ROCKVILLE, Md., Oct. 13, 2017 (GLOBE NEWSWIRE) -- Rexahn Pharmaceuticals, Inc. (NYSE American:RNN) today announced it has entered into definitive agreements with institutional investors to purchase approximately 3.27 million shares of its common stock and warrants exercisable for up to approximately 1.63 million shares of its common stock for gross proceeds of $8 million. The shares and warrants are being sold in units, each consisting of one share of common stock and a warrant to purchase 0.5 of a share of common stock, at an offering price of $2.45 per unit. The warrants will be exercisable six months following the date of issuance, will expire on the fifth anniversary of the initial exercise date and have an exercise price of $2.85 per share. The closing of the offering is expected to take place on or about October 17, 2017, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co., LLC is acting as the exclusive placement agent in connection with the offering.
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals, Inc. (NYSE American:RNN) is a clinical stage biopharmaceutical company dedicated to developing novel, targeted therapeutics for the treatment of cancer. The Company has a broad oncology pipeline that includes three anti-cancer compounds currently in clinical development — RX-3117, SupinoxinTM and Archexin® — and a novel nanopolymer-based drug delivery platform technology.
