Rexahn Pharmaceuticals Announces $5.7 Million Registered Direct Offering
24 July 2013 - 11:00PM
Business Wire
Rexahn Pharmaceuticals, Inc. (the “Company”) (NYSE MKT: RNN)
today announced that it has received commitments from a single
healthcare dedicated institutional investor to purchase an
aggregate of approximately $5.7 million of the Company’s common
stock.
The Company entered into definitive purchase agreement with this
investor pursuant to which the Company agreed to sell an aggregate
of 11,400,000 shares of its common stock and warrants exercisable
for up to approximately 3,990,000 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 $0.50. The warrants to purchase additional
shares will be exercisable at a price of $0.59 per share beginning
six 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 July 26,
2013, subject to the satisfaction of customary closing
conditions.
H.C. Wainwright & Co., LLC acted as exclusive placement
agent in connection with the offering.
A shelf registration statement (File No. 333-175073) relating to
the shares issued in the offering has been filed with and declared
effective by the Securities and Exchange Commission (the “SEC”). A
prospectus supplement relating to the offering will be filed by the
Company with the SEC. Copies of the prospectus supplement, together
with the accompanying prospectus, can be obtained at the SEC’s
website at http://www.sec.gov, from request at H.C. Wainwright
& Co., LLC by e-mailing placements@hcwco.com, or from Rexahn
Pharmaceuticals, Inc., 15245 Shady Grove Rd, Suite 455, Rockville,
MD 20850.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company in
this offering. There shall not be any offer, solicitation of an
offer to buy, or sale of securities in any state or jurisdiction in
which such an offering, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction. Any offering will be made only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement.
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.
Additional Information:
Statements made in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, regarding, but not limited to, the amount and
use of proceeds the Company expects to receive from the offering
and the closing of the offering. Forward-looking statements can be
identified by the use of words such as "may," "will," "plan,"
"should," "expect," "anticipate," "estimate," "continue," or
comparable terminology. Such forward-looking statements are
inherently subject to certain risks, trends and uncertainties, many
of which the Company cannot predict with accuracy and some of which
the Company might not even anticipate, and involve factors that may
cause actual results to differ materially from those projected or
suggested. Readers are cautioned not to place undue reliance on
these forward-looking statements and are advised to consider the
factors listed above together with the additional factors under the
heading "Forward-Looking Statements" and "Risk Factors" in the
Company's Annual Reports on Form 10-K, as may be supplemented or
amended by the Company's Quarterly Reports on Form 10-Q. The
Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
The Trout Group LLCTricia Truehart,
646-378-2953ttruehart@troutgroup.com
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