Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced its founder, Chang Ahn, Ph.D., retired on August 31, 2017 from his roles as a member of the Board of Directors and as the Company’s Chief Scientist.
Dr. Ahn founded Rexahn in March 2001 and served as its Chief Executive Officer until February 2013 and as Chairman of the Board of Directors until June 2015. Dr. Ahn has served as the Company’s Chief Scientist since February 2013 and Chairman Emeritus of Rexahn’s Board of Directors since June 2015.
“Rexahn Pharmaceuticals was founded with the vision to find a better way to treat cancer, and specifically to discover and develop drugs that can stop the growth of cancer tumors without producing the devastating, and sometimes life threatening, side effects associated with conventional chemotherapies. Now that we have developed a pipeline of exciting clinical stage assets that reflect this original vision, it is time for me to step aside and let our talented team continue the Company’s important work,” commented Dr. Ahn. “I congratulate the dedicated and passionate employees of Rexahn on their achievements that have gotten the Company to where it is today and wish them continued success in realizing our dream of improving the lives and treatment of people with cancer. While I am formally retiring, I have offered to continue to be available to provide assistance to the Rexahn team in the future.”
“Dr. Ahn has been an inspiring partner for me and our colleagues and we thank him for his leadership in establishing Rexahn’s vision and advancing our efforts to develop better, safer and more effective drugs for cancer patients,” said Peter D. Suzdak, Ph.D., CEO of Rexahn.
“As the founder of Rexahn, Dr. Ahn has been a key driving force behind the Company and its mission. Our Board of Directors and employees thank Dr. Ahn for his inspiration, guidance and innumerable contributions to our company’s success,” commented Peter Brandt, Chairman of the Board of Directors of Rexahn.
Shares of Rexahn Pharmaceuticals are currently trading at $2.32, down $0.09 or -3.73%. 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 $2.08 and its 200-day moving average is $1.84.
On the ratings front, RNN has been the subject of a number of recent research reports. In a report issued on August 14, H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on RNN, with a price target of $19.50, which represents a potential upside of 709% from where the stock is currently trading. Separately, 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 -18.3% and a return of 3.1% respectively. Pantginis has a success rate of 31% and is ranked #4587 out of 4637 analysts, while Bernardino has a success rate of 31% and is ranked #1568.
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.