future.”