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Researcher Receives 2008 European Society of Cardiology Outstanding Achievement Award for Work With TB4

September 12, 2008

REGENERX BIOPHARMACEUTICALS, INC. (AMEX:RGN) (www.regenerx.com) announced today that Dr. Paul Riley, University College of London Institute of Child Health has been awarded the 2008 Outstanding Achievement Award of the European Society of Cardiology on Basic Cardiovascular Science.

“The award made to Dr. Paul Riley, Reader in the Molecular Medicine Unit at the UCL Institute of Child Health, recognizes a landmark discovery in the field of basic cardiovascular science when his team found that a protein called Thymosin beta 4 could mobilize dormant cells from the epicardium (membrane covering outside of the heart) to form new blood vessels in the heart – a major step towards finding a DIY mechanism to repair injury following heart attack,” according to a press release from University College London.

“Dr. Riley’s important discovery may one day have a profound impact on the treatment of heart attack victims, the quality of their recovery, and their ability to return to a normal functional lifestyle. We congratulate Paul on this prestigious award and wish him much success with his research,” commented Dr. Allan L. Goldstein, Chairman and Professor of Biochemistry and Molecular Biology, the George Washington University School of Medicine, Washington, DC, and Chief Scientific Advisor to RegeneRx.

About RegeneRx Biopharmaceuticals, Inc.

RegeneRx is focused on the discovery and development of novel peptides to accelerate tissue and organ repair. Currently, RegeneRx is developing three product candidates, RGN-137, RGN-259 and RGN-352 for dermal, ophthalmic, and cardiovascular tissue repair, respectively. These product candidates are based on TB4, a 43-amino acid, naturally occurring peptide, in part, under an exclusive world-wide license from the National Institutes of Health. RegeneRx holds over 60 world-wide patents and patent applications related to novel peptides and is currently sponsoring three Phase II chronic dermal wound healing clinical trials, a Phase II ophthalmic wound healing clinical trial, and a Phase I parenteral (injectable) clinical trial supporting systemic delivery of RGN-352 to reduce cardiac damage in patients after acute myocardial infarction, in addition to other systemic indications.

RegeneRx Technology Background

TB4 is a synthetic version of a naturally occurring peptide present in virtually all human cells. It is a first-in-class multi-faceted molecule that promotes endothelial cell differentiation, angiogenesis in dermal tissues, keratinocyte migration, collagen deposition, and down-regulates inflammation. RegeneRx has identified several molecular variations of TB4 that may affect the aging of skin, among other properties, and could be important candidates as active ingredients in pharmaceutical and consumer products. Researchers at the National Institutes of Health, and at other academic institutions throughout the U.S., have published numerous scientific articles indicating TB4′s in vitro and in vivo efficacy in accelerating wound healing and tissue protection under a variety of conditions. Key publications related to TB4′s cardio-protective effects have been published in Nature and Circulation. Abstracts of these and other scientific papers related to TB4′s mechanisms of action may be viewed at RegeneRx’s web page: www.regenerx.com.

Forward-Looking Statements

Any statements in this press release that are not historical facts are forward-looking statements made under the provisions of The Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the words “project,”"believe,”"anticipate,”"plan,”"expect,”"estimate,”"intend,”"should,”"would,”"could,”"will,”"may” or other similar expressions and include statements regarding the safety and efficacy of TB4, RGN-137, RGN-259 and RGN-352 and the status and prospects of any ongoing research studies and clinical trials. Actual results may differ materially from those indicated or implied by such forward-looking statements because the Company’s product candidates may not demonstrate safety and/or efficacy in current or future clinical trials or as a result of various important factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including those identified in the “Risk Factors” sections of the annual report on Form 10-K for the year ended December 31, 2007 filed with the SEC on March 28, 2008 and other periodic reports filed with the SEC. Any forward-looking statements in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. The Company anticipates that subsequent events and developments may cause its views to change, and the Company specifically disclaims any obligation to update this information, as a result of future events or otherwise, except as required by applicable law.