Rexahn Effects 1-for-12 Reverse Stock Split
April 12 2019 - 8:00AM
Rexahn Pharmaceuticals, Inc. (NYSE American: RNN), a clinical-stage
biopharmaceutical company developing innovative therapies to
improve patient outcomes in cancers that are difficult to treat,
today announced that the Company’s previously announced 1-for-12
reverse stock split of outstanding shares of the Company’s common
stock (the “Common Stock”) became effective today prior to the
opening of trading on the NYSE American, and that the Common Stock
will begin trading on a split-adjusted basis at the opening of
trading today.
As a result of the reverse stock split, each 12 shares of issued
Common Stock were converted into one share of Common Stock.
Shareholders will receive cash in lieu of any fraction of a share
that they would otherwise be entitled to receive as a result of the
reverse stock split. The reverse stock split reduced the number of
shares of outstanding Common Stock from approximately 48.3 million
to approximately 4.0 million.
Olde Monmouth Stock Transfer Co., Inc., the Company’s transfer
agent, is acting as the exchange agent in connection with the
reverse stock split. Shareholders holding Common Stock in
certificated form will receive instructions from the transfer agent
on how to surrender the certificates representing the pre-split
shares in exchange for the new book-entry shares in electronic
form. Shareholders who hold their shares electronically or in
street name are not required to take any action to affect the
exchange of their shares.
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals Inc. (NYSE American: RNN) 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 effective against multiple
types of cancer, including drug resistant cancers, and
difficult-to-treat cancers and others may augment the effectiveness
of current FDA-approved cancer treatments. The Company has two
oncology product candidates, RX-3117 and RX-5902, in Phase 2
clinical development and additional compounds in preclinical
development, including RX-0301. For more information about the
Company and its oncology programs, 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 the timing and effectiveness of the reverse stock split and
Rexahn’s plans, objectives, expectations and intentions with
respect to the reverse stock split and 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,” and 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,
understandings and beliefs regarding the role of certain biological
mechanisms and processes in cancer; drug candidates being in early
stages of development, including clinical development; the ability
to initially develop drug candidates for orphan indications to
reduce the time-to-market and take advantage of certain incentives
provided by the U.S. Food and Drug Administration; the ability to
transition from our initial focus on developing drug candidates for
orphan indications to candidates for more highly prevalent
indications; the availability and access to capital; and the
expected timing of results from our clinical trials. 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. 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.
Investor Contact:ir@rexahn.com
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