By Devika Patel
Knoxville, Tenn., Oct. 19 - Rexahn Pharmaceuticals, Inc. announced a $5 million registered direct offering of stock.
The company will sell 6,072,383 common shares at $0.8234 per share. Investors also will receive warrants for 2,125,334 shares, which are exercisable at $1.00 for five years.
Rodman & Renshaw, LLC is the agent for the deal.
Proceeds will be used for research and development and for general corporate purposes.
Rexahn is a biopharmaceutical company based in Rockville, Md.
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Common shares
|
| Amount: | $5 million
|
| Shares: | 6,072,383
|
| Price: | $0.8234
|
| Warrants: | For 2,125,334 shares
|
| Warrant strike price: | $1.00
|
| Warrant expiration: | Five years
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Oct. 19
|
| Stock symbol: | Amex: RNN
|
| Stock price: | $0.7796 at close Oct. 14
|
| Market capitalization: | $44.9 million
|
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