By Sheri Kasprzak
Atlanta, June 23 - RegeneRx Biopharmaceuticals, Inc. said it has raised $4,998,500 in a private placement.
The company sold 1,538,000 shares at $3.25 each to Defiante Farmaceutica, L.d.a., a subsidiary of Sigma-Tau Group, and two of its affiliates.
The investors may not sell or distribute the shares for five years. At the end of five years, RegeneRx may buy back, at $5.00 each, the number of shares required to maintain Sigma-Tau's equity ownership at 30.1%.
The deal is expected to close within 10 days.
The proceeds from the offering will be used to accelerate work in the cardiovascular and ophthalmic fields.
Bethesda, Md.-based RegeneRx is a biopharmaceutical company focused on developing products to treat acute and chronic wounds and treatments for degenerative human tissue and organ diseases.
| Issuer: | RegeneRx Biopharmaceuticals, Inc.
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| Issue: | Stock
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| Amount: | $4,998,500
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| Shares: | 1,538,000
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| Price: | $3.25
|
| Warrants: | No
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| Investors: | Defiante Farmaceutica, L.d.a., subsidiaries of Sigma-Tau Group
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| Announcement date: | June 23
|
| Settlement date: | July 7
|
| Stock price: | $2.60 at close June 22
|
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