RegeneRx Biopharmaceuticals, Inc. (OTCQB: RGRX) ("RegeneRx") has been notified that its joint venture partner and licensee, G-treeBNT Co. Ltd., will receive $7.28 million USD to expand international development of its product candidate, RGN-259 (designated GBT-201).
G-treeBNT will receive a $5.92 million investment from Global Pharmaceutical Industry Development Fund, which was raised in September, 2013 to support selected Korean pharma or bioventure firms developing new drugs for the global market. This specialized fund was created by the Korean Ministry of Health and Welfare and is managed by InterVest which is a leading healthcare venture capital firm in Korea.
G-treeBNT will also receive an additional $1.36 million investment from E&Investment, a Korean venture capital firm. The $7.28 million will be used for development of RGN-259/GBT-201 for dry eye syndrome and neurotrophic keratopathy in the U.S. through a recently created U.S. joint venture between G-treeBNT and RegeneRx, ReGenTree, LLC.
"This very significant investment is directed at U.S. clinical development of RGN-259/GBT-201 through our joint venture, ReGenTree, LLC, and certainly speaks highly of G-treeBNT's status and product opportunities among its Korean peers. This will provide a sizable amount of new capital for the joint venture and should definitely expedite clinical development," stated J.J. Finkelstein, RegeneRx's president and chief executive officer.
"I expect that investment by the Global Pharmaceutical Industry Development Fund through the Korean Ministry of Health and Welfare and InterVest will be a great opportunity to become a global biopharmaceutical company with GBT-201/RGN-259. In the near future G-treeBNT and its U.S. joint venture entity, ReGenTree, will seek to become an outstanding specialty biopharmaceutical company that will be very unique and very strong in a niche worldwide market based on successful development of its proprietary drug development in the U.S. and Pan Asia," stated Won S. Yang, president and chief executive officer of G-treeBNT.
RegeneRx Biopharmaceuticals, Inc.