Deal funds Serdaxin, Zoraxel, Archexin clinical development programs
By Devika Patel
Knoxville, Tenn., March 28 - Rexahn Pharmaceuticals, Inc. announced a $10 million registered direct offering of units, consisting of about 8.33 million units sold at $1.20 apiece.
Each unit consists of one common share and 0.4 warrants, with each whole warrant exercisable at $1.50 for five years. The strike price reflects a 6.38% premium to the March 25 closing share price of $1.41.
Rodman & Renshaw, LLC is the agent for the deal, which is expected to settle March 31.
Proceeds will be used for development of the company's lead clinical programs, including Rexahn's Phase II clinical development programs for Serdaxin, Zoraxel and Archexin, and other general corporate purposes.
Rexahn is a biopharmaceutical company based in Rockville, Md.
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and 0.4 warrants
|
| Amount: | $10 million
|
| Units: | 8.33 million (approximate)
|
| Price: | $1.20
|
| Warrants: | 0.4 warrants per unit
|
| Warrant strike price: | $1.50
|
| Warrant expiration: | Five years
|
| Agent: | Rodman & Renshaw, LLC
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| Pricing date: | March 28
|
| Settlement date: | March 31
|
| Stock symbol: | Amex: RNN
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| Stock price: | $1.41 at close March 25
|
| Market capitalization: | $88.81 million
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