RegeneRX Biopharmaceuticals Inc (RGN, Financial) filed Quarterly Report for the period ended 2009-06-30.
RegeneRx is a biopharmaceutical company that holds over fifty world-wide patents and patent applications related to dermal ocular and internal wounds and tissue repair including the treatment and prevention of cardiac and neurological injuries. RegeneRX Biopharmaceuticals Inc has a market cap of $30.7 million; its shares were traded at around $0.56 with and P/S ratio of 182.2.
We recognized $137,235 and $278,148 in stock-based compensation expense for the three months ended June 30, 2009 and 2008, respectively. We recognized $403,863 and $540,350 in stock-based compensation expense for the six months ended June 30, 2009 and 2008, respectively. Given our current estimates of future forfeitures, we expect to recognize the compensation cost related to non-vested options as of June 30, 2009 of $1,020,000 over the weighted average remaining recognition period of 0.93 years.
In the second quarter of 2009, we implemented a 35% reduction in salaries of substantially all executives and staff, along with our directors. In return, those participating in the salary reduction received, in the aggregate, options to purchase 765,439 shares of RegeneRx common stock at a price of $0.57 per share, which generally vest quarterly for the remainder of 2009. During the second quarter of 2008, 487,500 options were granted to our employees at a weighted average price per share of $1.25. During the first three months of 2009 and 2008, we did not grant options.
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RegeneRx is a biopharmaceutical company that holds over fifty world-wide patents and patent applications related to dermal ocular and internal wounds and tissue repair including the treatment and prevention of cardiac and neurological injuries. RegeneRX Biopharmaceuticals Inc has a market cap of $30.7 million; its shares were traded at around $0.56 with and P/S ratio of 182.2.
Highlight of Business Operations:
Management Plans to Address Operating Conditions. We incurred a net loss of $4.0 million for the six months ended June 30, 2009. Since inception, and through June 30, 2009, we have an accumulated deficit of $82.0 million and we had cash and cash equivalents of $2.9 million as of June 30, 2009. On April 30, 2009 we issued 1,052,631 shares of common stock and warrants to purchase 263,158 shares of our common stock to an affiliate of Sigma-Tau Group, our largest stockholder group, for gross proceeds of $600,000. We have also reduced our ongoing monthly cash outflows through salary reductions and reductions in director fees in exchange for the issuance of stock options to our non-employee directors and certain of our executives and employees. We expect the aggregate cash savings from these salary and fee reductions to be approximately $400,000 through December 31, 2009. We intend to maintain tight cost controls and continue to operate under a closely monitored budget approved by the Board of Directors. Based on our operating plan with our expected reduced monthly cash outflows and the additional funds raised from this financing with Sigma-Tau, we believe that our cash and cash equivalents will fund our operations into early 2010.We recognized $137,235 and $278,148 in stock-based compensation expense for the three months ended June 30, 2009 and 2008, respectively. We recognized $403,863 and $540,350 in stock-based compensation expense for the six months ended June 30, 2009 and 2008, respectively. Given our current estimates of future forfeitures, we expect to recognize the compensation cost related to non-vested options as of June 30, 2009 of $1,020,000 over the weighted average remaining recognition period of 0.93 years.
In the second quarter of 2009, we implemented a 35% reduction in salaries of substantially all executives and staff, along with our directors. In return, those participating in the salary reduction received, in the aggregate, options to purchase 765,439 shares of RegeneRx common stock at a price of $0.57 per share, which generally vest quarterly for the remainder of 2009. During the second quarter of 2008, 487,500 options were granted to our employees at a weighted average price per share of $1.25. During the first three months of 2009 and 2008, we did not grant options.
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