RegeneRx Holds 2005 Annual Stockholders' Meeting.

BETHESDA, Md. -- RegeneRx Biopharmaceuticals, Inc., (AMEX:RGN)(www.regenerx.com) held its 2005 annual stockholders' meeting on June 23rd in Washington, D.C., electing six directors for the 2005 fiscal year and Reznick Group as independent auditors.

During the meeting, Mr. J.J. Finkelstein,

RegeneRx's president and CEO, announced a $5 million equity investment by the Sigma-Tau Group. He explained the terms of the investment and that the proceeds will be utilized primarily for expanding the company's clinical trials program into cardiovascular and ophthalmic indications. Additionally, Mr. Finkelstein highlighted RegeneRx's accomplishments last year and introduced two new members of its management team. Also discussed at the meeting were recent technology advances, last year's operating results, and RegeneRx's outsourcing business model and its impact on operations.

"We had an excellent year in 2004 and look forward to continuing the momentum in 2005 and beyond," stated Mr. Finkelstein. "With this latest financing, we are in a position to move more rapidly into complementary clinical trials reflecting the latest research with our technology platform. Fortunately, our outsourcing business model enables us to take on additional projects without the large infrastructure that has historically been necessary to conduct the manufacturing, formulation, regulatory and other tasks required to support clinical trials."

Thymosin Beta 4

TB4 is a naturally occurring peptide present in virtually all human cells. It is a first-in-class drug that promotes endothelial cell differentiation, keratinocyte migration, collagen deposition, and down-regulates certain inflammatory cells. A key mechanism of action is TB4's ability to regulate the cell-building protein, actin, a vital component of cell structure. Additionally, TB4 directly influences the production of laminin-5, a protein necessary for proper adhesion of certain types of mammalian cells and an important component of the wound healing process. It has also recently been reported that TB4 can inhibit or prevent apoptosis (programmed cell death) in ocular tissue and cardiac tissue. Researchers at the National Institutes of Health (NIH), and at other academic institutions throughout the U.S., have published numerous scientific articles indicating that TB4 is effective in accelerating dermal and corneal wound healing in several animal models, under a variety of conditions. A recent article appeared in the scientific journal, Nature, indicating that TB4 prevents and/or repairs cardiac damage in laboratory animals after a myocardial infarction (heart attack).

RegeneRx Biopharmaceuticals, Inc.

RegeneRx (www.regenerx.com) is a biopharmaceutical company developing TB4 as a platform technology for the treatment of acute and chronic wounds and for a variety of human diseases involving tissue and organ repair under an exclusive world-wide license from the National Institutes of Health. The company holds over fifty world-wide patents and patent applications related to dermal, ocular, and internal wounds and tissue repair, including the treatment and prevention of cardiac and neurological injuries, as well as issued patents related to the treatment of septic shock. RegeneRx recently received clearance from the U.S. FDA for its first three Phase II dermal wound healing clinical trials and has targeted cardiac and ophthalmic wound healing as part of its ongoing clinical development program.

The information in this press release may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements concern the Company's current expectations regarding future events, including the ongoing and prospective development of TB4 and possible future benefits to the Company, its shareholders, and patients. Due to the nature of product development and the regulatory approval process, the forward-looking statements are subject to risks and uncertainties, including those reflected in the Company's filings with the Securities and Exchange Commission, particularly its most recent Annual Report on Form 10-KSB. The Company assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company.