EXHIBIT 99.1
Published on October 20, 2009
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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
To Raise $5 Million in Registered Direct Offering
Rockville, MD, October 19,
2009 - Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN), a clinical stage
biopharmaceutical company focused on developing multi-indication therapeutics in
CNS and oncology, today announced it has entered into definitive agreements to
sell 6,072,383 shares of its common stock at a price per share of $0.8234
pursuant to a registered direct offering to institutional investors, resulting
in gross proceeds of approximately $5 million.
Investors
will also receive warrants to purchase 2,125,334 shares of Rexahn
Pharmaceuticals Inc.’s common stock. The warrants have an exercise price of
$1.00 per share and are exercisable at any time on or after the closing date and
prior to the 5 year anniversary of such initial issuance date.
The
closing of the offering is expected to take place subject to the satisfaction of
customary closing conditions. Rexahn Pharmaceuticals, Inc. plans to use the net
proceeds from the offering for research and development and general corporate
purposes.
Rodman
& Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc.
(NasdaqGM: RODM), acted as the exclusive placement agent for this
transaction.
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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