RegeneRx JV partner gets $7.28 million funding for US development of RGN-259/GBT-201 from Korea
US biotech firm RegeneRx Biopharmaceuticals (OTC Bulletin Board: RGRX) says it has been notified that its joint venture partner and licensee, South Korea’s G-treeBNT (Kosdaq: 115450) will receive $7.28 million to expand international development of its product candidate, RGN-259 (designated GBT-201).
G-treeBNT will receive a $5.92 million investment from Global Pharmaceutical Industry Development Fund, which was raised in September, 2013 to support selected Korean pharma or bioventure firms developing new drugs for the global market. This specialized fund was created by the Korean Ministry of Health and Welfare and is managed by InterVest which is a leading healthcare venture capital firm in Korea.
G-treeBNT will also receive an additional $1.36 million investment from E&Investment, a Korean venture capital firm. The $7.28 million will be used for development of RGN-259/GBT-201 for dry eye syndrome and neurotrophic keratopathy in the USA through a recently created US joint venture between G-treeBNT and RegeneRx, called ReGenTree LLC.
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