Select the incorrect statement regarding the thymus gland.

The thymus gland is a lobular structure located between lungs behind sternum on the ventral side of aorta. 

The thymus plays a major role in the development of the immune system. This gland secretes the peptide hormones called thymosins.

Thymus is degenerated in old individuals resulting in a decreased production of thymosins. As a result, the immune responses of old persons become weak.