Dallas, Texas 03/31/2014 (FINANCIALSTRENDS) – Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) reported in the previous week, that it had initiated phase 1 testing of its drug candidate RX3117 which has been designed to treat cancer. The clinical test’s end points gaols include the gathering of pharmacokinetic data to draw a profile of the target drug, while establishing the effectiveness of the drug against cancer. The enrollment of patients for this early stage testing has begun and is expected to be completed by end of Fy14.
The drug maker also disclosed that it has initiated phase 2 testing of its target drug Archexin, which is designed to prove the efficacy of the drug in treating patients suffering from “metastatic renal cell carcinoma”. The testing assumes significance, since the drug has been slotted as an orphan drug by U.S Food and Drug administration. The drug is being tested in tandem with Everolimus.
ON the same day, Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) reported results for its 4Q and full year 2013 operations. Expressing happiness at the pace at which this clinical stage drug maker is progressing in its efforts to develop a full fledged marketable drug, its Chief Executive Officer, Peter D. Suzdak, Ph.D. has been quoted to have said that, “We are very excited about the progress of the Supinoxin™, RX-3117, and Archexin® clinical development programs, and we believe that 2014 will be a transformational year for Rexahn with clinical data expected from all three programs. I look forward to updating our shareholders on the upcoming milestones as appropriate and appreciate their support.”
During the year, the drug maker managed to raise $31 million as proceeds by selling shares of its common stock, through three phased stake sale. For the full year, it had reported expenses of $8 million and had accumulated close to $40.3 million in cash and its equivalent investments during the reporting period.