RegeneRx Forms Medical & Scientific Advisory Board.

Business Editors/Health/Medical Writers

BIOWIRE2K

BETHESDA, Md.--(BUSINESS WIRE)--March 27, 2003

RegeneRx Biopharmaceuticals, Inc. (OTCBB:RGRX) announced today that it has formalized a Medical and Scientific Advisory Board (MSAB) consisting of experts in several medical and scientific fields. The purpose of the MSAB is to identify and evaluate clinical areas that may benefit from the company's platform technology based upon Thymosin beta 4 (TB4). TB4 is a naturally occurring molecule currently being developed with the prospect of treating a broad spectrum of chronic wounds and ulcers. The first human clinical trials were recently initiated, focused specifically on the treatment of chronic dermal wounds.

"I am very pleased to be working with such a distinguished group of experts," said Dr. Allan Goldstein, the Founder of RegeneRx and the Chairman of Biochemistry and Molecular Biology at the George Washington University Medical School in Washington, DC, "Their experience and insight will be invaluable in the development of TB4 by identifying new areas in which the drug may be clinically useful. I look forward to their evaluation and input as we explore the promise of this molecule beyond the treatment of chronic dermal wounds."

Members of the Company's Medical & Scientific Advisory Board include:

-- Allan Goldstein, PhD - Professor and Chairman of Biochemistry and Molecular Biology at the George Washington University Medical School, Board of Trustees, Sabin Vaccine Institute, and author of over 430 scientific publications. Dr. Goldstein is an expert in the field of immunology and protein chemistry and the discoverer of TB4. Dr. Goldstein will chair the Company's MSAB.

-- Herve Byron, MD, MSc - An ophthalmologist with vast experience in private practice as well as in the academic setting, having served as Clinical Professor of Ophthalmology at New York University School of Medicine and a member of the editorial board of several medical journals and publications specializing in ophthalmology.

-- Barrett Katz, MD, MBA - Professor and Chairman of Ophthalmology at the George Washington University Medical School. Dr. Katz is an expert in ocular diseases with special interest in neuro-ophthalmology and vascular diseases of the optic nerve, and an advisor to several pharmaceutical companies specializing in products for diseases of the eye.

-- Stephen Kovacs, MD, MBA - Vice President of Research for Essex Investment Management, Boston, MA, and a surgical dermatologist. In addition to his experience as an Assistant Professor and dermatological surgeon specializing in laser surgery, Dr. Kovacs has broad expertise in the analysis of private and public companies in the pharmacology and biotechnology sectors.

-- Albert Rosenfeld - Former science editor of Life magazine and Saturday Review and a distinguished science writer, having received many writing awards, including the Lasker Award, with a special citation for "leadership in medical journalism." Mr. Rosenfeld presently is a Consultant on Future Programs for the March of Dimes Birth Defects Foundation and a long-time member of the Company's Board of Directors.

TB4 is a naturally occurring 43-amino acid peptide present in virtually all human cells. Its gene is up-regulated following tissue injury and during the remodeling and differentiation of cells. TB4 represents a new class of wound healing drug and is different from other wound repair factors, such as growth factors, in that it promotes endothelial and keratinocyte cell migration, down regulates a number of inflammatory cytokines and chemokines, and has a very low molecular weight, allowing it to diffuse relatively long distances through tissues. One of its key mechanisms of action is TB4's ability to regulate the cell-building protein, actin, a vital component of the cytoskeleton. It has been the subject of a significant amount of research at the NIH and a number of other academic institutions, and has been reported to be effective in the repair of dermal and corneal wounds in numerous animal models under a variety of conditions. Further, it has been delivered both topically and systemically with both routes of administration showing similar activity for dermal wounds.

RegeneRx Biopharmaceuticals, Inc. is developing TB4 as a platform technology for the treatment of acute and chronic wounds and for the treatment of a variety of human diseases involving tissue and organ repair under an exclusive world-wide license from the NIH. The Company holds several patents related to the technology and has numerous world-wide patent applications pending.

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 and commercialization of T$4 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 contained in this press release 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.