RegeneRx Biopharmaceuticals (RGRX) 10-Q 22 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 11, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	REGENERX BIOPHARMACEUTICALS INC
Entity Central Index Key	707,511
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	RGRX
Entity Common Stock, Shares Outstanding		106,787,151

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 1,608,958	$ 317,627
Prepaid expenses and other current assets	25,563	24,300
Total current assets	1,634,521	341,927
Property and equipment, net of accumulated depreciation of $90,457 and $88,794	8,882	10,544
Other assets	5,752	5,752
Total assets	1,649,155	358,223
Current liabilities
Accounts payable	159,939	141,130
Unearned revenue	50,825	0
Accrued expenses	280,775	217,911
Total current liabilities	491,539	359,041
Long-Term liabilities
Unearned revenue	1,555,755	1,379,388
Convertible promisory note	300,000	300,000
Convertible promisory notes, net of derivative liability	450,100	388,854
Fair value of derivative liabilities	6,321,670	4,673,336
Total liabilities	9,119,064	7,100,619
Commitments and contingencies
Stockholders' deficit
Preferred stock, $.001 par value per share, 1,000,000 shares authorized; no shares issued	0	0
Common stock, par value $.001 per share, 200,000,000 shares authorized, 106,787,151 and 101,640,092 issued and outstanding	106,787	101,640
Additional paid-in capital	98,552,746	98,230,802
Accumulated deficit	(106,129,442)	(105,074,838)
Total stockholders' deficit	(7,469,909)	(6,742,396)
Total liabilities and stockholders' deficit	$ 1,649,155	$ 358,223

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Property and equipment, accumulated depreciation (in dollars)	$ 90,457	$ 88,794
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	106,787,151	101,640,092
Common stock, shares, outstanding	106,787,151	101,640,092

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 12,706	$ 5,000	$ 67,896	$ 45,000
Operating expenses
Research and development	60,424	78,460	163,325	114,931
General and administrative	449,931	477,141	854,639	871,641
Total operating expenses	510,355	555,601	1,017,964	986,572
Loss from operations	(497,649)	(550,601)	(950,068)	(941,572)
Interest and other income	0	24	0	101
Interest expense	(43,101)	(43,101)	(86,202)	(85,730)
Change in fair value of derivative liabilities	2,865,000	(1,168,334)	(18,334)	(2,453,500)
Net income (loss)	$ 2,324,250	$ (1,762,012)	$ (1,054,604)	$ (3,480,701)
Basic net income (loss) per common share	$ 0.02	$ (0.02)	$ (0.01)	$ (0.03)
Diluted net income (loss) per common share	$ 0.02	$ (0.02)	$ (0.01)	$ (0.03)
Weighted average number of common shares outstanding - basic	101,753,214	101,509,149	101,696,653	101,413,396
Weighted average number of common shares outstanding - diluted	122,412,538	101,509,149	101,696,653	101,413,396

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net loss	$ (1,054,604)	$ (3,480,701)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,662	1,740
Share-based compensation	222,862	137,998
Shares issued as compensation to non-employees	0	8,100
Offering costs allocated to derivative liabilities	214,229	0
Non-cash interest expense	61,246	60,911
Change in fair value of derivative liabilities	18,334	2,453,500
Changes in operating assets and liabilities:
Unearned revenue	227,192	495,000
Prepaid expenses and other current assets	(1,263)	31,134
Accounts payable	18,809	(17,446)
Accrued expenses	62,864	29,719
Net cash used in operating activities	(228,669)	(280,045)
Investing activities:
Purchase of property and equipment	0	(1,076)
Net cash used in investing activities	0	(1,076)
Financing activities:
Proceeds from sale of common stock and issuance of warrants net of offering costs	1,520,000	0
Net cash provided by financing activities	1,520,000	0
Net increase (decrease) in cash and cash equivalents	1,291,331	(281,121)
Cash and cash equivalents at beginning of period	317,627	844,043
Cash and cash equivalents at end of period	1,608,958	562,922
Supplemental Disclosure of Non-Cash Operating and Financing Activities
Cashless exercise of warrants	0	294
Fair value of warrants issued to placement agent	83,799	0
Fair value of derivative liabilities	$ 1,630,000	$ 0

ORGANIZATION, BUSINESS OVERVIEW

ORGANIZATION, BUSINESS OVERVIEW AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. organization, business overview and basis of presentation Organization and Nature of Operations. RegeneRx Biopharmaceuticals, Inc. (“RegeneRx”, the “Company”, “We”, “Us”, “Our”), a Delaware corporation, was incorporated in 1982. We are focused on the discovery and development of novel molecules to accelerate tissue and organ repair. Our operations are confined to one business segment: the development and marketing of product candidates based on Thymosin Beta 4 (“Tß4”), an amino acid peptide. Management Plans. On June 27, 2016, we entered into a Securities Purchase Agreement with Sabby Healthcare Master Fund, Ltd., and Sabby Volatility Warrant Master Fund, Ltd. (collectively, “Sabby”) pursuant to which we agreed to sell, and the purchasers agreed to purchase, an aggregate of 5,147,059 5,147,059 1,520,000 . We believe our current including the proceeds from the 2016 Offering will th In May 2016, we announced the top line data from the Phase 2/3 clinical trial in patients with dry eye syndrome (“DES”), sponsored by our U.S. joint venture, ReGenTree, LLC. Although the co-primary endpoints were not met, ReGenTree demonstrated RGN-259’s protective efficacy in improving a sign and symptom of DES, which is in line with the results observed in the previous Phase 2a trial. Importantly, ReGenTree identified what we believe to be approvable sign and symptom endpoints, which were met with statistical significance. ReGenTree expects to meet with the FDA later this summer and plans to initiate a confirmatory Phase 3 trial around the beginning of the 4 th On January 28, 2015, we announced that we had entered into a Joint Venture Agreement (the “Joint Venture Agreement”) with GtreeBNT Co., Ltd., a Korean pharma company (“GtreeBNT”) and shareholder of the Company. The Joint Venture Agreement provides for the creation of an entity, ReGenTree, LLC (the “Joint Venture” or “ReGenTree”), jointly owned by us and GtreeBNT, that will commercialize RGN-259 for treatment of dry eye and neurotrophic keratopathy, an orphan indication in the United States. GtreeBNT is responsible for funding all product development and commercialization efforts, and holds a majority interest of ReGenTree that varies depending on development milestones achieved and eventual commercialization path, if successful. 49 In conjunction with the Joint Venture Agreement, we also entered into a royalty-bearing license agreement (the “License Agreement”) with ReGenTree pursuant to which we granted to ReGenTree the right to develop and exclusively commercialize RGN-259 in the United States. We received a total of $ 1 500,000 500,000 250,000 In September 2015, ReGenTree began a Phase 2/3 clinical trial in patients with DES and a Phase 3 clinical trial in patients with neurotrophic keratopathy (“NK”), both in the U.S. In January 2016, the DES completed enrollment of all patients in the trial. The last patient received the last treatment in February. Top line data from the DES trial was released in early May 2016 and additional clinical work is being planned for late 2016. The study, which enrolled 317 subjects, tested two doses of RGN-259 eye drops containing 0.05% and 0.1% concentrations of the Tß4 four times daily for 28 days vs. placebo. On the 28th and final day of dosing, patients were subject to the Controlled Adverse Environment (“CAE”) challenge. Co-primary endpoints were total corneal fluorescein staining score change on the 28th day pre-CAE and post-CAE (sign) and total ocular discomfort score change on the 28th day pre-CAE and post-CAE (symptom). Although the co-primary endpoints were not met, we demonstrated RGN-259’s protective efficacy in improving a sign and symptom of DES, which is in line with the results observed in the previous Phase 2a trial. Importantly, we identified approvable sign and symptom endpoints, which were met with statistical significance. ReGenTree expects to meet with the FDA this summer and initiate a confirmatory Phase 3 trial before the end of 2016. RGN-259 was safe and well-tolerated and comfortable for the patients with no irritation upon instillation. There were no significant drug-related adverse events for both concentrations. The safety profile is consistent with that observed in the previous Phase 2a trial, which had a twice daily instillation regimen. The NK trial, a smaller study in an orphan population, has enrolled eight patients thus far with a goal of 46. Of the eight original clinical sites for the study, six are enrolling patients, one has yet to receive IRB approval to begin enrolling patients, and one was unable to consummate a clinical contract with ReGenTree. ReGenTree is considering adding additional sites to accelerate patient enrollment. Currently, we have active partnerships in three major territories: the U.S., China and Pan Asia. Our partners have been moving forward and making progress in each territory. In each case, the cost of development is being borne by our partners with no financial obligation for RegeneRx. Lee's Pharmaceutical Ltd. (“Lee’s”), RegeneRx's licensee in China, Hong Kong, Macau and Taiwan, previously received notice from China's FDA (“CFDA”) declining its investigational new drug (“IND”) application for a Phase 2b dry eye clinical trial because the API (active pharmaceutical ingredient or Tß4) was manufactured outside of China. The API was manufactured in the U.S. and provided to Lee's by RegeneRx pursuant to a license agreement to develop RGN-259 ophthalmic eye drops in the licensed territory. However, this year, the CFDA modified its manufacturing regulations and will now allow Chinese companies to utilize API manufactured outside of China for Phase 1 and 2 clinical trials. We have not been informed of a projected starting date for Phase 2 trials. GtreeBNT, RegeneRx's licensee in Korea, Australia, Japan and a number of other countries in Asia, filed an IND with the Korean Ministry of Food and Drug Safety to conduct a Phase 2/3 study with RGN-259 in patients with dry eye syndrome and in July 2015 received approval to conduct the trial. GtreeBNT has informed us that given its immediate focus on the two U.S. trials, it is considering the best timing for the Korean trial. We still have significant clinical assets to develop, primarily RGN-352 (injectable formulation of Tß4 for cardiac and CNS disorders) in the U.S., Pan Asia, and Europe, and RGN-259 in the EU. Our goal is to wait until the results are obtained from the current ophthalmic clinical trials before moving into the EU with RGN-259. If successful, this should allow us to obtain a higher value for the asset at that time. However, we intend to continue to develop RGN-352, either by obtaining grants to fund a Phase 2a clinical trial in the cardiovascular or central nervous system fields or finding a suitable partner with the resources and capabilities to develop it as we have with RGN-259. We anticipate incurring additional losses in the future as we continue to explore the potential clinical benefits of Tß4-based product candidates over multiple indications. We have entered into a series of strategic partnerships under licensing and joint venture agreements where our partners are responsible to advance development of our product candidates with multiple clinical trials started in 2015 and additional trials to begin in 2016. We will need additional funds to continue operations during the fourth quarter of 2017 as well as substantial additional funds in order to significantly advance development of our unlicensed programs. Accordingly, we will continue to evaluate opportunities to raise additional capital and are in the process of exploring various alternatives, including, without limitation, a public or private placement of our securities, debt financing, corporate collaboration and licensing arrangements, or the sale of our company or certain of our intellectual property rights. These factors raise substantial doubt about our ability to continue as a going concern. The accompanying financial statements have been prepared assuming that we will continue as a going concern. This basis of accounting contemplates the recovery of our assets and the satisfaction of our liabilities in the normal course of business. Although we intend to continue to seek additional financing or additional strategic partners, we may not be able to complete a financing or corporate transaction, either on favorable terms or at all. If we are unable to complete a financing or strategic transaction, we may not be able to continue as a going concern after our funds have been exhausted, and we could be required to significantly curtail or cease operations, file for bankruptcy or liquidate and dissolve. There can be no assurance that we will be able to obtain any sources of funding. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should we be forced to take any such actions. In addition to our current operational requirements, we continually refine our operating strategy and evaluate alternative clinical uses of Tß4. However, substantial additional resources will be needed before we will be able to achieve sustained profitability. Consequently, we continually evaluate alternative sources of financing such as the sharing of development costs through strategic collaboration agreements. There can be no assurance that our financing efforts will be successful and, if we are not able to obtain sufficient levels of financing, we would delay certain clinical and/or research activities and our financial condition would be materially and adversely affected. Even if we are able to obtain sufficient funding, other factors including competition, dependence on third parties, uncertainty regarding patents, protection of proprietary rights, manufacturing of peptides, and technology obsolescence could have a significant impact on us and our operations. To achieve profitability we, and/or a partner, must successfully conduct pre-clinical studies and clinical trials, obtain required regulatory approvals and successfully manufacture and market those pharmaceuticals we wish to commercialize. The time required to reach profitability is highly uncertain, and there can be no assurance that we will be able to achieve sustained profitability, if at all. The accompanying unaudited interim financial statements reflect, in the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial position, results of operations and cash flows for each period presented. These statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and with the rules and regulations of the SEC, for interim financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP. The accounting policies underlying our unaudited interim financial statements are consistent with those underlying our audited annual financial statements. These unaudited interim financial statements should be read in conjunction with the audited annual financial statements as of and for the year ended December 31, 2015, and related notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2015 (the “Annual Report”). The accompanying December 31, 2015 financial information was derived from our audited financial statements included in the Annual Report. Operating results for the three and six month periods ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or any other future period. References in this Quarterly Report on Form 10-Q to “authoritative guidance” are to the Accounting Standards Codification issued by the Financial Accounting Standards Board (“FASB”). The preparation of financial statements in conformity with accounting principles generally accepted in the United Stated of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for fair value measurements in connection with derivative liabilities, clinical trial accruals and share-based arrangements. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from those estimates. Convertible Notes with Detachable Warrants. In accordance with Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options Derivative financial instruments consist of financial instruments or other contracts that contain a notional amount and one or more underlying variables (e.g., interest rate, security price or other variable), which require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has issued financial instruments including warrants that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. In certain instances, these instruments are required to be carried as derivative liabilities, at fair value, in the Company’s financial statements. In other instances these instruments are classified as equity instruments in the Company’s financial statements. The fair value of derivatives is estimated using either the Black-Scholes option pricing model or a Monte Carlo simulation model depending on facts pertaining to the derivative liability. Both option pricing models utilize a series of inputs and assumptions to arrive at a fair value at the date of inception and each reporting period. Some of the key assumptions include the likelihood of future financing, stock price volatility and discount rates Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company’s common stock, which has a high-historical volatility. Since derivative financial instruments are initially and subsequently carried at fair values, the Company’s operating results reflect the volatility in these estimate and assumption changes in each reporting period. We recognize revenue in accordance with the authoritative guidance for revenue recognition. We recognize revenue when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery (or passage of title) has occurred or services have been rendered, (iii) the seller's price to the buyer is fixed or determinable, and (iv) collectability is reasonably assured. We also comply with the authoritative guidance for revenue recognition regarding arrangements with multiple deliverables. Multiple-element arrangements are analyzed to determine whether the deliverables, which may include a license together with performance obligations such as providing a clinical supply of product and steering committee services, can be separated or whether they must be accounted for as a single unit of accounting. Revenue associated with licensing agreements consists of non-refundable upfront license fees and milestone payments. Non-refundable upfront license fees received under license agreements, whereby continued performance or future obligations are considered inconsequential to the relevant license technology, are recognized as revenue upon delivery of the technology. Whenever we determine that an arrangement should be accounted for as a single unit of accounting, we must determine the period over which the performance obligations will be performed and revenue will be recognized. Revenue will be recognized using either a relative performance or straight-line method. We recognize revenue using the relative performance method provided that the we can reasonably estimate the level of effort required to complete our performance obligations under an arrangement and such performance obligations are provided on a best-efforts basis. Revenue recognized is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the relative performance method, as of each reporting period. If we cannot reasonably estimate the level of effort required to complete our performance obligations under an arrangement, the performance obligations are provided on a best-efforts basis and we can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then the total payments under the arrangement, excluding royalties and payments contingent upon achievement of substantive milestones, would be recognized as revenue on a straight-line basis over the period we expect to complete our performance obligations. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the straight-line basis, as of the period ending date. If we cannot reasonably estimate when our performance obligation either ceases or becomes inconsequential and perfunctory, then revenue is deferred until we can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance. We recognize consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria: · The consideration is commensurate with either the entity's performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity's performance to achieve the milestone; · The consideration relates solely to past performance; and · The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity's performance or on the occurrence of a specific outcome resulting from the entity's performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (iii) that would result in additional payments being due to us. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in our accompanying condensed balance sheets. The Company has determined that the Joint Venture is a “variable interest entity”, since the total equity investment at risk is not sufficient to permit the Joint Venture to finance its activities without additional subordinated financial support. Further, because of GtreeBNT’s majority equity stake in the Joint Venture, voting control, control of the board of directors, and substantive management rights, and given that the Company does not have the power to direct the Joint Venture’s activities that most significantly impact its economic performance, the Company determined that it is not the primary beneficiary of the Joint Venture and therefore is not required to consolidate the Joint Venture. The Company reports its equity stake in the Joint Venture using the equity method of accounting because, while it does not control the Joint Venture, the Company can exert significant influence over the Joint Ventures activities by virtue of its board representation. Because the Company is not obligated to fund the Joint Venture, and has not provided any financial support and has no commitment to provide financial support in the future to the Joint Venture, the carrying value of its investment in the Joint Venture is zero. As a result, the Company is not recognizing its share ( 49 Research and development (“R&D”) costs are expensed as incurred and include all of the wholly-allocable costs associated with our various clinical programs passed through to us by our outsourced vendors. Those costs include: manufacturing Tß4; formulation of Tß4 into the various product candidates; stability for both Tß4 and the various formulations; pre-clinical toxicology; safety and pharmacokinetic studies; clinical trial management; medical oversight; laboratory evaluations; statistical data analysis; regulatory compliance; quality assurance; and other related activities. R&D includes cash and non-cash compensation, payroll taxes, travel and other miscellaneous costs of our internal R&D personnel, part-time hourly employees and external consultants dedicated to R&D efforts. R&D also includes an allocation of our common infrastructure costs for office space and communications. We accrue estimated costs for preclinical studies based on estimates of work performed. We estimate expenses incurred for clinical trials that are in process based on patient enrollment and based on clinical data collection and management. Costs based on clinical data collection and management are recognized based on estimates of unbilled goods and services received in the reporting period. We monitor the progress of the trials and their related activities and adjust the accruals accordingly. Adjustments to accruals are charged to expense in the period in which the facts that give rise to the adjustment become known. In the event of early termination of a clinical trial, we would accrue an amount based on estimates of the remaining non-cancelable obligations associated with winding down the clinical trial. In August 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-15, Presentation of Financial Statements – Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, In November 2015, the FASB issued new guidance on the balance sheet classification of deferred taxes. To simplify presentation, the new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The accounting standard is effective for public business entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance did not have an impact on our financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases Leases Leases In March 2016, the FASB issued ASU 2016-07, Equity Method and Joint Ventures, In March 2016, the FASB issued an accounting standard update which simplified several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	2. Net Income (loss) per Common Share Basic net income (loss) per common share for the three and six month periods ended June 30, 2016 and 2015, respectively, is based on the weighted-average number of shares of common stock outstanding during the periods. Diluted income (loss) per share is based on the weighted-average number of shares of common stock outstanding during each period in which a loss is incurred. In periods where there is net income, diluted income per share is based on the weighted-average number of shares of common stock outstanding plus dilutive securities with a purchase or conversion price below the per share price of the Company’s common stock on the last day of the reporting period. The potentially dilutive securities include 27,103,956 22,586,951 20,659,324

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	3. Stock-Based Compensation We measure stock-based compensation expense based on the grant date fair value of the awards, which is then recognized over the period which service is required to be provided. We estimate the value of our stock option awards on the date of grant using the Black-Scholes option pricing model and amortize that cost over the expected term of the grant. We recognized $ 51,294 109,859 222,862 137,998 531,118 0.9 940,000 1,635,000 2016 2015 Dividend yield 0.0 % 0.0 % Risk-free rate of return 1.41 % 1.53-1.63 % Expected life in years 4.5 - 7 4.5 - 4.75 Volatility 87-95 % 92-94 % Forfeiture rate 2.6 % 2.6 %

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	4. Income Taxes As of June 30, 2016, there have been no material changes to our uncertain tax positions disclosures as provided in Note 9 of the Annual Report. The tax returns for all years in the Company’s major tax jurisdictions were not settled as of January 1, 2016; no changes in settled tax years have occurred through June 30, 2016. Due to the existence of tax attribute carryforwards (which are currently offset by a full valuation allowance), the Company treats all years’ tax positions as unsettled due to the taxing authorities’ ability to modify these attributes.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	5. Fair Value Measurements The authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance describes a fair value hierarchy based on the levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 — Unobservable inputs. As of June 30, 2016 and 2015, our only qualifying assets that required measurement under the foregoing fair value hierarchy were money market funds included in Cash and Cash Equivalents valued at $ 1,609,000 563,000 Our June 30, 2016 balance sheet also reflects qualifying liabilities related to the issuance of common stock and warrants in our 2016 Offering. Certain price protection anti-dilution features of the Securities Purchase Agreement and Warrants were determined to be embedded derivatives. An independent valuation expert calculated the fair value of the embedded derivatives using a complex, customized Monte Carlo simulation model suitable to value path dependent American options. March 2013 July 2013 Sept 2013 Jan 2014 Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Risk-free rate of return 0.58 % 0.58 % 0.58 % 0.71 % Expected life in years 1.75 2 2.2 2.5 Volatility 83.6 % 82.8 % 80.1 % 122.6 % Given the conditions surrounding the trading of the Company’s equity securities, the Company values its derivative instruments related to embedded conversion features from the issuance of convertible debentures in accordance with the Level 3 guidelines. Balance at Balance at March 31, New Change in June 30, 2016 Issuances Fair Values 2016 Level 3 - Derivative liabilities from: Conversion features March 2013 $ 2,400,000 $ - $ (900,000) $ 1,500,000 July 2013 1,083,334 - (416,667) 666,667 September 2013 3,477,500 - (1,337,500) 2,140,000 January 2014 595,836 - (210,833) 385,003 Anti-dilution Protection 2016 Offering shares - 60,000 - 60,000 2016 Offering warrants - 1,570,000 - 1,570,000 Derivative instruments $ 7,556,670 $ 1,630,000 $ (2,865,000) $ 6,321,670

CONVERTIBLE NOTES

CONVERTIBLE NOTES	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Convertible Notes 2012 Convertible Note On October 19, 2012 we completed a private placement of convertible notes (the “2012 Notes”) raising an aggregate of $ 300,000 5 0.15 2,000,000 At any time prior to maturity of the 2012 Notes, with the consent of the holders of a majority in interest of the 2012 Notes, we may prepay the outstanding principal amount of the 2012 Notes plus unpaid accrued interest without penalty. Upon the commission of any act of bankruptcy by the Company, the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of ninety (90) days or more, or the appointment of a receiver or trustee to take possession of the property or assets of the Company, the outstanding principal and all accrued interest on the 2012 Notes will accelerate and automatically become immediately due and payable. In connection with the issuance of the 2012 Notes we also issued warrants to each Investor. The warrants are exercisable for an aggregate of 400,000 0.15 27,097 0.07 5 74.36 0.77 27,097 3,341 6,682 Investor Note Principal Warrants Sinaf S.A. $ 200,000 266,667 Joseph C. McNay $ 50,000 66,667 Allan L. Goldstein $ 35,000 46,666 J.J. Finkelstein $ 15,000 20,000 Sinaf S. A. is a direct wholly-owned subsidiary of Aptafin S.p.A., or Aptafin. Aptafin is owned directly by Paolo Cavazza and members of his family, who directly and indirectly own 38 In the fourth quarter of 2014, the Company amended the existing October 2012 convertible debt agreement with the lenders, solely to extend the due date of the principal and accrued unpaid interest until October 19, 2017. No other terms of the original debt were amended or modified, and the lenders did not reduce the borrowed amount or change the interest rate of the debt. The Company considered the restructuring a troubled debt restructuring as a result of the Company’s financial condition. At the date of the amendment, all existing debt discounts and deferred financing fees were fully amortized and the amendment did not involve any additional fees paid to the lender or third parties; as such there was no gain recognized as a result of the amendment. 2013 Convertible Notes On March 29, 2013, we completed a private placement of convertible notes (the “March 2013 Notes”) raising an aggregate of $ 225,000 5 0.06 3,750,000 At any time prior to maturity of the March 2013 Notes, with the consent of the holders of a majority in interest of the March 2013 Notes, we may prepay the outstanding principal amount of the March 2013 Notes plus unpaid accrued interest without penalty. Upon the commission of any act of bankruptcy by the Company, the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the Company of a petition in bankruptcy or any petition for relief under the Federal bankruptcy act or the continuation of such petition without dismissal for a period of ninety (90) days or more, or the appointment of a receiver or trustee to take possession of the property or assets of the Company, the outstanding principal and all accrued interest on the March 2013 Notes will accelerate and automatically become immediately due and payable. Investor Note Principal Joseph C. McNay $ 50,000 Allan L. Goldstein $ 25,000 The Company has evaluated the terms of the March 2013 Notes which contain a down round provision under which the conversion price could be decreased as a result of future equity offerings, as defined in the March 2013 Notes. The adjustment would reduce the conversion price of the March 2013 Notes to be equivalent to that of the newly issued stock or stock-related instruments. As a result, the Company concluded that the conversion feature represented an embedded conversion feature for accounting purposes and should be recognized as a derivative liability, requiring a mark-to-market adjustment at the end of each reporting period until the related March 2013 Notes have been settled. The bifurcated liability of $ 225,000 0 On July 5, 2013, we completed a private placement of convertible notes (the “July 2013 Notes”) raising an aggregate of $ 100,000 5 0.06 1,666,667 At any time prior to maturity of the July 2013 Notes, with the consent of the holders of a majority in interest of the July 2013 Notes, we may prepay the outstanding principal amount of the July 2013 Notes plus unpaid accrued interest without penalty. Upon the commission of any act of bankruptcy by the Company, the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the Company of a petition in bankruptcy or any petition for relief under the Federal bankruptcy act or the continuation of such petition without dismissal for a period of ninety (90) days or more, or the appointment of a receiver or trustee to take possession of the property or assets of the Company, the outstanding principal and all accrued interest on the July 2013 Notes will accelerate and automatically become immediately due and payable. Investor Note Principal Joseph C. McNay $ 50,000 Allan L. Goldstein $ 10,000 J.J. Finkelstein $ 5,000 L. Thompson Bowles $ 5,000 The Company has evaluated the terms of the July 2013 Notes which contain a down round provision under which the conversion price could be decreased as a result of future equity offerings, as defined in the July 2013 Notes. The adjustment would reduce the conversion price of the July 2013 Notes to be equivalent to that of the newly issued stock or stock-related instruments. As a result, the Company concluded that the conversion feature represented an embedded conversion feature for accounting purposes and should be recognized as a derivative liability, requiring a mark-to-market adjustment at the end of each reporting period until the related July 2013 Notes have been settled. The bifurcated liability of $ 66,667 33,333 On September 11, 2013, we completed a private placement of convertible notes raising an aggregate of $ 321,000 5 0.06 5,350,000 At any time prior to maturity of the September 2013 Notes, with the consent of the holders of a majority in interest of the September 2013 Notes, we may prepay the outstanding principal amount of the September 2013 Notes plus unpaid accrued interest without penalty. Upon the commission of any act of bankruptcy by the Company, the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of ninety (90) days or more, or the appointment of a receiver or trustee to take possession of the property or assets of the Company, the outstanding principal and all accrued interest on the September 2013 Notes will accelerate and automatically become immediately due and payable. Investor Note Principal SINAF S.A. $ 150,000 Joseph C. McNay $ 100,000 Allan L. Goldstein $ 11,000 L. Thompson Bowles $ 5,000 R. Don Elsey $ 5,000 The Company has evaluated the terms of the September 2013 Notes which contain a down round provision under which the conversion price could be decreased as a result of future equity offerings, as defined in the September 2013 Notes. The adjustment would reduce the conversion price of the September 2013 Notes to be equivalent to that of the newly issued stock or stock-related instruments. As a result, the Company concluded that the conversion feature represented an embedded conversion feature for accounting purposes and should be recognized as a derivative liability, requiring a mark-to-market adjustment at the end of each reporting period until the related September 2013 Notes have been settled. The bifurcated liability of $ 267,500 53,500 2014 Convertible Notes On January 7, 2014, we completed a private placement of convertible notes raising an aggregate of $ 55,000 5 0.06 916,667 At any time prior to maturity of the January 2014 Notes, with the consent of the holders of a majority in interest of the January 2014 Notes, we may prepay the outstanding principal amount of the January 2014 Notes plus unpaid accrued interest without penalty. Upon the commission of any act of bankruptcy by the Company, the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of 90 days or more, or the appointment of a receiver or trustee to take possession of the property or assets of the Company, the outstanding principal and all accrued interest on the January 2014 Notes will accelerate and automatically become immediately due and payable. Investor Note Principal Joseph C. McNay $ 25,000 Allan L. Goldstein $ 10,000 L. Thompson Bowles $ 5,000 The Company has evaluated the terms of the January 2014 Notes which contain a down round provision under which the conversion price could be decreased as a result of future equity offerings, as defined in the January 2014 Notes. The adjustment would reduce the conversion price of the January 2014 Notes to be equivalent to that of the newly issued stock or stock-related instruments. As a result, the Company concluded that the conversion feature represented an embedded conversion feature for accounting purposes and should be recognized as a derivative liability, requiring a mark-to-market adjustment at the end of each reporting period until the related January 2014 Notes have been settled. The bifurcated liability of $ 55,000 0 For the three months ended For the six months ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 2012 Notes $ 3,738 $ 3,738 $ 7,476 $ 7,441 March 2013 Notes 14,024 14,024 28,048 27,894 July 2013 Notes 4,571 4,571 9,142 9,091 September 2013 Notes 17,340 17,340 34,680 34,489 January 2014 Notes 3,428 3,428 6,856 6,815 Total $ 43,101 $ 43,101 $ 86,202 $ 85,730 June 30, 2016 December 31, 2015 March 2013 Notes $ 1,500,000 $ 1,500,000 July 2013 Notes 666,667 666,667 September 2013 Notes 2,140,000 2,140,000 January 2014 Notes 385,003 366,669 Warrant liability 1,570,000 - Rights liability 60,000 - Total fair value of derivative liability $ 6,321,670 $ 4,673,336 For the three months ended For the six months ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 March 2013 Notes $ (900,000) $ 375,000 $ - $ 787,500 July 2013 Notes (416,667) 166,667 - 350,000 September 2013 Notes (1,337,500) 535,000 - 1,123,500 January 2014 Notes (210,833) 91,667 18,334 192,500 Total change in fair value of derivative $ (2,865,000) $ 1,168,334 $ 18,334 $ 2,453,500

LICENSE AGREEMENT

LICENSE AGREEMENT	6 Months Ended
	Jun. 30, 2016
License Agreement [Abstract]
License Agreement [Text Block]	7. License agreement Joint Venture Agreement with GtreeBNT On January 28, 2015, the Company entered into the Joint Venture Agreement with GtreeBNT, a shareholder in the Company. The Joint Venture Agreement provides for the creation of the Joint Venture, jointly owned by the Company and GtreeBNT, which will commercialize RGN-259 for treatment of dry eye and neurotrophic keratopathy in the United States. GtreeBNT is solely responsible for funding all the product development and commercialization efforts of the Joint Venture. GtreeBNT made an initial contribution of $ 3 51 49 The Joint Venture is responsible for executing all development and commercialization activities under the License Agreement, which activities will be directed by a joint development committee comprised of representatives of the Company and GtreeBNT. The License Agreement has a term that extends to the later of the expiration of the last patent covered by the License Agreement or 25 years from the first commercial sale under the License Agreement. The License Agreement may be earlier terminated if the Joint Venture fails to meet certain commercialization milestones, if either party breaches the License Agreement and fails to cure such breach, as a result of government action that limits the ability of the Joint Venture to commercialize the product, as a result of a challenge to a licensed patent, following termination of the license between the Company and certain agencies of the United States federal government, or upon the bankruptcy of either party. Under the License Agreement, the Company received $ 1.0 250,000

2016 OFFERING

2016 OFFERING	6 Months Ended
	Jun. 30, 2016
Sale of Stock 2016 Offering [Abstract]
Sale of Stock 2016 Offering Disclosure [Text Block]	8. 2016 Offering On June 27, 2016, we entered into a Securities Purchase Agreement with pursuant to which we agreed to sell, and the purchasers agreed to purchase, an aggregate of 5,147,059 5,147,059 257,353 The purchase agreement contains customary representations, warranties and covenants by the Company and the purchasers. In addition, the purchase agreement provides that each purchaser has a right, subject to certain exceptions described in the agreement, to participate in future issuances of equity and debt securities by us for a period of 12 months following the effective date of this registration statement, and certain price protections that provide for the grant of additional shares of common stock if we sell shares for less than $ 0.34 The Company evaluated various features of the Securities Purchase Agreement (“SPA”) and Warrant Agreements issued in the offering. , Derivatives and Hedging, The investor warrants contain “non-standard” adjustments (down round antidilution protection) for 12 months following issuance. The Company determined that the warrants contain certain embedded features that have to be evaluated under the guidance in ASC 815 and determined that they are also “embedded derivatives” that require bifurcation and are to be accounted for as a mark-to-mark derivative liability until it lapses. In connection with the offering, the Company incurred approximately $230,000 of direct and incremental issuance costs. The portion of these costs allocated to liability-classified derivative financial instruments, approximately $214,000, was expensed in the quarter ended June 30, 2016 and is reflected under General and administrative expense in the accompanying statements of operations. The remainder of the costs was allocated to the equity-classified common stock and recognized as a direct charge to additional paid in capital. The Company has concluded the following accounting treatment for the various instruments and embedded features: · Common stock – equity classified · Placement agent warrants – equity classified · Investor warrants – derivative liability · Right - derivative liability Investor warrants - based on fair value relative to the fair value of the “right $ 1,570,000 “Right” - based on fair value relative to the fair value of the investor warrants 60,000 Common stock and placement agent warrants – residual value (par and APIC) 120,000 $ 1,750,000 An independent valuation expert calculated the fair value of the embedded derivatives using a complex, customized Monte Carlo simulation model suitable to value path dependent American options. The model uses the risk neutral methodology adapted to value corporate securities. This model utilized subjective and theoretical assumptions that can materially affect fair values from period to period.

ORGANIZATION, BUSINESS OVERVI14

ORGANIZATION, BUSINESS OVERVIEW AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation. The accompanying unaudited interim financial statements reflect, in the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial position, results of operations and cash flows for each period presented. These statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and with the rules and regulations of the SEC, for interim financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP. The accounting policies underlying our unaudited interim financial statements are consistent with those underlying our audited annual financial statements. These unaudited interim financial statements should be read in conjunction with the audited annual financial statements as of and for the year ended December 31, 2015, and related notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2015 (the “Annual Report”). The accompanying December 31, 2015 financial information was derived from our audited financial statements included in the Annual Report. Operating results for the three and six month periods ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or any other future period. References in this Quarterly Report on Form 10-Q to “authoritative guidance” are to the Accounting Standards Codification issued by the Financial Accounting Standards Board (“FASB”).
Use of Estimates, Policy [Policy Text Block]	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United Stated of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for fair value measurements in connection with derivative liabilities, clinical trial accruals and share-based arrangements. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from those estimates.
Convertible Notes with Detachable Warrants [Policy Text Block]	Convertible Notes with Detachable Warrants. In accordance with Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options
Derivatives, Reporting of Derivative Activity [Policy Text Block]	Derivative Financial Instruments. Derivative financial instruments consist of financial instruments or other contracts that contain a notional amount and one or more underlying variables (e.g., interest rate, security price or other variable), which require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has issued financial instruments including warrants that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. In certain instances, these instruments are required to be carried as derivative liabilities, at fair value, in the Company’s financial statements. In other instances these instruments are classified as equity instruments in the Company’s financial statements. The fair value of derivatives is estimated using either the Black-Scholes option pricing model or a Monte Carlo simulation model depending on facts pertaining to the derivative liability. Both option pricing models utilize a series of inputs and assumptions to arrive at a fair value at the date of inception and each reporting period. Some of the key assumptions include the likelihood of future financing, stock price volatility and discount rates Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company’s common stock, which has a high-historical volatility. Since derivative financial instruments are initially and subsequently carried at fair values, the Company’s operating results reflect the volatility in these estimate and assumption changes in each reporting period.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition. We recognize revenue in accordance with the authoritative guidance for revenue recognition. We recognize revenue when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery (or passage of title) has occurred or services have been rendered, (iii) the seller's price to the buyer is fixed or determinable, and (iv) collectability is reasonably assured. We also comply with the authoritative guidance for revenue recognition regarding arrangements with multiple deliverables. Multiple-element arrangements are analyzed to determine whether the deliverables, which may include a license together with performance obligations such as providing a clinical supply of product and steering committee services, can be separated or whether they must be accounted for as a single unit of accounting. Revenue associated with licensing agreements consists of non-refundable upfront license fees and milestone payments. Non-refundable upfront license fees received under license agreements, whereby continued performance or future obligations are considered inconsequential to the relevant license technology, are recognized as revenue upon delivery of the technology. Whenever we determine that an arrangement should be accounted for as a single unit of accounting, we must determine the period over which the performance obligations will be performed and revenue will be recognized. Revenue will be recognized using either a relative performance or straight-line method. We recognize revenue using the relative performance method provided that the we can reasonably estimate the level of effort required to complete our performance obligations under an arrangement and such performance obligations are provided on a best-efforts basis. Revenue recognized is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the relative performance method, as of each reporting period. If we cannot reasonably estimate the level of effort required to complete our performance obligations under an arrangement, the performance obligations are provided on a best-efforts basis and we can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then the total payments under the arrangement, excluding royalties and payments contingent upon achievement of substantive milestones, would be recognized as revenue on a straight-line basis over the period we expect to complete our performance obligations. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the straight-line basis, as of the period ending date. If we cannot reasonably estimate when our performance obligation either ceases or becomes inconsequential and perfunctory, then revenue is deferred until we can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance. We recognize consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria: · The consideration is commensurate with either the entity's performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity's performance to achieve the milestone; · The consideration relates solely to past performance; and · The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity's performance or on the occurrence of a specific outcome resulting from the entity's performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (iii) that would result in additional payments being due to us. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in our accompanying condensed balance sheets.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities. The Company has determined that the Joint Venture is a “variable interest entity”, since the total equity investment at risk is not sufficient to permit the Joint Venture to finance its activities without additional subordinated financial support. Further, because of GtreeBNT’s majority equity stake in the Joint Venture, voting control, control of the board of directors, and substantive management rights, and given that the Company does not have the power to direct the Joint Venture’s activities that most significantly impact its economic performance, the Company determined that it is not the primary beneficiary of the Joint Venture and therefore is not required to consolidate the Joint Venture. The Company reports its equity stake in the Joint Venture using the equity method of accounting because, while it does not control the Joint Venture, the Company can exert significant influence over the Joint Ventures activities by virtue of its board representation. Because the Company is not obligated to fund the Joint Venture, and has not provided any financial support and has no commitment to provide financial support in the future to the Joint Venture, the carrying value of its investment in the Joint Venture is zero. As a result, the Company is not recognizing its share ( 49
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development (“R&D”) costs are expensed as incurred and include all of the wholly-allocable costs associated with our various clinical programs passed through to us by our outsourced vendors. Those costs include: manufacturing Tβ4; formulation of Tβ4 into the various product candidates; stability for both Tβ4 and the various formulations; pre-clinical toxicology; safety and pharmacokinetic studies; clinical trial management; medical oversight; laboratory evaluations; statistical data analysis; regulatory compliance; quality assurance; and other related activities. R&D includes cash and non-cash compensation, payroll taxes, travel and other miscellaneous costs of our internal R&D personnel, part-time hourly employees and external consultants dedicated to R&D efforts. R&D also includes an allocation of our common infrastructure costs for office space and communications.
Preclinical Studies and Clinical Trials [Policy Text Block]	Cost of Preclinical Studies and Clinical Trials We accrue estimated costs for preclinical studies based on estimates of work performed. We estimate expenses incurred for clinical trials that are in process based on patient enrollment and based on clinical data collection and management. Costs based on clinical data collection and management are recognized based on estimates of unbilled goods and services received in the reporting period. We monitor the progress of the trials and their related activities and adjust the accruals accordingly. Adjustments to accruals are charged to expense in the period in which the facts that give rise to the adjustment become known. In the event of early termination of a clinical trial, we would accrue an amount based on estimates of the remaining non-cancelable obligations associated with winding down the clinical trial.
New Accounting Pronouncements, Policy [Policy Text Block]	In August 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-15, Presentation of Financial Statements – Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, In November 2015, the FASB issued new guidance on the balance sheet classification of deferred taxes. To simplify presentation, the new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The accounting standard is effective for public business entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance did not have an impact on our financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases Leases Leases In March 2016, the FASB issued ASU 2016-07, Equity Method and Joint Ventures, In March 2016, the FASB issued an accounting standard update which simplified several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	We used the following forward-looking range of assumptions to value the 940,000 1,635,000 2016 2015 Dividend yield 0.0 % 0.0 % Risk-free rate of return 1.41 % 1.53-1.63 % Expected life in years 4.5 - 7 4.5 - 4.75 Volatility 87-95 % 92-94 % Forfeiture rate 2.6 % 2.6 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	We evaluated the derivative liability embedded in the series of convertible notes to determine if an adjustment to the carrying value of the liability was required at June 30, 2016 using the following assumptions. March 2013 July 2013 Sept 2013 Jan 2014 Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Risk-free rate of return 0.58 % 0.58 % 0.58 % 0.71 % Expected life in years 1.75 2 2.2 2.5 Volatility 83.6 % 82.8 % 80.1 % 122.6 %
Fair Value Measurement Derivative Liabilities Disclosure [Table Text Block]	For the period ended June 30, 2016, the following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value in these financial statements. Balance at Balance at March 31, New Change in June 30, 2016 Issuances Fair Values 2016 Level 3 - Derivative liabilities from: Conversion features March 2013 $ 2,400,000 $ - $ (900,000) $ 1,500,000 July 2013 1,083,334 - (416,667) 666,667 September 2013 3,477,500 - (1,337,500) 2,140,000 January 2014 595,836 - (210,833) 385,003 Anti-dilution Protection 2016 Offering shares - 60,000 - 60,000 2016 Offering warrants - 1,570,000 - 1,570,000 Derivative instruments $ 7,556,670 $ 1,630,000 $ (2,865,000) $ 6,321,670

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Convertible Debt [Table Text Block]	The investors, and the principal amount of their respective 2012 Notes and number of shares of common stock issuable upon exercise of their respective warrants, are as set forth below: Investor Note Principal Warrants Sinaf S.A. $ 200,000 266,667 Joseph C. McNay $ 50,000 66,667 Allan L. Goldstein $ 35,000 46,666 J.J. Finkelstein $ 15,000 20,000 The investors in the offering included two directors of the Company, Dr. Goldstein and Joseph C. McNay, an outside director. The principal amounts of their respective March 2013 Notes are as set forth below: Investor Note Principal Joseph C. McNay $ 50,000 Allan L. Goldstein $ 25,000 The investors in the offering included four directors of the Company, Mr. Finkelstein, Dr. Goldstein, Mr. McNay and L. Thompson Bowles, an outside director. The principal amounts of their respective July 2013 Notes are as set forth below: Investor Note Principal Joseph C. McNay $ 50,000 Allan L. Goldstein $ 10,000 J.J. Finkelstein $ 5,000 L. Thompson Bowles $ 5,000 The investors in the offering included an affiliate and four directors of the Company. The principal amounts of the affiliate and directors respective September 2013 Notes are as set forth below: Investor Note Principal SINAF S.A. $ 150,000 Joseph C. McNay $ 100,000 Allan L. Goldstein $ 11,000 L. Thompson Bowles $ 5,000 R. Don Elsey $ 5,000 The investors in the offering included three directors of the Company. The principal amounts of their respective Notes are as set forth below: Investor Note Principal Joseph C. McNay $ 25,000 Allan L. Goldstein $ 10,000 L. Thompson Bowles $ 5,000
Interest Income and Interest Expense Disclosure [Table Text Block]	For the three months ended For the six months ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 2012 Notes $ 3,738 $ 3,738 $ 7,476 $ 7,441 March 2013 Notes 14,024 14,024 28,048 27,894 July 2013 Notes 4,571 4,571 9,142 9,091 September 2013 Notes 17,340 17,340 34,680 34,489 January 2014 Notes 3,428 3,428 6,856 6,815 Total $ 43,101 $ 43,101 $ 86,202 $ 85,730
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	June 30, 2016 December 31, 2015 March 2013 Notes $ 1,500,000 $ 1,500,000 July 2013 Notes 666,667 666,667 September 2013 Notes 2,140,000 2,140,000 January 2014 Notes 385,003 366,669 Warrant liability 1,570,000 - Rights liability 60,000 - Total fair value of derivative liability $ 6,321,670 $ 4,673,336
Schedule Of Change In Fair Value Of The Derivative Liability [Table Text Block]	For the three months ended For the six months ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 March 2013 Notes $ (900,000) $ 375,000 $ - $ 787,500 July 2013 Notes (416,667) 166,667 - 350,000 September 2013 Notes (1,337,500) 535,000 - 1,123,500 January 2014 Notes (210,833) 91,667 18,334 192,500 Total change in fair value of derivative $ (2,865,000) $ 1,168,334 $ 18,334 $ 2,453,500

2016 OFFERING (Tables)

2016 OFFERING (Tables)	6 Months Ended
	Jun. 30, 2016
Sale of Stock 2016 Offering [Abstract]
Sale of Stock 2016 Offering Disclosure [Table Text Block]	Investor warrants - based on fair value relative to the fair value of the “right $ 1,570,000 “Right” - based on fair value relative to the fair value of the investor warrants 60,000 Common stock and placement agent warrants – residual value (par and APIC) 120,000 $ 1,750,000

ORGANIZATION, BUSINESS OVERVI19

ORGANIZATION, BUSINESS OVERVIEW AND BASIS OF PRESENTATION (Details Textual) - USD ($)	Apr. 06, 2016	Jun. 30, 2016	Sep. 30, 2015	Mar. 31, 2015	Jan. 28, 2015	Jun. 30, 2016	Jun. 30, 2015
ORGANIZATION AND BUSINESS [Line Items]
Accrued Fees and Other Revenue Receivable							$ 1,000,000
First Tranche Amount Receivable After Enrollment Of First Patient In Ophthalmic Trial				$ 500,000
Second Tranche Amount Receivable After Enrollment Of The First Patient In An Ophthalmic Trial			$ 500,000
Percentage Of Joint Venture Operating Loss Used In Share Calculation					49.00%	49.00%
Description of Equity Ownership Interest						RegeneRxs initial ownership interest in ReGenTree was 49% and was reduced to 42% after the clinical study report was filed for the Phase 2/3 dry eye clinical trial. Based on when, and if, certain additional development milestones are achieved in the U.S. with RGN-259, our equity ownership may be incrementally reduced to between 42% and 25%, with 25% being the final equity ownership upon approval of an NDA for Dry Eye Syndrome in the U.S. In the event the ReGenTree entity is acquired or there is a change of control that occurs following achievement of an NDA, RegeneRx shall be entitled to 40% of all change of control proceeds paid or payable and will forgo any future royalties.
Sale of Stock 2016 Offering [Member]
ORGANIZATION AND BUSINESS [Line Items]
Warrants to purchase common stock, Shares		5,147,059
Stock Issued During Period, Shares, New Issues		5,147,059
Stock Issued During Period, Value, New Issues		$ 1,520,000
ReGen Tree [Member]
ORGANIZATION AND BUSINESS [Line Items]
Proceeds from Royalties Received	$ 250,000

NET INCOME (LOSS) PER COMMON 20

NET INCOME (LOSS) PER COMMON SHARE - (Details Textual) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	20,659,324	27,103,956	22,586,951

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Risk-free rate of return	1.41%
Forfeiture rate	2.60%	2.60%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free rate of return		1.53%
Expected life in years	4 years 6 months	4 years 6 months
Volatility	87.00%	92.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free rate of return		1.63%
Expected life in years	7 years	4 years 9 months
Volatility	95.00%	94.00%

STOCK-BASED COMPENSATION (Det22

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense, Total	$ 51,294	$ 109,859	$ 222,862	$ 137,998
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 531,118		$ 531,118
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			10 months 24 days
Employees Consultants And Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			940,000	1,635,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details)	6 Months Ended
	Jun. 30, 2016
March 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	0.58%
Expected life in years	1 year 9 months
Volatility	83.60%
July 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	0.58%
Expected life in years	2 years
Volatility	82.80%
September 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	0.58%
Expected life in years	2 years 2 months 12 days
Volatility	80.10%
January 2014 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	0.71%
Expected life in years	2 years 6 months
Volatility	122.60%

FAIR VALUE MEASUREMENTS (Deta24

FAIR VALUE MEASUREMENTS (Details 1)	6 Months Ended
	Jun. 30, 2016USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	$ 4,673,336
Derivative liabilities, Ending Balance	6,321,670
Conversion Features [Member] | Fair Value, Inputs, Level 3 [Member] | March 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	2,400,000
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(900,000)
Derivative liabilities, Ending Balance	1,500,000
Conversion Features [Member] | Fair Value, Inputs, Level 3 [Member] | July 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	1,083,334
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(416,667)
Derivative liabilities, Ending Balance	666,667
Conversion Features [Member] | Fair Value, Inputs, Level 3 [Member] | September 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	3,477,500
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(1,337,500)
Derivative liabilities, Ending Balance	2,140,000
Conversion Features [Member] | Fair Value, Inputs, Level 3 [Member] | January 2014 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	595,836
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(210,833)
Derivative liabilities, Ending Balance	385,003
Derivative Instruments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	7,556,670
Derivative liabilities, New Issuances	1,630,000
Derivative liabilities, Change in Fair Values	(2,865,000)
Derivative liabilities, Ending Balance	6,321,670
Anti-dilution Protection [Member] | Fair Value, Inputs, Level 3 [Member] | Offering shares 2016 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	0
Derivative liabilities, New Issuances	60,000
Derivative liabilities, Change in Fair Values	0
Derivative liabilities, Ending Balance	60,000
Anti-dilution Protection [Member] | Fair Value, Inputs, Level 3 [Member] | Offering Warrants 2016 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	0
Derivative liabilities, New Issuances	1,570,000
Derivative liabilities, Change in Fair Values	0
Derivative liabilities, Ending Balance	$ 1,570,000

FAIR VALUE MEASUREMENTS (Deta25

FAIR VALUE MEASUREMENTS (Details Textual) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 1,609,000	$ 563,000

CONVERTIBLE NOTES (Details)

CONVERTIBLE NOTES (Details)	Jun. 30, 2016USD ($)shares
Sinaf S.A. [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 150,000
Sinaf S.A. [Member] | Notes 2012 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 200,000
Class of Warrant or Right, Outstanding | shares	266,667
Joseph C. McNay [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 25,000
Joseph C. McNay [Member] | March 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	50,000
Joseph C. McNay [Member] | July 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	50,000
Joseph C. McNay [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	100,000
Joseph C. McNay [Member] | Notes 2012 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000
Class of Warrant or Right, Outstanding | shares	66,667
Allan L. Goldstein [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 10,000
Allan L. Goldstein [Member] | March 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	25,000
Allan L. Goldstein [Member] | July 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	10,000
Allan L. Goldstein [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	11,000
Allan L. Goldstein [Member] | Notes 2012 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 35,000
Class of Warrant or Right, Outstanding | shares	46,666
J.J. Finkelstein [Member] | July 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 5,000
J.J. Finkelstein [Member] | Notes 2012 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 15,000
Class of Warrant or Right, Outstanding | shares	20,000
L. Thompson Bowles [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 5,000
L. Thompson Bowles [Member] | July 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	5,000
L. Thompson Bowles [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	5,000
R. Don Elsey [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 5,000

CONVERTIBLE NOTES (Details 1)

CONVERTIBLE NOTES (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Total interest expense	$ 43,101	$ 43,101	$ 86,202	$ 85,730
Notes 2012 [Member]
Debt Instrument [Line Items]
Total interest expense	3,738	3,738	7,476	7,441
March 2013 Notes [Member]
Debt Instrument [Line Items]
Total interest expense	14,024	14,024	28,048	27,894
July 2013 Notes [Member]
Debt Instrument [Line Items]
Total interest expense	4,571	4,571	9,142	9,091
September 2013 Notes [Member]
Debt Instrument [Line Items]
Total interest expense	17,340	17,340	34,680	34,489
January 2014 Notes [Member]
Debt Instrument [Line Items]
Total interest expense	$ 3,428	$ 3,428	$ 6,856	$ 6,815

CONVERTIBLE NOTES (Details 2)

CONVERTIBLE NOTES (Details 2) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total Fair value of derivative liability	$ 6,321,670	$ 4,673,336
Warrant [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	1,570,000	0
Rights [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	60,000	0
March 2013 Notes [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	1,500,000	1,500,000
July 2013 Notes [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	666,667	666,667
September 2013 Notes [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	2,140,000	2,140,000
January 2014 Notes [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	$ 385,003	$ 366,669

CONVERTIBLE NOTES (Details 3)

CONVERTIBLE NOTES (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Change in fair value of derivative	$ (2,865,000)	$ 1,168,334	$ 18,334	$ 2,453,500
March 2013 Notes [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	(900,000)	375,000	0	787,500
July 2013 Notes [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	(416,667)	166,667	0	350,000
September 2013 Notes [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	(1,337,500)	535,000	0	1,123,500
January 2014 Notes [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	$ (210,833)	$ 91,667	$ 18,334	$ 192,500

CONVERTIBLE NOTES (Details Text

CONVERTIBLE NOTES (Details Textual) - USD ($)	Jan. 07, 2014	Sep. 11, 2013	Jul. 05, 2013	Mar. 29, 2013	Oct. 19, 2012	Jun. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2012
Convertible Note Principal And Exercise Of Warrant [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate							1.41%
Non-cash interest expense							$ 61,246	$ 60,911
Convertible Notes [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Proceeds from Convertible Debt	$ 55,000	$ 321,000	$ 100,000	$ 225,000	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%	5.00%	5.00%	5.00%
Debt Instrument, Convertible, Conversion Price	$ 0.06	$ 0.06	$ 0.06	$ 0.06	$ 0.15
Debt Conversion, Converted Instrument, Shares Issued	916,667	5,350,000	1,666,667	3,750,000	2,000,000
Convertible Notes [Member] | March 2013 [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Bifurcated Liability							225,000
Residual Debt Value							0
Convertible Notes [Member] | July 2013 [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Bifurcated Liability							66,667
Residual Debt Value							33,333
Convertible Notes [Member] | September 2013 [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Bifurcated Liability							267,500
Residual Debt Value							53,500
Convertible Notes [Member] | January 2014 [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Bifurcated Liability							55,000
Residual Debt Value							$ 0
Warrant [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Debt Conversion, Converted Instrument, Warrants or Options Issued										400,000
Class of Warrant or Right, Exercise Price of Warrants or Rights										$ 0.15
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants										$ 27,097
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price										$ 0.07
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term										5 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate										74.36%
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate										0.77%
Adjustments to Additional Paid in Capital, Warrant Issued										$ 27,097
Non-cash interest expense						$ 3,341			$ 6,682
Sigma Tau [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners							38.00%

LICENSE AGREEMENT (Details Text

LICENSE AGREEMENT (Details Textual) - USD ($)	Apr. 06, 2016	Jan. 28, 2015	Jun. 30, 2016
License Agreement [Line Items]
Initial Contribution Received In Related To Joint Venture		$ 3,000,000
Initial Equity Stake		51.00%
Percentage Of Joint Venture Operating Loss Used In Share Calculation		49.00%	49.00%
Proceeds from License Fees Received	$ 1,000,000
ReGen Tree [Member]
License Agreement [Line Items]
Proceeds from Royalties Received	$ 250,000

2016 OFFERING (Details)

2016 OFFERING (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Sale of Stock 2016 Offering [Line Items]
Proceeds from Issuance of Common Stock	$ 1,750,000
Warrant [Member]
Sale of Stock 2016 Offering [Line Items]
Proceeds from Issuance of Common Stock	1,570,000
Rights [Member]
Sale of Stock 2016 Offering [Line Items]
Proceeds from Issuance of Common Stock	60,000
Common Stock And Placement Agent Warrants [Member]
Sale of Stock 2016 Offering [Line Items]
Proceeds from Issuance of Common Stock	$ 120,000

2016 OFFERING (Details Textual)

2016 OFFERING (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 27, 2016
Stock Issuance Costs		$ 230,000
General and Administrative Expense [Member]
Stock Issuance Costs		$ 214,000
Sale of Stock 2016 Offering [Member]
Warrants to purchase common stock, Shares	5,147,059
Stock Issued During Period, Shares, New Issues	5,147,059
Sale of Stock, Price Per Share			$ 0.34
Placement Agent [Member] | Sale of Stock 2016 Offering [Member]
Warrants to purchase common stock, Shares	257,353