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A Rockville-based pharmaceutical company is expecting to speed up development of an eye drop after its joint venture partner secured $7.28 million in South Korean investments.
RegeneRx Biopharmaceuticals Inc. announced Monday that its partner and licensee, G-treeBNT Co. Ltd., will receive $5.92 million from a Korean government investment fund and an additional $1.36 million from a Korean venture capital fund.
The money will be used to develop a drug to treat dry eye syndrome, RGN-259/GBT-201, in the United States, according to a RegeneRx news release.
“This will provide a sizable amount of new capital for the joint venture and should definitely expedite clinical development,” said J.J. Finkelstein, RegeneRx’s president and chief executive officer, in the statement.
