EXHIBIT 99.1
Published on September 21, 2009
Exhibit
99.1
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CONTACTS:
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Jeffrey
Goldberger / Yemi Rose
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KCSA
Strategic Communications
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212-896-1249
/ 212-896-1233
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jgoldberger@kcsa.com
/ yrose@kcsa.com
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Constantine
Theodoropulos
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Base
Pair Communications
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617-401-3116
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constantine@basepaircomm.com
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Rexahn
Pharmaceuticals and Teva Pharmaceutical Industries Close on a License
Agreement
Rockville, Md, Sept. 21, 2009
- - 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 it has closed on its previously
announced licensing and stock purchase agreements with Teva Pharmaceutical
Industries Limited (NASDAQ:TEVA), a top 20 pharmaceutical company, for the
development of its novel anti-cancer compound, RX-3117. RX-3117 is a
small molecule, new chemical entity (NCE), nucleoside compound that has an
anti-metabolite mechanism of action, and has therapeutic potential in a broad
range of cancers including colon, lung and pancreatic cancer.
The
companies reached an agreement with respect to the commercialization and
development of RX-3117, under which on September 21, 2009 Teva
purchased 3,102,837 shares of Rexahn’s common stock for $3.5
million. Rexahn will be eligible to receive additional development,
regulatory and sales milestone payments. In addition, Rexahn will be
eligible to receive royalties on net sales worldwide. Under the terms of the
deal, Teva may also make an additional equity investment in Rexahn within the
next 12 months.
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 of RX-3117 are solid tumors including colon, lung and
pancreatic cancers. RX-3117 has demonstrated its ability to overcome cancer drug
resistance in cancer cells, in particular, gemcitabine-resistance in the human
lung cancer cell. The US patent issued for RX-3117 claims composition
of matter, synthesis, and methods (2008).
About
Rexahn Pharmaceuticals, Inc.
Rexahn
Pharmaceuticals is a clinical stage pharmaceutical company dedicated to
commercializing first in class and market leading therapeutics for cancer,
disorders of the CNS, 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 has key R&D
programs in cancer nano-medicines and multi-target aimed ligands drug discovery
technologies. 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 assumes no obligation to update these
forward-looking statements.
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