Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced that the United States Patent and Trademark Office has issued U.S. Patent 9,744,167, “Nanoparticulate Formulations and Compositions of Piperazine Compounds”. The patent covers novel formulations of Supinoxin™ and is expected to provide additional patent protection until 2034.
Peter D. Suzdak, Ph.D., Chief Executive Officer of Rexahn, stated, “This new patent will extend the period of patent protection for Supinoxin™ and augment the value to Rexahn and to future potential partners. We are making good progress with the clinical development of Supinoxin™. We have completed a Phase I dose escalation study in cancer patients and we initiated a Phase IIa clinical study in patients with triple negative breast cancer earlier this year. We believe that the value created as we advance Supinoxin™ through the clinic will be further enhanced with the strengthening and extension of the patent portfolio.”
Shares of Rexahn are currently trading at $2.45, down $0.02 or -0.81%. 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 $1.83.
On the ratings front, Rexahn 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 implies an upside of 686% from current levels. On May 25, FBR’s Vernon Bernardino reiterated a Buy rating on the stock and has a price target of $14.00.
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 -18.7% and a return of 1.2% respectively. Pantginis has a success rate of 31% and is ranked #4572 out of 4621 analysts, while Bernardino has a success rate of 31% and is ranked #2175.
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.