RegeneRx Biopharmaceuticals, Inc., a clinical-stage drug development company focused on tissue protection, repair and regeneration, 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.
 
As part of the acquisition GtreeBNT will issue approximately $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 underway and allow the company to focus on new drug approval. RGN-259 will remain a priority for the company.
 
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.
 
RGN-259 and RGN-137 are products in development 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,” said J.J. Finkelstein, president and chief executive.