EXHIBIT 10.7


                                                               A G R E E M E N T
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Client: Regenerx Biopharmaceuticals, Inc.                       Center: 3 Metro Bethesda
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Address: 3 Bethesda Metro Center                                Address: 3 Bethesda Metro Center, Suite #700

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City, State and Zip: Bethesda, Maryland 20814                   City, State and Zip: Bethesda, Maryland 20814
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Email Address:                                                  Email Address: myra.fitzwater@hq.com
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Phone: 301.961.1992             J. J. Finklestein               Phone: 301.961.1910     Myra Fitzwater
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Fax: 301.961.1991               Contact Name                    Fax: 301.961.1909       Contact Name
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Billing Address (if different from above):
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Type of Business or Service: Biotech
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Persons authorized to charge to account: J. J. Finklestein
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Referring Broker:
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Real Estate Company Name:
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Real Estate Company Address:

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PROGRAM: Full Office Program                                    NUMBER OF OFFICES: 2
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OFFICE NUMBERS: 738 and 739

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INITIAL TERM: 12 Months
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FIXED MONTHLY FEES:                  Telephone Set: $75.00                   Parking: $100.00
Monthly Rents: $1,600.00             T1: $100.00                             Add'l Furn: $30.00
Telephone Line: $60.00               Fax: $50.00
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Refundable Retainer: $1,720.00    Fixed Fee Payment Date: 1st of Month   Service Fee Payment Date: 1st of Month
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START DATE: 4/10/02

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This agreement will automatically renew for the same period of time as the
initial term at the then current rates for the offices and/or services.

If I have less than three (3) offices, I will give sixty (60) days written
notice to cancel my renewal.
If I have three (3) or more offices, I will give ninety (90) days written
notice to cancel my renewal.

I have read and understand the terms and conditions on the reverse side and I
agree to be bound by those terms and conditions.

[LOGO OMITTED]                                                        www.hq.com



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TERMS AND CONDITIONS
1. OFFICE ACCESS. As a client you have a license to use the office(s) assigned
to you. You also have shared use of common areas in the center. Your office
comes with standard office furniture. You have access to your office(s)
twenty-four (24) hours a day, seven (7) days a week Our building provides oftice
cleaning maintenance services, electric healing and air conditioning to the
canter during normal business hours as determined Dy the landlord for the
building.
We reserve the right to relocate you to another office in the center From time
to time. If we exercise this right it will only be to an office of equal or
larger size and configuration This relocation is at our expense.
We reserve the right to show the office(s) to prospective clients and will use
reasonable efforts not to disrupt your business.
2. SERVICES. In addition to your office. we provide you with certain services on
an as requested  basis.  The fee schedule for these  services is available  upon
request. The fees are charged to your account and are payable on the service fee
payment data listed on the reverse side of this agreement.  You agree to pay all
charges  authorized by you or your  employees.  The lee schedule IS updated from
time to time.  HQ Global  Workplaces  (HQ) and vendors  designated by HQ are the
only service providers  authorized to provide services in the center.  You agree
that neither you nor your  employees will solicit other clients of the center to
provide any service provided by HQ or its designated vendors,  or otherwise.  In
the event you default on your obligations  under this agreement,  you agree that
HQ may  cease to  provide  any and all  services  including  telephone  services
without resort to legal process.
3. PAYMENTS. You agree lo pay the fixed and additional service fees and all
applicable sales or use taxes on the payment dates listed on the reverse side of
this agreement. If you dispute any portion of the charge; on your bill, you
agree to pay the undrsputad portion on the designated paymsnt date. You agree
that charges must be disputed within ninety (90) days or you waive your right to
dispute such charges, You may be charged a late fee for any late payments. When
you sign this agreement you are required to pay your fixed fee, set up fees and
a refundable retainer. The refundable retainer will not be kept In a separate
account from other funds of HQ and no interest will be paid to you on this
amount. The refundable retainer may be applied to outstanding charges at any
time at our discretion We have the right to require that you replace retainer
funds that we apply to your charges. At the end of the t e rm of this agreement,
if you have satisfied all of your payment obligations, we will refund you this
retainer within forty-rive (45) days.
4. OUR LIMITATION OF LIABILITY. You acknowledge that due to the imperfect nature
of verbal, written and electronic communications, neither HQ nor HQ's landlord
or any of their respective officers, directors, employees, shareholders,
partners, agents or representatives shall be responsible for damages, direct or
consequential, that may result from the failure of HP to furnish any service,
including but not limited to the service of conveying messages, communications
and other utility or services. Your sole remedy and HQ's sole obligation for any
failure to render any service, any error or omission, or any delay or
interruption of any service, is limited to an adjustment to your bill in an
amount equal to the charge for such service for the period during which the
failure, delay or interruption continues.
WITH THE SOLE EXCEPTION OF THE REMEDY DESCRIBED ABOVE,
CLIENT EXPRESSLY AND SPECIFICALLY AGREES TO WAIVE, AND
AGREES NOT TO MAKE, ANY CLAIM FOR DAMAGES, DIRECT OR
CONSEQUENTIAL, INCLUDING WITH RESPECT TO LOST BUSINESS OR
PROFITS, ARISING OUT OF ANY FAILURE TO FURNISH ANY SERVICE, ANY
ERROR OR OMISSION WITH RESPECT THERETO, OR ANY DELAY OR
INTERRUPTION OF SERVICES. HQ DISCLAIMS ANY WARRANTY Of
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
5. LICENSE AGREEMENT. THIS AGREEMENT IS NOT A LEASE OR ANY
OTHER INTEREST IN REAL PROPERTY. IT IS A CONTRACTUAL
ARRANGEMENT THAT CREATES A REVOCABLE LICENSE We retain legal
possession and control of the center and the office assigned to you. Our
obligation to provide you space and services is subject to the terms of our
lease with the building. This agreement terminates simultaneously with the
termination of our lease or the termination of the operation of our center for
any reason. As our client you do not have any rights under our lease with our
landlord. When this agreement is terminated because the term has expired or
otherwise. your license to occupy the center is revoked. You agree to remove
your personal property and leave the office as of the date of termination. We
are not responsible for property left in the office after termination.
6. DAMAGES AND INSURANCE. You are responsible for any damage you cause to me
center or your office(s) beyond normal wear and tear, We have the right to
inspect the condition of the office from time to time and make any necessary
repairs.
You are responsible for insuring your personal property against all risks. You
have the risk of loss with respect to any of your personal property. You agree
to waive any right of recovery against HP, its directors. officers and employees
for any damage or loss to your property under your control. All property in your
office(s) is understood to be under your control.
7. DEFAULT. You are in default under this agreement tf; 1) you fail to abide by
the rules and regulations of the canter, a copy of which has been provided to
you; 2) you do not pay your fees on the designated payment date and after
written notice of this failure to pay you do not pay within five (5) days; and
3) you do not comply with the terms of this agreement. If the default Is
unrelated to payment you will be given written notice of me default and you will
have ten (10) days to correct the default.
8. TERMINATION. You have the right to terminate this agreement early; 1) if your
mail or telecommunications service or access to the office(s) is cut for a
period of ten (10) concurrent business days; 2) in accordance with a negotiated
buy out agreement: or 3) In connection with a transfer to another center in the
HQ network.
HQ has the nght to terminate this agreement early; 1) if you fail to correct a
default or the default cannot be corrected; 2) without opportunity to cure if
you repeatedly default under the agreement; or 3) if you use the center for any
Illegal operations or purposes.
9. RESTRICTION ON HIRING. Our employees are an essential part of our ability to
deliver our services. You acknowledge this and agree that, during the term of
your agreement and for six (6) months afterward, you will not hire any of our
employees. If you do hire one of our employees, you agree that actual damages
would be difficult to determine and therefore you agree to pay liquidated
damages In the amount of one-half of the annual base salary of the employee you
hire. You agree that this liquidated damage amount is fair and reasonable.
10. MISCELLANEOUS.
A. All notices are to be in writing and may be given by registered or certified
mail, postage prepaid, overnight mail service or hand delivered with proof o f
delivery, addressed to HQ or client at the address listed on the reverse side of
this agreement.
B. You acknowledge that HQ will comply with the U.S. Postal Service regulations
regarding client mail. Upon termination of this agreement, you must notify all
parties with whom you do business of your change of address. You agree not to
file a change of address form with the postal service. Piling of a change of
address form may forward all mall addressed to the center to your new address.
In addition, all telephone and facsimile numbers and IP addresses are the
property of HQ. These numbers will not be transferred to you at the end of the
term. For a period of thirty (30) days after the expiration of this agreement,
HQ will provide your new telephone number and address to all incoming callers
and will hold or forward your mail, packages. and Facsimiles at no cost to you.
After thirty days (30) you may request the continuation of this service at your
cost. Business Access clients must pay for the additional five (5) months of
mail forwarding required by the USPS regulations.
C. In the event a dispute arises under this agreement you agree to submit the
dispute to mediatlon. If mediation does not resolve the dispute, you agree that
the matter will ba submitted to arbitration pursuant to the procedure
established by the American Arbitration Association in the metropolitan area in
which the center is located. The decision of the arbitrator will be binding on
the parties. The non-prevailing party as determined by the arbitrator shall pay
the prevailing party's attorney's fees and costs of the arbitration.
Furthermore, if a court decision prevents or HQ elects not to submit this matter
to arbitration, then the non-prevailing party as determined by the court shall
pay the prevailing party's reasonable attorney's fees and costs, Nothing in this
paragraph will prohibit HQ from seeking equitable relief including without
limitation any action for removal of the client from the canter after the
license has been terminated or revoked.
D. This  agreement  is  governed by the laws of the state in which the center is
located.
E. Client may not assign this  agreement  without  HQ's prior  written  consent,
which will not be unreasonably withheld.
F. This agreement is the entire  agreement  between you and HQ It supercedes all
prior agreements.

HQ Global Workplaces, Inc.
By:  /s/ Myra Fitzwater
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     Authorized Signature

     Myra Fitzwater    4/5/02
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     Print Name        Date

CLIENT:
By:  /s/ J. J. Finkelstein
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     Authorized Signature

     J. J. Finkelstein    4/5/02
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     Print Name           Date

Its' President & CEO
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