(Source: Business Wire)
Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN), a clinical stage
biopharmaceutical company focused on developing multi-indication
therapeutics in CNS and oncology, today announced it has entered into
definitive agreements to sell 6,072,383 shares of its common stock at a
price per share of $0.8234 pursuant to a registered direct offering to
institutional investors, resulting in gross proceeds of approximately $5
million.
Investors will also receive warrants to purchase 2,125,334 shares of
Rexahn Pharmaceuticals Inc.'s common stock. The warrants have an
exercise price of $1.00 per share and are exercisable at any time on or
after the closing date and prior to the 5 year anniversary of such
initial issuance date.
The closing of the offering is expected to take place subject to the
satisfaction of customary closing conditions. Rexahn Pharmaceuticals,
Inc. plans to use the net proceeds from the offering for research and
development and general corporate purposes.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group,
Inc. (NasdaqGM: RODM), acted as the exclusive placement agent for this
transaction.
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals is a clinical stage pharmaceutical company
dedicated to commercializing first in class and market leading
therapeutics for cancer, disorders of the CNS, sexual dysfunction and
other unmet medical needs. Rexahn currently has three drug candidates in
Phase II clinical trials -- Archexin, Serdaxin, and Zoraxel -- all
potential best in class therapeutics, and a robust pipeline of
preclinical compounds to treat multiple cancers and CNS disorders.
Rexahn also has key R&D programs in cancer nano-medicines and
multi-target aimed ligands drug discovery technologies. For more
information, please visit www.rexahn.com
Safe Harbor
This press release contains forward-looking statements. Rexahn's
actual results may differ materially from anticipated results, and
expectations expressed in these forward-looking statements, as a result
of certain risks and uncertainties, including Rexahn's lack of
profitability, and the need for additional capital to operate its
business to develop its product candidates; the risk that Rexahn's
development efforts relating to its product candidates may not be
successful; the possibility of being unable to obtain regulatory
approval of Rexahn's product candidates; the risk that the results of
clinical trials may not be completed on time or support Rexahn's claims;
demand for and market acceptance of Rexahn's drug candidates; Rexahn's
reliance on third party researchers and manufacturers to develop its
product candidates; Rexahn's ability to develop and obtain protection of
its intellectual property; and other risk factors set forth from time to
time in our filings with the Securities and Exchange Commission. Rexahn
assumes no obligation to update these forward-looking statements.
A service of YellowBrix, Inc.
