Rexahn Pharmaceuticals, Inc. RNN shares are advancing to a two-month high following an announcement from the company regarding a Chinese licensing deal.
Rexahn said it signed a collaboration and licensing agreement with BioSense Global, a privately held company with offices in New Jersey and China, to exclusively advance the development and commercialization of RX-3117 in Greater China.
RX-3117 is Rexahn's investigational oral, small molecule nucleoside compound under evaluation for first-line pancreatic cancer and advanced or metastatic bladder cancer.
The licensee will pay Rexahn $3 million upfront and potential additional development, regulatory and commercial milestone payments up to a total of $226 million, contingent on achieving regulatory and commercial goals related to pancreatic cancer and additional indications.
Rexahn will also be eligible to receive tiered royalties in the low double digits to mid teens on annual net sales in the territory.
BioSense will initiate a Phase 2 study to evaluate the pipeline asset in up to three additional indications not previously studied by Rexahn.
At last check, Rexahn shares were rallying 31.23 percent to $7.06 on roughly 80 times their average volume.
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