ROCKVILLE, Md., Aug. 2, 2018 /PRNewswire/ -- RegeneRx Biopharmaceuticals, Inc. (OTCQB: RGRX) ("the Company" or "RegeneRx"), a clinical-stage drug development company focused on tissue protection, repair and regeneration, today announced that its licensee for RGN-137, GtreeBNT, has entered into a joint venture with YuYang DNU, a Korean company, to develop RGN-137 on a global basis for the orphan indication, epidermolysis bullosa (EB). The joint venture between the two companies is Lenus Therapeutics, LLC (Lenus), a GtreeBNT U.S. subsidiary. Gtree will contribute the intellectual property rights and all development results for RGN-137 and YuYang will invest about $17.8 million in cash into Lenus.
According to GtreeBNT's press release, prior to a Phase 3 study planned for next year, Lenus is first planning to conduct an open study to attract big pharma, which has expressed ongoing interest in the product. The Phase 3 trial is then expected to enroll approximately 200 subjects around the world, including in the U.S.
EB is a rare genetic disease that most often appears in the skin, although it can also affect internal organs. There are currently no medications approved for the treatment of EB. RGN-137, a topical gel initially developed by RegeneRx Biopharmaceuticals, Inc., is the one of the only late stage treatment candidates and currently the subject of clinical trials in the United States. According to GtreeBNT, the industry estimates the potential market for EB to be between $1.5-2.0 billion world-wide. If RGN-137 receives marketing approval, it will obtain market exclusivity as an orphan drug in the U.S. and Europe.
Forward-Looking Statements
Any statements in this press release that are not historical facts are forward-looking statements made under the provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. There can be no assurance that any current or future animal studies or clinical trials or joint ventures will result in future value or approved products. There can also be no assurance that the Company or its licensees will apply for an NDA in the future or that if the Company or a licensee applies for an NDA, that it will be accepted by the FDA and/or that the product candidate will be approved for marketing in the U.S. or any other country. Please view these and other risks described in the Company's filings with the Securities and Exchange Commission ("SEC"), including those identified in the "Risk Factors" section of the annual report on Form 10-K for the year ended December 31, 2017, and subsequent quarterly reports filed on Form 10-Q, as well as other filings it makes with the SEC. Any forward-looking statements in this press release represent the Company's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. The Company specifically disclaims any obligation to update this information as a result of future events or otherwise, except as required by applicable law.
