Rexahn Pharmaceuticals, Inc. (NYSEAMERICAN:RNN) announced that the U.S. Patent and Trademark Office has issued a Notice of Allowance for U.S. Patent Application No. 15/255,901, “Quinoxalinyl Piperazinamide Methods of Use”. The allowed patent application covers the use of RX-5902, also known as Supinoxin for the treatment of cancers including triple negative breast cancer either as monotherapy or in combination with other anti-tumor agents such as cytotoxic agents or immune checkpoint inhibitors. The allowed application will extend the patent protection for uses claimed under this patent until 2036.
Peter D. Suzdak, Ph.D., Chief Executive Officer of Rexahn, stated, “The allowed patent application, when issued, will extend the period of patent protection for Supinoxin and increase the value of the program to Rexahn and to future potential partners. We are making good progress with the Phase IIa monotherapy study of Supinoxin in patients with triple negative breast cancer and expect to present preliminary data in the second quarter this year. 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 $2.29, up $0.02 or 0.88%. RNN has a 1-year high of $7.10 and a 1-year low of $1.67. The stock’s 50-day moving average is $2.13 and its 200-day moving average is $2.17.
On the ratings front, Rexahn stock has been the subject of a number of recent research reports. In a report issued on January 22, 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 752% from where the stock is currently trading. Separately, on October 6, Seaport Global’s Vernon Bernardino initiated coverage with a Buy rating on the stock and has a price target of $13.
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 -14.1% and -4.2% respectively. Pantginis has a success rate of 34% and is ranked #4735 out of 4761 analysts, while Bernardino has a success rate of 29% and is ranked #4593.
Rexahn 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.