Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN), a clinical stage pharmaceutical company commercializing potential best-in-class oncology and central nervous system (CNS) therapeutics, today announced that Teva Pharmaceutical Industries Ltd. (Teva) will provide an additional funding to Rexahn pursuant to the terms of its agreements with Teva.
Pursuant to the Securities Purchase Agreement with Teva, Teva will invest $750,000 to purchase Rexahn’s common stock at 120% of closing price of common stock on the last trading day preceding the closing. This will complete the third closing agreed to by the parties in the Securities Purchase Agreement.
Teva has agreed to commit additional research funding for development of RX-3117. Under a new amendment to the Research and Exclusive License Option Agreement, Teva will have the right to file the IND for RX-3117 with the FDA.
“This new investment and research and development funding by our strategic partner Teva is important to the continued development for RX-3117. We are also grateful to Teva for agreeing to conduct certain R&D work for the development of RX-3117,” said Dr. Chang Ahn, Rexahn’s Chief Executive Officer. “Similar to other products we are developing, RX-3117 is potentially a best-in-class anti-cancer compound. As a potential future alternative to market leading antimetabolites, RX-3117 can be given by oral administration to potentially treat solid tumors. We look forward to working with Teva to take RX-3117 to its next stage of development.”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 for RX-3117 are solid tumors. Preclinical studies show that RX-3117 has potential to overcome drug resistance in cancer cells, in particular, gemcitabine-resistance. 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.