RegeneRx Biopharmaceuticals, Inc. announced that it has entered into a definitive agreement in connection with a private placement of an aggregate of $175,000 of Convertible Promissory Notes due on June 12, 2028 on June 13, 2023. The company issued convertible promissory notes of up to $75,000 to Allan L. Goldstein out of which Dr. Goldstein has funded $50,000 of his purchase and has indicated his intention to fund the $25,000 before June 30, 2023, $25,000 convertible promissory note to J.J. Finkelstein and also an additional $25,000 convertible promissory notes to one of independent contractors. Each note accrues interest at a rate of 5% per annum and is due, if not earlier converted at the option of the holder to Common Stock, on June 11, 2028.

Beginning six months after the initial note issuance, the principal and accrued interest on each note may be converted into shares of our Common Stock based on a conversion rate of $0.02 per share, subject to customary adjustments. In selling and issuing the notes and warrants, we relied on the exemption under Section 4(a)(2) of the Securities Act of 1933, as amended.