EXHIBIT 99.1
Published on February 27, 2009
EXHIBIT
99.1
FOR
IMMEDIATE RELEASE
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CONTACT:
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Jeffrey
Goldberger / Yemi Rose
KCSA
Strategic Communications
212-896-1249
/ 212-896-1233
jgoldberger@kcsa.com/yrose@kcsa.com
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Rexahn
Pharmaceuticals Receives Notice from NYSE Alternext US LLC
Rockville, Maryland, February 27,
2009 – Rexahn
Pharmaceuticals, Inc. (NYSE Alternext US: RNN), a leader in development of
innovative therapeutics for life-threatening and life-debilitating
diseases, today announced that on February 24, 2009, the
Company was notified by the staff of the NYSE Alternext US LLC (the
“Exchange”), formerly known as the American Stock Exchange, Inc., that the staff
has determined, following a review of publicly available information, that the
Company is not in compliance with Section 1003(a)(iii) of the NYSE Alternext
Company Guide (the “Company Guide”) in that it has stockholder equity of less
than $6 million and losses from continued operations and net losses in its five
most recent fiscal years.
In order to maintain its listing, the
Company must submit a plan by March 24, 2009 (the “Plan”) advising the Exchange
of action it has taken or will take, that would bring it into compliance with
the continued listing standards. Subject to the Plan being accepted
by the Exchange, the Company would have up to August 24, 2010 to implement the
Plan, during which time period the Company would be subject to periodic review
to determine whether it is making progress consistent with the
Plan. The Company has verbally informed the staff of the Exchange
that it intends to make a timely submission to the Exchange of the Plan to
resolving the listing deficiencies and to regaining its compliance with the
Exchange's continued listing requirements.
About
Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals is a clinical
stage pharmaceutical company dedicated to commercializing first in class and
market leading therapeutics for cancer, CNS disorders, sexual dysfunction and
other unmet medical needs. For more information please 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 and
its 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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