Rexahn Pharmaceuticals Inc. is a clinical stage pharmaceutical company which is developing and commercializing potential best-in-class therapeutics for cancer, central nervous system disorders and other unmet medical needs. The company currently has three drug candidates in Phase II clinical trials: Archexin, Serdaxin and Zoraxel.
The company announced today that Teva Pharmaceutical Industries (NASDAQ: TEVA) purchased 2,334,515 shares of Rexahn’s common stock in a private offering for $3.95 million, or $1.692 per share. Even though news of Teva’s investment into Rexahn Pharmaceuticals pushed the company’s stock higher, it is still trading below the price paid by Teva Pharmaceutical.
The investment by Teva Pharmaceutical was made pursuant to the terms of the Securities Purchase Agreement dated June 26, 2009, as amended. After the purchase, Teva will own 6.29 percent of the outstanding common shares of Rexahn Pharmaceuticals.
Much of the money will be used for the purpose of supporting the research and development program for the pre-clinical stage, anti-cancer compound RX-3117. This compound has demonstrated its ability to overcome cancer drug resistance in cancer cells. It has been found to be particularly effective in combating human lung cancer cells. Potential indications of RX-3117 are solid tumors including lung, colon and pancreatic cancers.
For further information on Rexahn Pharmaceuticals, please visit its website at www.rexahn.com