Company Update (NYSEMKT:RNN): Rexahn Pharmaceuticals, Inc. Announces $6 Million Registered Direct Offering
Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced it has entered into a definitive agreement with institutional investors to purchase 24 million shares of its common stock and warrants exercisable for up to 18 million shares of its common stock for gross proceeds of $6 million. The shares and warrants are being sold in units, each consisting of one share of common stock and a warrant to purchase 0.75 of a share of common stock, at an offering price of $0.25 per unit. The warrants will be exercisable six months following the date of issuance, will expire on the fifth anniversary of the initial exercise date and have an exercise price of $0.30 per share. The closing of the offering is expected to take place on or about September 19, 2016, subject to the satisfaction of customary closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the exclusive placement agent in connection with the offering. The net proceeds of the offering will be used for further development of Rexahn’s lead clinical programs, including the funding of clinical development programs for Archexin®, RX-3117 and SupinoxinTM (RX-5902), and for working capital and general corporate purposes. (Original Source)
Shares of Rexahn Pharmaceuticals closed yesterday at $0.2567, down $0.01 or -3.13%. RNN has a 1-year high of $0.65 and a 1-year low of $0.24. The stock’s 50-day moving average is $0.26 and its 200-day moving average is $0.29.
On the ratings front, FBR analyst Vernon Bernardino reiterated a Buy rating on RNN, in a report issued on September 12. According to TipRanks.com, Bernardino has a yearly average return of -13.8%, a 30% success rate, and is ranked #4036 out of 4163 analysts.
Rexahn Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company. It dedicates to the discovery, development and commercialization of innovative treatments for cancer and other medical needs. The company currently has 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.