Teva Pharmaceutical to Increase Ownership in Rexahn
ROCKVILLE, Md. -- November 28, 2012
Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN), a clinical stage pharmaceutical
company commercializing potential best-in-class oncology and central nervous
system (CNS) therapeutics, today announced that Teva Pharmaceutical Industries
Ltd. (Teva) will provide an additional funding to Rexahn pursuant to the terms
of its agreements with Teva.
Pursuant to the Securities Purchase Agreement with Teva, Teva will invest
$750,000 to purchase Rexahn’s common stock at 120% of closing price of common
stock on the last trading day preceding the closing. This will complete the
third closing agreed to by the parties in the Securities Purchase Agreement.
Teva has agreed to commit additional research funding for development of
RX-3117. Under a new amendment to the Research and Exclusive License Option
Agreement, Teva will have the right to file the IND for RX-3117 with the FDA.
“This new investment and research and development funding by our strategic
partner Teva is important to the continued development for RX-3117. We are
also grateful to Teva for agreeing to conduct certain R&D work for the
development of RX-3117,” said Dr. Chang Ahn, Rexahn’s Chief Executive Officer.
“Similar to other products we are developing, RX-3117 is potentially a
best-in-class anti-cancer compound. As a potential future alternative to
market leading antimetabolites, RX-3117 can be given by oral administration to
potentially treat solid tumors. We look forward to working with Teva to take
RX-3117 to its next stage of development.”
RX-3117 is a small molecule, new chemical entity (NCE), nucleoside compound
that inhibits DNA methyltransferase, a cyclin-dependent kinase, and DNA
synthesis. Potential indications for RX-3117 are solid tumors. Preclinical
studies show that RX-3117 has potential to overcome drug resistance in cancer
cells, in particular, gemcitabine-resistance. Rexahn owns the U.S. patent for
RX-3117, which claims composition of matter, synthesis, and methods (2008).
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals, Inc. is a clinical stage pharmaceutical company
dedicated to developing and commercializing first in class and market leading
therapeutics for cancer, CNS disorders, sexual dysfunction and other unmet
medical needs. Rexahn currently has three drug candidates in Phase II clinical
trials, Archexin®, Serdaxin®, and Zoraxel™ – all potential best in class
therapeutics – and a robust pipeline of preclinical compounds to treat
multiple cancers and CNS disorders. Rexahn also operates key R&D programs of
nano-medicines, 3D-GOLD, and TIMES drug discovery platforms. For more
information about Rexahn, please visitwww.rexahn.com.
To the extent any statements made in this press release deal with information
that is not historical, these are forward-looking statements under the Private
Securities Litigation Reform Act of 1995. Such statements include, but are not
limited to, statements about Rexahn’s plans, objectives, expectations and
intentions with respect to future operations and products and other statements
identified by words such as “will,” “potential,” “could,” “can,” “believe,”
“intends,” “continue,” “plans,” “expects,” “anticipates,” “estimates,” “may,”
other words of similar meaning or the use of future dates. Forward-looking
statements by their nature address matters that are, to different degrees,
uncertain. Uncertainties and risks may cause Rexahn’s actual results to be
materially different than those expressed in or implied by Rexahn’s
forward-looking statements. For Rexahn, particular uncertainties and risks
include, among others, the difficulty of developing pharmaceutical products,
obtaining regulatory and other approvals and achieving market acceptance; the
marketing success of Rexahn’s licensees or sublicensees; the success of
clinical testing; and Rexahn’s need for and ability to obtain additional
financing. More detailed information on these and additional factors that
could affect Rexahn’s actual results are described in Rexahn’s filings with
the U.S. Securities and Exchange Commission, including its most recent annual
report on Form 10-K and subsequent quarterly reports on Form 10-Q. All
forward-looking statements in this press release speak only as of the date of
this press release. Rexahn undertakes no obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.
Rexahn Pharmaceuticals, Inc.
Base Pair Group
Constantine Theodoropulos, 617-816-4637
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