|[December 04, 2012]
Rexahn Pharmaceuticals Closes Public Offering for $6,600,000 in Gross Proceeds
ROCKVILLE, Md. --(Business Wire)--
REXAHN PHARMACEUTICALS, INC. (NYSE MKT: RNN) announced today the closing
of its previously announced underwritten public offering of 19,130,435
units and a partial exercise of the over-allotment option by the
underwriter for an additional 869,565 units, bringing the total units
offered to 20,000,000. The offering was priced at $0.33 per unit. Each
unit consists of one share of common stock and a warrant to purchase up
to 0.55 of a share of common stock. The warrants have an exercise price
of $0.472 per whole share of common stock.
Maxim Group LLC and Burrill LLC acted as joint book-running managers for
the offering. Gross proceeds were $6,600,000, prior to deducting
underwriting discounts and commissions and offering expenses payable by
the Company. These funds will be used for working capital purposes,
including research and development of oncology pipeline candidates,
strategic transactions and other general corporate purposes.
This offering was made by means of a prospectus supplement and
accompanying prospectus. Copies of the prospectus supplement and
accompanying prospectus relating to these securities may be obtained,
when available, from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor,
New York, NY 10174 or via telephone at (800) 724-0761 or Burrill LLC,
One Embarcadero Center, Suite 2700, San Francisco, CA (News - Alert) 94111. A shelf
registration statement relating to the offering was previously filed
with the Securities and Exchange Commission and became effective on July
5, 2011. This press release is neither an offer to sell nor a
solicitation of an offer to buy any of the Company's securities. No
offer, solicitation or sale willbe made in any jurisdiction in which
such offer, solicitation or sale is unlawful.
Further information regarding the offering is contained in the Company's
Current Report on Form 8-K filed with the Securities and Exchange
Commission on November 30, 2012 and which may be accessed at www.sec.gov.
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.
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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