Rexahn agreements with Future Systems, Core F.G. Co. terminated

By Lisa Kerner

Charlotte, N.C., June 12 - Rexahn Pharmaceuticals, Inc. said it terminated the agreements entered into with Future Systems, Inc. and Core F.G. Co., Ltd., including a share subscription agreement, an intellectual property assignment and license agreement and a management agreement, according to an 8-K filing.

Under the agreements, Rexahn was to transfer to Future Systems exclusive rights to develop, manufacture and sell three of Rexahn's drug candidates in certain territories for $35.8 million.

Future Systems was to issue and sell 28% of its outstanding shares of its common stock to Rexahn.

The proposed transactions were not approved by the Future Systems shareholders, resulting in the termination.

Rexahn is a clinical-stage biopharmaceutical company based in Rockville, Md.

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