Dallas, Texas 02/11/2014 (FINANCIALSTRENDS) – The $185 million market capped drug maker Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) has disclosed that it has in principal given its go ahead to sell $20 million units worth of its stock in the form of direct offering. The price per unit for this price offering has been fixed at $1.05 per unit. The unit has been defined as one share of common stock and a warrant which has a 5 year term. The warrant will offer option to purchase ¼th of a single share of common stock at a inflated price of $1.28 per share.
A total of 19.05 million shares of common stock are expected to be offered for sale in addition to the 4.76 million shares in lieu of the warrants that become exercisable. Total proceeds from the sale of all these stakes is expected to net the firm close to $20 million in proceeds. The offer closed on 21st January.
Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) had retained the services of Roth Capital Partners to act as its lead placement agent. H.C. Wainwright & Co., LLC had been appointed as the co-placement agent. The $20 million thus raised is to be used for further enhancing the company’s ongoing clinical trail programs. The key target drugs which are going through the development stage are “Archexin®, RX-3117, and SupinoxinTM (RX-5902)”.
Rexahn Pharmaceuticals, Inc. (NYSE MKT:RNN) also disclosed that its Chief Executive Officer Peter Suzdak, PhD presented at the 16th Annual BIO CEO & Investor Conference on 10th February and hopes to attract a slew of new institutional investors to buy into their stock on the back of strong potential held by its drug pipeline.
The stock of Rexahn Pharmaceuticals, Inc. (NYSE MKT:RNN) was down 5 percent during trading on 10th February and price per share had settled at $1.12.