By Devika Patel
Knoxville, Tenn., June 28 - Rexahn Pharmaceuticals, Inc. arranged a $10 million registered direct offering of stock, according to a prospectus supplement filed Monday with the Securities and Exchange Commission.
The company will sell 6,666,667 common shares at $1.50 per share. Investors also will receive warrants for 2 million shares, which are each exercisable at $1.90 for four years.
Settlement is expected July 1.
Proceeds will be used for development of the company's lead clinical programs and for other general corporate purposes.
Rexahn is a biopharmaceutical company based in Rockville, Md.
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Common shares
|
| Amount: | $10 million
|
| Shares: | 6,666,667
|
| Price: | $1.50
|
| Warrants: | For 2 million shares
|
| Warrant strike price: | $1.90
|
| Warrant expiration: | Four years
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | June 28
|
| Settlement date: | July 1
|
| Stock symbol: | Amex: RNN
|
| Stock price: | $1.72 at close June 25
|
| Market capitalization: | $125 million
|
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