Rexahn Pharmaceuticals, Inc. (NYSE MKT:RNN), a clinical stage biopharmaceutical company developing best-in-class therapeutics for the treatment of cancer, announced the appointment of Peter Brandt as Chairman of the Board. Dr. Chang Ahn, Rexahn’s founder, will remain on the Board as Chairman Emeritus and will continue in his role as the company’s Chief Scientist.
A Director of Rexahn since 2010, Mr.Brandt previously served as President and Chief Executive Officer of Noven Pharmaceuticals until its acquisition by Hisamitsu Pharmaceutical in 2009. Prior to leading Noven, he spent 28 years at Pfizer, most recently serving as President — U.S. Pharmaceuticals Operations where he helped deliver revenue and earnings growth while engineering important change initiatives within Pfizer’s U.S. pharmaceuticals operations. Mr.Brandt holds a BA from the University of Connecticut and an MBA from the Columbia School of Business.
Mr. Brandt commented “I am extremely pleased to be appointed Chairman of the Board of Rexahn at this exciting time in its development. With a broad portfolio of novel, potentially best-in-class cancer therapeutics advancing, including, Archexin® currently in a Phase IIa clinical trial in metastatic renal cell carcinoma, and Supinoxin™ and RX-3117 poised to enter Phase Ib/IIa clinical proof of concept studies, Rexahn is positioned to create significant shareholder value over the near-term.”
Dr. Ahn, who has served as Chairman of the Board of Directors since the company’s inception, will continue to focus on advancing Rexahn’s preclinical pipeline in his role as Chief Scientist. Dr. Ahn commented, “Since founding Rexahn, I have strived to create a portfolio of targeted therapeutics for the treatment of cancer with the ultimate goal of improving the lives of patients. With our products now poised to commence important proof-of-concept studies, appointing Peter as Chairman of the Board at this time is a critical step in the evolution of Rexahn from an early stage clinical development company to a late stage company focused on maximizing the commercial potential of its products. I am confident that Peter’s extensive operational and commercial pharmaceutical experience will be invaluable as we make this significant transition.”
“As a Board member, Peter has played an important role in helping to refocus Rexahn’s activities in the oncology area. I look forward to working closely with him in his new role as Chairman, where he is uniquely qualified to help facilitate our transition to a late stage clinical biopharmaceutical company,” added Peter D. Suzdak, Ph.D., Chief Executive Officer of Rexahn. (Original Source)
Shares of Rexahn Pharmaceuticals closed last Friday at $0.662 . RNN has a 1-year high of $0.96 and a 1-year low of $0.65. The stock’s 50-day moving average is $0.70 and its 200-day moving average is $0.73.
On the ratings front, Rexahn Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on May 11, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on RNN, with a price target of $3, which represents a potential upside of 353.2% from where the stock is currently trading. Separately, on March 20, MLV & Co.’s Vernon Bernardino initiated coverage with a Buy rating on the stock and has a price target of $1.25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Pantginis and Vernon Bernardino have a total average return of 9.2% and -0.7% respectively. Pantginis has a success rate of 52.7% and is ranked #228 out of 3638 analysts, while Bernardino has a success rate of 43.5% and is ranked #2868.
Rexahn Pharmaceuticals Inc is a clinical stage biopharmaceutical company dedicated to the discovery, development and commercialization of treatments for cancer and other medical needs.