RegeneRx Holds 2003 Annual Stockholder's Meeting.

Business Editors/Health/Medical Writers

BIOWIRE2K

BETHESDA, Md.--(BUSINESS WIRE)--June 19, 2003

RegeneRx Biopharmaceuticals, Inc. (OTCBB:RGRX; www.regenerx.com) held its 2003 Annual Stockholders' Meeting on June 18th and reelected each of its Directors and ratified the appointment of its auditors.

During the meeting Dr. Allan Goldstein, the Company's Chairman and Chief Scientific Advisor presented the latest research data related to Thymosin beta 4 (TB4), the basis of the Company's wound healing technology platform. He also explained how TB4 accelerated wound healing in animals and discussed how its mechanism of action could be applicable across a spectrum of clinical indications, including tissue repair in the eye and surrounding tissues.

Mr. J.J. Finkelstein, RegeneRx's President and CEO, reviewed the past year's operating results and current phase I clinical trial, which he said is targeted for completion by the end of the summer. He explained the Company's outsourcing strategy, the Company's recent financing from the Sigma-Tau Group, and the Company's goal to establish a strategic partnership this year. He also elaborated on the Company's interest in applications for TB4 in the ophthalmology field and indicated that RegeneRx may pursue an Investigational New Drug application (IND) for this clinical area during 2003 or early 2004, with phase I trials following shortly thereafter.

TB4 is a naturally occurring 43 amino acid peptide and the major actin-sequestering molecule in mammalian cells. As such, it plays a vital role in the regeneration, remodeling, and healing of injured or damaged tissues. TB4 is found in highest concentration in blood platelets, the first molecules to reach the site of a wound. It has also been shown to influence T-cell differentiation, decrease toxicity induced by endotoxin and chemotherapy, and down-regulate a number of key inflammatory cytokines and chemokines. TB4 is the first actin-sequestering molecule to be tested for wound healing. It has a significantly different mechanism of action than other potential wound healing agents, including growth factors, and may be delivered topically, virtually eliminating toxicity while allowing easy accessibility for frequent treatment. Numerous recent papers have been published in major scientific journals describing the results of research on TB4 conducted at the NIH and other institutions. Abstracts of these publications may be found at the company's web site.

RegeneRx Biopharmaceuticals, Inc., Bethesda, MD, (www.RegeneRx.com) holds an exclusive worldwide license for TB4 from NIH for wound healing and is developing it for the potential treatment of a variety of human diseases. The Company holds several patents related to the technology and has numerous patent applications pending. RegeneRx has recently initiated phase I human clinical trials for chronic dermal wounds and completed a $2 million private financing with the Sigma-Tau Group, headquartered in Rome, Italy.

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 regulatory approval process and the ongoing and prospective development and commercialization of TB4 and possible future benefits to the Company, its shareholders, and patients. Due to the nature of clinical trials, 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.