Proceeds used for development, working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 14 – Rexahn Pharmaceuticals, Inc. said it has arranged a $6 million registered direct offering of units. Rodman & Renshaw, LLC is the agent.
The company will sell 24 million units of one common share and 0.75 of a warrant at $0.25 per unit.
The whole warrants are each exercisable at $0.30 for five years. The strike price is a 15.39% premium to the Sept. 13 closing share price of $0.26.
Settlement is expected Sept. 19.
Proceeds will be used for development of Rexahn’s lead clinical programs, working capital and general corporate purposes.
Rexahn is a biopharmaceutical company based in Rockville, Md.
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and 0.75 of a warrant
|
| Amount: | $6 million
|
| Units: | 24 million
|
| Price: | $0.25
|
| Warrants: | 0.75 of a warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.30
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Sept. 14
|
| Settlement date: | Sept. 19
|
| Stock symbol: | NYSE: RNN
|
| Stock price: | $0.26 at close Sept. 13
|
| Market capitalization: | $47.4 million
|
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