New Issue: Rexahn Pharmaceuticals raises $6.8 million from stock, warrants

By Laura Lutz

Des Moines, Dec. 26 - Rexahn Pharmaceuticals, Inc. raised $6.8 million from private placements of stock and warrants with Korean investors, according to an 8-K filing with the Securities and Exchange Commission.

The company sold 4,857,159 shares at $1.40 each. Every five shares were accompanied by a warrant for one share. The warrants are each exercisable at $1.80 for three years.

KT&G Corp. subscribed for $3 million; Rexgene Biotech Co., Ltd. for $1 million; Jungwoo Family Co., Ltd. for $200,000; and Kumho Investment Bank for $500,000. Other Korean corporations and individuals invested $2.1 million.

Rexahn is a biopharmaceutical company based in Rockville, Md.

Issuer:	Rexahn Pharmaceuticals, Inc.
Issue:	Stock
Amount:	$6,800,023
Shares:	4,857,159
Price:	$1.40
Warrants:	One for every five shares
Warrant expiration:	Three years
Warrant strike price:	$1.80
Investors:	KT&G Corp. (for $3 million); Rexgene Biotech Co., Ltd. (for $1 million); Jungwoo Family Co., Ltd. (for $200,000); and Kumho Investment Bank (for $500,000)
Pricing date:	Nov. 19 (for KT&G shares); Nov. 20 (for Rexgene shares); Dec. 17 (for others)
Settlement date:	Dec. 24
Stock symbol:	OTCBB: RXHN
Stock price:	$2.45 at close Dec. 24

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