Rexahn Announces Pricing of Public Offering of Common Stock and Warrants
January 23 2019 - 9:00AM
Rexahn Pharmaceuticals, Inc. (NYSE American: RNN) today announced
the pricing of an underwritten public offering of 10,750,000 shares
of its common stock and warrants to purchase up to 10,750,000
shares of its common stock. Each share of common stock is being
sold together in a fixed combination with a warrant to purchase one
share of common stock at a combined offering price of $0.80 per
share and related warrant. The warrants will be exercisable
commencing on the date of issuance, will expire five years from the
date of issuance and will have an exercise price of $0.80 per
share, subject to certain adjustments. The gross proceeds of the
offering to the Company are expected to be approximately $8.6
million, before deducting the underwriting discounts and
commissions and other estimated offering expenses, and excluding
the exercise of any warrants.
The closing of the offering is expected to occur
on or about January 25, 2019, subject to the satisfaction of
customary closing conditions.
Oppenheimer & Co. Inc. is acting as sole
book-running manager and Brookline Capital Markets, a division of
CIM Securities, LLC is acting as co-manager for the offering.
The Company intends to use the net proceeds of
the offering for further development of its lead clinical programs,
including the funding of its clinical development programs for
RX-3117 and RX-5902, and for working capital and general corporate
purposes.
The securities described above were offered by
the Company pursuant to a shelf registration statement on Form S-3
(No. 333-218285) previously filed with and declared effective by
the Securities and Exchange Commission (SEC).
A preliminary prospectus supplement relating to
the offering was filed with the SEC on January 22, 2019 and is
available on the SEC’s website at http://www.sec.gov. The final
prospectus supplement relating to and describing the terms of the
offering will be filed with the SEC and also will be available on
the SEC’s website. Before investing in the offering, you should
read each of the prospectus supplement and the accompanying
prospectus in their entirety as well as the other documents that
the Company has filed with the SEC that are incorporated by
reference in the prospectus supplement and the accompanying
prospectus, which provide more information about the Company and
the offering. Copies of the final prospectus supplement, when
available, and accompanying prospectus may be obtained from
Oppenheimer & Co. Inc., Attention: Syndicate Prospectus
Department, 85 Broad Street, 26th Floor, New York, New York 10004,
by telephone at (212) 667-8055, or by email at
EquityProspectus@opco.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 regarding the closing of the proposed offering, as
well as the anticipated use of proceeds for the proposed offering
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, this
includes satisfaction of the conditions to closing of the offering,
delays in obtaining required stock exchange or other regulatory
approvals, stock price volatility and the impact of general
business and economic conditions. 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 Contact: DGI Comm Susan
Forman or Laura Radocaj +1-212-825-3210sforman@dgicomm.com
lradocaj@dgicomm.com
Investor Contact:
ir@rexahn.com
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