Rexahn Announces $5.3 Million At Market Registered Direct Offering
October 11 2013 - 9:00AM
Business Wire
Rexahn Pharmaceuticals, Inc. (NYSE MKT:RNN) today announced it
has received commitments from certain institutional investors to
purchase an aggregate of $5.3 million of Rexahn’s securities in an
at market registered direct offering.
Rexahn has entered into a securities purchase agreement with
these investors pursuant to which Rexahn has agreed to sell an
aggregate of approximately 10.2 million shares of its common stock
and warrants exercisable for up to approximately 3.57 million
additional shares of its common stock. Each unit, consisting of one
share of common stock and a warrant to purchase 0.35 of a share of
common stock, will be sold for a purchase price of $0.52. The
warrants to purchase additional shares will be exercisable at a
price of $0.575 per share beginning 6 months following issuance and
will expire five years from the date on which the warrants are
initially exercisable. The closing of the offering is expected to
take place on or about October 16, 2013, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co., LLC acted as exclusive placement
agent in connection with the offering.
All of the securities in this offering were offered pursuant to
an effective shelf registration statement. The proceeds from the
transaction will be used for further development of the Company’s
lead clinical programs, including the funding of Rexahn’s clinical
development programs for Archexin®, RX-3117, and RX-5902 and other
general corporate purposes.
The securities described above are being offered by Rexahn
pursuant to a shelf registration statement (File No. 333-175073)
that has been filed with the Securities and Exchange Commission
(the “SEC”) and has been declared effective. A prospectus
supplement relating to the offering will be filed by Rexahn with
the SEC. Copies of the prospectus supplement and accompanying
prospectus may be obtained at the SEC's website at www.sec.gov, or
from H.C. Wainwright & Co., LLC by e-mailing
placements@hcwco.com, or directly from Rexahn by contacting Rexahn
Pharmaceuticals, Inc., 15245 Shady Grove Rd, Suite 455, Rockville,
MD 20850.
This announcement is neither an offer to sell nor a solicitation
of an offer to buy any shares of common stock, warrants or other
securities of Rexahn. No offer, solicitation or sale will be made
in any jurisdiction in which such offer, solicitation or sale is
unlawful.
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals is a clinical stage biopharmaceutical
company dedicated to developing best-in-class therapeutics for the
treatment of cancer. Rexahn currently has three clinical stage
oncology candidates, Archexin®, RX-3117, and RX-5902 and a robust
pipeline of preclinical compounds to treat multiple types of
cancer. Rexahn has also developed proprietary drug discovery
platform technologies in the areas of Nano-Polymer-Drug Conjugate
Systems (NPDCS), nano-medicines, 3D-GOLD, and TIMES. For more
information, please visit www.rexahn.com.
Safe Harbor
To the extent any statements made in this press release deal
with information that is not historical, these are forward-looking
statements under the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about Rexahn’s plans, objectives, expectations and intentions with
respect to future operations and products and other statements
identified by words such as “will,” “potential,” “could,” “can,”
“believe,” “intends,” “continue,” “plans,” “expects,”
“anticipates,” “estimates,” “may,” other words of similar meaning
or the use of future dates. Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
Uncertainties and risks may cause Rexahn’s actual results to be
materially different than those expressed in or implied by Rexahn’s
forward-looking statements. For Rexahn, particular uncertainties
and risks include, among others, the difficulty of developing
pharmaceutical products, obtaining regulatory and other approvals
and achieving market acceptance; the marketing success of Rexahn’s
licensees or sublicensees; the success of clinical testing; and
Rexahn’s need for and ability to obtain additional financing. More
detailed information on these and additional factors that could
affect Rexahn’s actual results are described in Rexahn’s filings
with the U.S. Securities and Exchange Commission, including its
most recent annual report on Form 10-K and subsequent quarterly
reports on Form 10-Q. All forward-looking statements in this press
release speak only as of the date of this press release. Rexahn
undertakes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
For Rexahn PharmaceuticalsThe Trout Group LLCTricia Truehart,
646-378-2953ttruehart@troutgroup.com
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