H.C. Wainwright sells units of one share and a warrant for 0.35 shares
By Devika Patel
Knoxville, Tenn., Oct. 11 - Rexahn Pharmaceuticals, Inc. said it plans an at-the-market registered direct offering of units to raise $5.3 million. H.C. Wainwright & Co., LLC is the agent.
The company will sell about 10.2 million units of one common share and one warrant for 0.35 shares at $0.52 per unit, with each whole warrant exercisable at $0.575 for five years.
The strike price is an 8.49% premium to the Oct. 10 closing share price of $0.53.
Settlement is expected Oct. 16.
Proceeds will be used for development of the company's lead clinical programs, including clinical development programs for Archexin, RX-3117 and RX-5902, 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 one warrant for 0.35 shares
|
| Amount: | $5.3 million
|
| Units: | 10.2 million (approximate)
|
| Price: | $0.52
|
| Warrants: | One warrant for 0.35 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.575
|
| Agent: | H.C. Wainwright & Co., LLC
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 16
|
| Stock symbol: | NYSE: RNN
|
| Stock price: | $0.53 at close Oct. 10
|
| Market capitalization: | $67.04 million
|
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