**EXHIBIT        31.2**

**CERTIFICATION        **

| 1. | I                  have reviewed this quarterly report on Form 10-QSB of RegeneRx                  Biopharmaceuticals, Inc.; |
|----|------------------------------------------------------------------------------------------------------------------------------|

| 2. | Based                  on my knowledge, this quarterly report does not contain any untrue                  statement of a material fact or omit to state a material fact necessary                  to                  make the statements made, in light of the circumstances under which                  such                  statements were made, not misleading with respect to the period                  covered by                  this quarterly report; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based                  on my knowledge, the financial statements, and other financial                  information                  included in this quarterly report, fairly present in all material                  respects                  the financial condition, results of operations and cash flows of                  the                  registrant as of, and for, the periods presented in this quarterly                  report; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The                  registrant’s other certifying officers and I are responsible for                  establishing and maintaining disclosure controls and procedures                  (as                  defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) [*** Omitted                  pursuant to extended compliance period] for the registrant and                  have: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Designed                  such disclosure controls and procedures, or caused such disclosure                  controls and procedures to be designed under our supervision, to                  ensure                  that material information relating to the small business issuer,                  including                  its consolidated subsidiaries, is made known to us by others within                  those                  entities, particularly during the period in which this report is                  being                  prepared; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | [***Omitted                  pursuant to extended compliance                  period] |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (c) | Evaluated                  the effectiveness of the small business issuer's disclosure controls                  and                  procedures and presented in this report our conclusions about the                  effectiveness of the disclosure controls and procedures, as of                  the end of                  the period covered by this report based on such evaluation; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Disclosed                  in this report any change in the small business issuer's internal                  control                  over financial reporting that occurred during the small business                  issuer's                  most recent fiscal quarter (the small business issuer's fourth                  fiscal                  quarter in the case of an annual report) that has materially affected,                  or                  is reasonably likely to materially affect, the small business issuer's                  internal control over financial reporting; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The                  small business issuer's other certifying officer(s) and I have                  disclosed,                  based on our most recent evaluation of internal control over financial                  reporting, to the small business issuer's auditors and the audit                  committee                  of the small business issuer's board of directors (or persons performing                  the equivalent functions): |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | All                  significant deficiencies and material weaknesses in the design                  or                  operation of internal control over financial reporting which are                  reasonably likely to adversely affect the small business issuer's                  ability                  to record, process, summarize and report financial information;                  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any                  fraud, whether or not material, that involves management or other                  employees who have a significant role in the small business issuer's                  internal control over financial reporting. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                 |                                 |
|--------|--------------------------------------------------------------------------------------|--------------------------------------|
|   |                                                                            | /s/                    C. NEIL LYONS |
|   |                                                                                      |
|   | C.                      Neil LyonsChief                      Financial Officer  |