Rexahn Pharmaceuticals, Inc. (RNN) Tumbles on Share Dilution
Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced it has entered into definitive agreements with institutional investors to purchase approximately 3.03 million shares of its common stock and warrants exercisable for up to approximately 1.52 million shares of its common stock for gross proceeds of $10 million. The shares and warrants are being sold in units, each consisting of one share of common stock and a warrant to purchase 0.5 of a share of common stock, at an offering price of $3.30 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 $4.00 per share. The closing of the offering is expected to take place on or about June 12, 2017, subject to the satisfaction of customary closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, is acting 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 RX-3117, SupinoxinTM (RX-5902) and Archexin®, and for working capital and general corporate purposes.
Shares of Rexahn are currently trading at $3.30 down , down $0.59 or -15.17%. 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 $0.67 and its 200-day moving average is $0.32.
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.