By Devika Patel
Knoxville, Tenn., June 30 - Rexahn Pharmaceuticals, Inc. will sell approximately $4.75 million of common stock to a single investor, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal was arranged June 26.
The investor will buy the shares in two tranches, with an initial $3.5 million tranche and a second tranche of approximately $1.25 million.
The exact amount of the second tranche will depend on the amount of funding required to complete the development of the company's RX-3117.
If, after the settling the second tranche, the parties determine that additional funding is required, then the investor will provide the necessary amount required.
The price for any stock sold will equal 120% of the closing price of the common stock on the last trading day prior to the purchase date.
Rexahn is a biopharmaceutical company based in Rockville, Md.
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $4.75 million (approximate)
|
| Price: | 120% of the closing price on the last trading day prior to the purchase
|
| Warrants: | No
|
| Pricing date: | June 26
|
| Stock symbol: | Amex: RNN
|
| Stock price: | $0.72 at close June 26
|
| Market capitalization: | $45.4 million
|
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