EXHIBIT 99.1
Published on May 5, 2009
EXHIBIT
99.1
FOR
IMMEDIATE RELEASE
CONTACTS:
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Investor
Relations:
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Media
Relations:
|
|
Jeffrey
Goldberger / Yemi Rose
|
Constantine
Theodoropulos
|
|
KCSA
Strategic Communications
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Basepair
Communications
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212-896-1249
/ 212-896-1233
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617-292-7319
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jgoldberger@kcsa.com / yrose@kcsa.com
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Constantine@basepaircomm.com
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Rexahn
Receives Acceptance of Compliance Plan by NYSE Amex
Rockville, Md., May 5, 2009 -
Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN) (the “Company”), reported that its
compliance plan, submitted on March 23, 2009, has been accepted by the NYSE Amex
(the “Exchange”).
On
February 24, 2009, Rexahn received notice from the Exchange staff indicating
that the Company was considered to be noncompliant with certain listing
requirements due to net losses in its five most recent fiscal years with equity
below $6 million, as set forth in Section 1003(a)(iii) of the Company Guide as
described in the Company’s report on Form 8-K, which was filed on February 27,
2009 with the SEC.
The
notification on February 24, 2009 had no current effect on the listing of the
Company’s shares on the exchange. Rather, the Company was afforded the
opportunity to submit a proposed plan to the Exchange by March 24, 2009 (the
“Plan”), addressing how it intends to regain compliance of the Company Guide
within a maximum of 18 months. The Company submitted its Plan on
March 23, 2009.
On May 4,
2009, the Exchange notified Rexahn that it has determined the Company has made a
reasonable demonstration of its ability to regain compliance with the continued
listing standards and has accepted the Plan. The Exchange has decided to grant
Rexahn an extension until August 24, 2010 for the Company to regain compliance
with the continued listing standards.
The
Company will be subject to periodic review by the Exchange staff during the
extension period covered by the Plan. Failure to make progress consistent with
the Plan within the appropriated time periods could result with the Exchange
staff initiating delisting proceedings.
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 forward-looking statements. Rexahn’s actual results may
differ materially from 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 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.
Rexahn assu