RegeneRx and Lee's Pharm to accelerate RGN-259 development in China

US biotech RegeneRx Biopharmaceuticals (OTC Bulletin Board: RGRX) and Lee's Pharmaceutical (HKEx: 0950), a Hong Kong-based pharmaceutical company, are accelerating development of RGN-259 in China for ophthalmic indications, with the news sending RegeneRx’ shares 7.18% higher to $0.24.

Lee's Pharm previously licensed RGN-259, RegeneRx' sterile, preservative-free, topical eye drop developed for the treatment of ophthalmic indications such as dry eye syndrome (DES), neurotrophic keratitis (NK), and other persistent corneal disorders, in China, Taiwan, Macau, and Hong Kong.

Earlier this year Lee's Pharm made a $200,000 investment in RegeneRx as part of a convertible debt transaction, along with RegeneRx' management and board of directors. Moreover, Lee's Pharm recently completed a 60,000 square foot (5,500 square meters) production area and a 22,000 square foot (2,000 square meters) warehouse area, state-of-the-art ophthalmic manufacturing facility in China and has created a new subsidiary specializing in the development, manufacturing and marketing of ophthalmic topical drugs.