EXHIBIT 99.1
Published on January 3, 2008
FOR
IMMEDIATE RELEASE
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CONTACT:
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Mark
(KiBong) Lee
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Director
of Operations
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(240)
268-5300, extension 313
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REXAHN
PHARMACEUTICALS RAISES $8.6 MILLION
IN
PRIVATE PLACEMENT
Rockville,
MD, January 3, 2007
-- Rexahn Pharmaceuticals, Inc. (OTCBB: RXHN), a biopharmaceutical company
dedicated to the discovery, development and commercialization of innovative
treatments for cancer, central nervous system disorders, sexual dysfunction
and
other unmet medical needs, today announced that it has raised net proceeds
of
$6.8 million in a private placement of its common stock and three-year warrants
to purchase its common stock for a group of accredited investors in Korea.
The
Company expects to raise an additional $1.8 million in a second tranche,
which
is scheduled to close on February 29, 2008, resulting in total net proceeds
of
$8.6 million.
The
proceeds of the financing will be used for general corporate purposes, including
the Company’s ongoing research and development programs relating to its
Archexin™, Zoraxel™ and Serdaxin™ compounds. Archexin™, the Company’s lead drug
candidate, is currently in Phase II clinical trials in patients with advanced
stage renal cell carcinoma. Rexahn intends to initiate Phase II
clinical trials for Serdaxin™, a compound for the treatment of depression, in
2008. Further, Zoraxel™, for the treatment of male sexual
dysfunction, will also enter Phase II clinical trials in 2008.
About
Rexahn Pharmaceuticals, Inc.
Rexahn
Pharmaceuticals is a biopharmaceutical company leveraging its unique technology
platform to discover, develop and commercialize innovative treatments for
cancer, central nervous system disorders, sexual dysfunction and other unmet
medical needs. Rexahn’s compounds are designed to uniquely treat various disease
states while significantly minimizing side effects in order to allow patients
to
regain quality of life through therapy. For Additional information about
Rexahn
visit www.rexahn.com.
Safe
Harbor
This
press release contains statements (including projections and business trends)
that are forward-looking statements. Rexahn's actual results may differ
materially from the anticipated results and expectations expressed in these
forward-looking statements as a result of certain risks and uncertainties,
including, Rexahn's lack of profitability, its auditor's going concern
qualification and the need for additional capital to operate its business
to
develop its product candidates; the risk that Rexahn's development efforts
relating to its product candidates may not be successful; the possibility
of
being unable to obtain regulatory approval of Rexahn's product candidates;
the
risk that the results of clinical trials may not be completed on time or
support
Rexahn's claims; demand for and market acceptance of Rexahn's drug candidates;
Rexahn's reliance on third party researchers and manufacturers to develop
its
product candidates; Rexahn's ability to develop and obtain protection of
its
intellectual property; and other risk factors set forth from time to time
in our
filings with the Securities and Exchange Commission. These forward-looking
statements are made as of the date hereof, Rexahn assumes no obligation to
update these forward-looking statements.
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