Rexahn to Explore Strategic Alternatives
September 24 2019 - 6:50AM
Rexahn Pharmaceuticals, Inc. (NasdaqCM: REXN) today announced that
it has commenced a process to explore and evaluate strategic
alternatives to enhance shareholder value. Rexahn has engaged
Oppenheimer & Co., Inc. as its financial advisor to assist in
this process.
Potential strategic alternatives that may be explored or
evaluated as part of this process include an acquisition, merger,
reverse merger, other business combination, sales of assets,
licensing or other strategic transactions involving the company.
There can be no assurance that the exploration of strategic
alternatives will result in any agreements or transactions, or
that, if completed, any agreements or transactions will be
successful or on attractive terms. Rexahn does not expect to
disclose developments with respect to this process unless and until
the evaluation of strategic alternatives has been completed or the
board of directors has concluded that disclosure is appropriate or
legally required.
In connection with the evaluation of strategic alternatives,
Rexahn is evaluating opportunities to extend its resources and has
reduced its staff by two positions. The company anticipates having
five employees as of October 1, 2019 and is projecting a year-end
2019 balance of cash, cash equivalents and marketable securities of
between $10 million and $12 million.
See the discussion below under Important Cautionary Statements
regarding our expectations regarding the exploration of strategic
alternatives, our expected year-end 2019 cash balance and the other
forward-looking statements in this release.
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals Inc. (NasdaqCM: REXN) is a clinical stage
biopharmaceutical company developing innovative therapies to
improve patient outcomes in cancers that are difficult to treat.
The company’s mission is to improve the lives of cancer patients by
developing next-generation cancer therapies that are designed to
maximize efficacy while minimizing the toxicity and side effects
traditionally associated with cancer treatment. Rexahn’s product
candidates work by targeting and neutralizing specific proteins
believed to be involved in the complex biological cascade that
leads to cancer cell growth. Preclinical studies show that several
of Rexahn’s product candidates may be active against multiple types
of cancer, including drug resistant cancers and difficult-to-treat
cancers and others may augment current FDA-approved cancer
treatments. The company has a pipeline of oncology product
candidates in clinical and preclinical development including
RX-3117, RX-5902, and RX-0301. For more information about the
company and its oncology programs, please
visit www.rexahn.com.
Important Cautionary Statements
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
relating to Rexahn’s expectations regarding the exploration of
strategic alternatives, opportunities to extend Rexahn’s resources,
projected year-end 2019 balance of cash, cash equivalents and
marketable securities, future operations and products, the path of
clinical trials and development activities, 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 risk that exploration of
strategic alternatives may not result in any definitive transaction
or enhance stockholder value and may create a distraction or
uncertainty that may adversely affect our operating results,
business, or investor perceptions; expectations regarding future
costs and expenses; our understandings and beliefs regarding the
role of certain biological mechanisms and processes in cancer; our
drug candidates being in early stages of development, including
clinical development; our reliance on third-party collaborators for
research and development activities, and their compliance with the
terms of our agreements with them; our reliance on contract
research organizations and other investigators for certain research
and development activities; the expected timing of results
from our clinical trials; and the uncertainty about the paths of
our programs and our ability to evaluate and identify a path
forward for those programs, particularly given the constraints we
have as a small company with limited financial, personnel and other
operating resources (including with respect to the allocation of
our limited capital and the sufficiency of our capital in the near
term for any path we do select). More detailed information on these
and additional factors that could affect Rexahn’s actual results
are described in Rexahn’s filings with the 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 news release speak only as of the date of this
news release. Rexahn undertakes no obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
Media and Investor
Contact:ir@rexahn.com
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