Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced it has entered into a definitive agreement with a single healthcare dedicated institutional investor to purchase approximately 15.6 million shares of its common stock and warrants exercisable for up to approximately 11.7 million shares of its common stock for gross proceeds of $5 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 $0.32 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 $0.42 per share. The closing of the offering is expected to take place on or about March 2, 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 closed yesterday at $0.37, down $0.02 or -4.86%. RNN has a 1-year high of $0.82 and a 1-year low of $0.26. The stock’s 50-day moving average is $0.35 and its 200-day moving average is $0.45.
On the ratings front, Rexahn as been the subject of a number of recent research reports. In a report issued on February 9, FBR analyst Vernon Bernardino reiterated a Buy rating on RNN, with a price target of $3, which represents a potential upside of 710.8% from where the stock is currently trading. Separately, on November 6, Roth Capital’s Joseph Pantginis maintained a Buy rating on the stock and has a price target of $3.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Vernon Bernardino and Joseph Pantginis have a total average return of -35.3% and -13.2% respectively. Bernardino has a success rate of 14.7% and is ranked #3667 out of 3675 analysts, while Pantginis has a success rate of 28.9% and is ranked #3661.
Rexahn Pharmaceuticals Inc is a clinical stage biopharmaceutical company dedicated to the discovery, development and commercialization of treatments for cancer and other medical needs.