RegeneRX Biopharmaceuticals Inc (RGN, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $37.73 million; its shares were traded at around $0.69 with and P/S ratio of 224.56.
We recognized $203,577 and $280,609 in stock-based compensation expense for the three months ended September 30, 2009 and 2008, respectively, and $607,440 and $820,959 in stock-based compensation expense for the nine months ended September 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 September 30, 2009 of $684,000 over the weighted average remaining recognition period of 0.95 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, our directors and those employees participating in the salary reduction received, in the aggregate, options to purchase 765,439 shares of our common stock at an exercise price of $0.57 per share. Effective October 1, 2009, the salaries and fees paid to our employees and directors were restored to the levels in effect at December 31, 2008 and, therefore, the options ceased vesting as of September 30, 2009 but remain exercisable in accordance with the terms of our stock option plan. During the nine months ended September 30, 2008, 487,500 options were granted to our employees at a weighted average exercise price per share of $1.25.
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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 $37.73 million; its shares were traded at around $0.69 with and P/S ratio of 224.56.
Highlight of Business Operations:
Management Plans to Address Operating Conditions. We incurred a net loss of $5.2 million for the nine months ended September 30, 2009 and had an accumulated deficit of $83.2 million as of that date. 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. On October 5, 2009, we issued 4,512,194 shares of common stock and warrants to purchase 2,256,097 shares of our common stock in a registered direct offering to new institutional investors, for gross proceeds of approximately $3.7 million. On October 15, 2009, we issued 1,219,512 shares of common stock and warrants to purchase 609,756 shares of our common stock to an affiliate of Sigma-Tau Group for gross proceeds of $1.0 million. Between April 1, 2009 and September 30, 2009 we 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. Those actions reduced our cash expenses by approximately $0.3 million through September 30, 2009. We intend to maintain tight cost controls and continue to operate under a closely monitored budget approved by the Board of Directors. Accordingly, we believe that our cash resources will fund our operations through the second quarter of 2010.We recognized $203,577 and $280,609 in stock-based compensation expense for the three months ended September 30, 2009 and 2008, respectively, and $607,440 and $820,959 in stock-based compensation expense for the nine months ended September 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 September 30, 2009 of $684,000 over the weighted average remaining recognition period of 0.95 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, our directors and those employees participating in the salary reduction received, in the aggregate, options to purchase 765,439 shares of our common stock at an exercise price of $0.57 per share. Effective October 1, 2009, the salaries and fees paid to our employees and directors were restored to the levels in effect at December 31, 2008 and, therefore, the options ceased vesting as of September 30, 2009 but remain exercisable in accordance with the terms of our stock option plan. During the nine months ended September 30, 2008, 487,500 options were granted to our employees at a weighted average exercise price per share of $1.25.
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