Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced it has entered into a definitive agreement with a single institutional investor to purchase approximately 16.7 million shares of its common stock and warrants exercisable for up to approximately 12.5 million shares of its common stock for gross proceeds of approximately $7.0 million. The shares and warrants are being sold in units, 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 $0.42 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 $0.53 per share. The closing of the offering is expected to take place on or about November 11, 2015, subject to the satisfaction of customary closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as 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 $0.50. RNN has a 1-year high of $0.96 and a 1-year low of $0.41. The stock’s 50-day moving average is $0.50 and its 200-day moving average is $0.60.
On the ratings front, Rexahn has been the subject of a number of recent research reports. In a report issued on November 3, Roth Capital analyst Joseph Pantginis maintained a Buy rating on RNN, with a price target of $3, which implies an upside of 495.2% from current levels. Separately, on August 11, FBR’s Vernon Bernardino reiterated 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 -4.2% and -18.8% respectively. Pantginis has a success rate of 37.2% and is ranked #3730 out of 3827 analysts, while Bernardino has a success rate of 25.9% and is ranked #3800.
Rexahn Pharmaceuticals Inc is a clinical stage biopharmaceutical company dedicated to the discovery, development and commercialization of treatments for cancer and other medical needs.