New Issue: Rexahn negotiates $3 million registered direct offering of shares

By Devika Patel

Knoxville, Tenn., May 20 - Rexahn Pharmaceuticals, Inc. said it has arranged a $3 million registered direct offering of stock with agent Rodman & Renshaw, LLC.

The company will sell 2,857,143 common shares at $1.05 apiece.

Investors will also receive warrants for 5,644,443 shares.

The warrants for 2,222,222 of the shares are exercisable at $1.05 for 90 days. The warrants for 1,866,666 of the shares are exercisable at $1.25 for three years. The warrants for 1,555,555 of the shares are exercisable at $1.50 for five years.

Rexahn is a biopharmaceutical company based in Rockville, Md.

Issuer:	Rexahn Pharmaceuticals, Inc.
Issue:	Common stock
Amount:	$3 million
Shares:	2,857,143
Price:	$1.05
Warrants:	For 5,644,443 shares
Warrant expiration:	90 days (for 2,222,222 shares), three years (for 1,866,666 shares), five years (for 1,555,555 shares)
Warrant strike price:	$1.05 (for 2,222,222 shares), $1.25 (for 1,866,666 shares), $1.50 (for 1,555,555 shares)
Agent:	Rodman & Renshaw, LLC
Pricing date:	May 20
Stock symbol:	OTCBB: RXHN
Stock price:	$4.50 at close May 19

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