Full Press Release Details
| CONTACT : | |
| Mark (KiBong) Lee | |
| Director of Operations | |
| (240) 268-5300, extension 313 |
PHARMACEUTICALS RAISES $8.6 MILLION
-- Rexahn Pharmaceuticals, Inc. (OTCBB: RXHN), a biopharmaceutical company
dedicated to the discovery, development and commercialization of innovative
treatments for cancer, central nervous system disorders, sexual dysfunction
other unmet medical needs, today announced that it has raised net proceeds
$6.8 million in a private placement of its common stock and three-year warrants
to purchase its common stock for a group of accredited investors in Korea.
Company expects to raise an additional $1.8 million in a second tranche,
is scheduled to close on February 29, 2008, resulting in total net proceeds
proceeds of the financing will be used for general corporate purposes, including
the Company's ongoing research and development programs relating to its
Archexin , Zoraxel and Serdaxin compounds. Archexin , the Company's lead drug
candidate, is currently in Phase II clinical trials in patients with advanced
stage renal cell carcinoma. Rexahn intends to initiate Phase II
clinical trials for Serdaxin , a compound for the treatment of depression, in
2008. Further, Zoraxel , for the treatment of male sexual
dysfunction, will also enter Phase II clinical trials in 2008.
Rexahn Pharmaceuticals, Inc.
Pharmaceuticals is a biopharmaceutical company leveraging its unique technology
platform to discover, develop and commercialize innovative treatments for
cancer, central nervous system disorders, sexual dysfunction and other unmet
medical needs. Rexahn's compounds are designed to uniquely treat various disease
states while significantly minimizing side effects in order to allow patients
regain quality of life through therapy. For Additional information about
visit www.rexahn.com.
press release contains statements (including projections and business trends)
that are forward-looking statements. Rexahn's actual results may differ
materially from the anticipated results and expectations expressed in these
forward-looking statements as a result of certain risks and uncertainties,
including, Rexahn's lack of profitability, its auditor's going concern
qualification and the need for additional capital to operate its business
develop its product candidates; the risk that Rexahn's development efforts
relating to its product candidates may not be successful; the possibility
being unable to obtain regulatory approval of Rexahn's product candidates;
risk that the results of clinical trials may not be completed on time or
Rexahn's claims; demand for and market acceptance of Rexahn's drug candidates;
Rexahn's reliance on third party researchers and manufacturers to develop
product candidates; Rexahn's ability to develop and obtain protection of
intellectual property; and other risk factors set forth from time to time
filings with the Securities and Exchange Commission. These forward-looking
statements are made as of the date hereof, Rexahn assumes no obligation to
update these forward-looking statements.