Teva Pharmaceutical Increases Its Investment in Rexahn for the Continued Research & Development of the Pre-Clinical Anti-Canc...
January 20 2011 - 8:00AM
Business Wire
Rexahn Pharmaceuticals, Inc. (NYSE Amex:RNN), a clinical stage
pharmaceutical company commercializing potential best in class
oncology and central nervous system (CNS) therapeutics, announced
that Teva Pharmaceutical Industries Limited (Teva) purchased
2,334,515 shares of Rexahn’s common stock in a private offering for
$3.95 million, or $1.692 per share. This investment by Teva was
made pursuant to the terms of the Securities Purchase Agreement,
dated June 26, 2009, as amended. The investment money will be used
for the purpose of supporting the research and development program
for the pre-clinical stage, anti-cancer compound RX-3117. After
this transaction, Teva will own 6.29% of the outstanding shares of
Rexahn.
“We are excited by Teva’s increased commitment to this
collaboration and the development of RX-3117,” said Dr. Chang Ahn,
Rexahn’s Chairman and Chief Executive Officer. “We are also pleased
with RX-3117’s development to date, and we are working to advance
the compound into clinical trials in 2011.”
About RX-3117
RX-3117 is a small molecule, new chemical entity (NCE),
nucleoside compound that inhibits DNA methyltransferase, a
cyclin-dependent kinase, and DNA synthesis. Potential indications
of RX-3117 are solid tumors including colon, lung and pancreatic
cancers. RX-3117 has demonstrated its ability to overcome cancer
drug resistance in cancer cells, in particular,
gemcitabine-resistance in the human lung cancer cell. Rexahn owns
the U.S. patent for RX-3117, which claims composition of matter,
synthesis, and methods (2008).
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals, Inc. is a clinical stage pharmaceutical
company dedicated to developing and commercializing first in class
and market leading therapeutics for cancer, CNS disorders, 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 operates key R&D
programs of nano-medicines, 3D-GOLD, and TIMES drug discovery
platforms. For more information about Rexahn, 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.
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