EXHIBIT 99.1
Published on October 26, 2009
FOR
IMMEDIATE RELEASE
CONTACTS:
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Investor
Relations:
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Industry
and Press Relations:
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Jeffrey
Goldberger / Yemi Rose
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Constantine
Theodoropulos
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KCSA
Strategic Communications
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Base
Pair 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
Pharmaceuticals Announces Closing of Public Equity Offering
Rockville, Md., October 26,
2009 - Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN) announced today that
it has completed its previously announced Registered Direct Offering of common
stock and warrants. Rodman & Renshaw, LLC, a subsidiary of Rodman
& Renshaw Capital Group, Inc. (NasdaqGM: RODM), acted as the exclusive
placement agent for this transaction.
On
October 23, 2009, Rexahn received gross proceeds of $5 million cash for the sale
to five institutional investors of 6,072,383 shares of common stock at $0.8234
per share and warrants to buy an additional 2,125,334 shares of common stock at
an exercise price of $1.00 per share. Rodman & Renshaw, LLC, a
subsidiary of Rodman & Renshaw Capital Group, Inc. (NasdaqGM: RODM), acted
as the exclusive placement agent for this transaction and received warrants to
purchase 245,932 shares of common stock at an exercise price of $1.029 per
share. Rexahn plans to use the proceeds from the offering for
research and development and general corporate purposes. Rexahn has
71,924,496 shares outstanding following the completion of the
offering.
About Rexahn Pharmaceuticals,
Inc.
Rexahn
Pharmaceuticals is a clinical stage pharmaceutical company dedicated to
commercializing first in class and market leading therapeutics for cancer,
Central nervous system 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 assumes no obligation to update these
forward-looking statements.