Company Update (NYSEMKT:RNN): Rexahn Pharmaceuticals, Inc. Receives U.S. Patent for RX-3117 Anti-Cancer Program
Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN), a clinical stage biopharmaceutical company developing best-in-class therapeutics for the treatment of cancer, today announced that it has been issued a U.S. patent from the United States Patent and Trademark Office (USPTO) for claims related to the synthesis of its novel anti-cancer investigational drug candidate, RX-3117. In preclinical studies, RX-3117 has demonstrated broad spectrum anti-tumor activity, notably in human cancer cell lines that have been made resistant to gemcitabine (Gemzar®), a widely-used type of chemotherapy. RX-3117 is currently being evaluated in a Phase Ib clinical trial in cancer patients with solid tumors.
“Rexahn is pleased to expand its intellectual property protection for RX-3117, which we believe holds promise as a next generation, highly-targeted cancer therapeutic designed to enhance treatment efficacy while minimizing the toxic side effects seen with traditional anti-cancer drugs,” said Dr. Peter D. Suzdak, Chief Executive Officer. “This latest patent for RX-3117 is an important addition to our intellectual property estate and further strengthens our global patent position for Rexahn’s innovative oncology pipeline.” (Original Source)
Shares of Rexahn Pharmaceuticals closed last Friday at $0.43. 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 $0.52 and its 200-day moving average is $0.61.
On the ratings front, Rexahn has been the subject of a number of recent research reports. In a report issued on September 28, Roth Capital analyst Joseph Pantginis maintained a Buy rating on RNN, with a price target of $3, which implies an upside of 599.1% 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 -6.9% and -20.6% respectively. Pantginis has a success rate of 33.3% and is ranked #3764 out of 3801 analysts, while Bernardino has a success rate of 22.5% and is ranked #3778.
Rexahn Pharmaceuticals Inc is a clinical stage biopharmaceutical company dedicated to the discovery, development and commercialization of treatments for cancer and other medical needs.