Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced that the U.S. Patent and Trademark Office has issued a Notice of Allowance for U.S. Patent Application No. 15/178,390, “Fluorocyclopentenylcytosine Methods of Use”. The patent application covers indications, dosage regimens and pharmacokinetic profile for RX-3117. The patent is expected to be issued within a few months from the notice of allowance, and is expected to provide protection to 2036.
Peter D. Suzdak, Ph.D., Chief Executive Officer of Rexahn, stated, “This new patent, once issued, will extend the period of patent protection for RX-3117 and augment the value of RX-3117 to Rexahn and to future potential partners. We are making great progress with the clinical development of RX-3117. The preliminary data from the ongoing Phase IIa trials in pancreatic and advanced bladder cancer with RX-3117 given as monotherapy are very encouraging, and we will shortly commence additional studies in combination with other anticancer agents for patients with earlier stage disease. The value created as we advance RX-3117 through the clinic will be further enhanced with the strengthening and extension of the patent portfolio.”
Shares of Rexahn are currently trading at $2.39, down $0.07 or -2.85%. RNN has a 1-year high of $7.10 and a 1-year low of $1.27. The stock’s 50-day moving average is $3.32 and its 200-day moving average is $1.34.
On the ratings front, Rexahn has been the subject of a number of recent research reports. In a report issued on June 5, H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on RNN, with a price target of $19.50, which implies an upside of 693% from current levels. On May 25, FBR’s Vernon Bernardino reiterated a Buy rating on the stock and has a price target of $14.
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 yearly average loss of -19.1% and -1.1% respectively. Pantginis has a success rate of 29% and is ranked #4544 out of 4594 analysts, while Bernardino has a success rate of 31% and is ranked #3824.
Rexahn Pharmaceuticals, Inc. operates as a clinical stage biopharmaceutical company. It dedicates to the discovery, development and commercialization of innovative treatments for cancer and other medical needs. The firm have three clinical stage oncology candidates: Archexin, RX-3117, and Supinoxin and a robust pipeline of preclinical compounds to treat multiple types of cancer. It has also developed proprietary drug discovery platform technologies in the areas of nano-medicines, 3D gold and times.