Convertibles sold to founder, board member, two unaffiliated investors
By Angela McDaniels
Tacoma, Wash., April 1 - RegeneRx Biopharmaceuticals, Inc. sold $225,000 of 5% five-year convertible notes in a private placement.
The notes are convertible into common stock at any time at a price of $0.06 per share. The price is a 33.3% discount to the company's $0.09 closing share price on March 28.
The note purchasers are Allan Goldstein, RegeneRx's chairman, founder and chief scientific adviser; Joseph McNay, an independent board member; and two unaffiliated investors.
Proceeds will be used to maintain current operations, to continue work on drug candidates and for strategic financial opportunities.
RegeneRx is focused on the development of a novel therapeutic peptide, Thymosin beta 4, for tissue and organ protection, repair and regeneration. It is based in Rockville, Md.
| Issuer: | RegeneRx Biopharmaceuticals, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $225,000
|
| Term: | Five years
|
| Coupon: | 5%, payable at maturity or upon conversion
|
| Price: | Par
|
| Conversion price: | $0.06
|
| Warrants: | No
|
| Investors: | Allan Goldstein, chairman, founder and chief scientific adviser; Joseph McNay, independent board member; two unaffiliated investors
|
| Settlement date: | April 1
|
| Stock symbol: | OTCBB: RGRX
|
| Stock price: | $0.09 at close March 28
|
| Market capitalization: | $7.36 million
|
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