By Sheri Kasprzak
New York, Aug. 11 - Rexahn Pharmaceuticals, Inc. said it has completed an $8.35 million private placement of shares and also closed a $1.3 million convertible note offering.
In the stock deal, the company sold 4,175,000 shares at $2.00 each to investors outside of the United States.
The proceeds from the stock deal will be used for clinical trials and for general corporate purposes.
The company also sold $1.3 million in zero-coupon convertible notes to investors also outside of the United States.
The notes mature on Aug. 8, 2008 and are convertible into common shares after Sept. 19 at $2.00 each. At maturity, the notes will automatically convert into common shares.
The proceeds from the notes will also be used for clinical trials and general corporate purposes.
Based in Rockville, Md., Rexahn Pharmaceuticals is a biopharmaceutical company focused on treatments for cancer and central nervous system disorders.
Stock
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Stock
|
| Amount: | $8.35 million
|
| Shares: | 4,175,000
|
| Price: | $2.00
|
| Warrants: | No
|
| Settlement date: | Aug. 8
|
| Stock price: | $4.50 at close Aug. 8
|
|
|
| Convertible notes
|
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $1.3 million
|
| Maturity: | Aug. 8, 2008
|
| Coupon: | 0%
|
| Conversion price: | $2.00 (automatic conversion at maturity)
|
| Warrants: | No
|
| Settlement date: | Aug. 8
|
| Stock price: | $4.50 at close Aug. 8
|
|
|
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