Rexahn Announces $5.7M Registered Direct Offering

Rexahn Pharmaceuticals, Inc. (the “Company”) RNN today announced that it has received commitments from a single healthcare dedicated institutional investor to purchase an aggregate of approximately $5.7 million of the Company's common stock. The Company entered into definitive purchase agreement with this investor pursuant to which the Company agreed to sell an aggregate of 11,400,000 shares of its common stock and warrants exercisable for up to approximately 3,990,000 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.35 of a share of common stock, will be sold for a purchase price of $0.50. The warrants to purchase additional shares will be exercisable at a price of $0.59 per share beginning six months following issuance and will expire five years from the date on which the warrants are initially exercisable. The closing of the offering is expected to take place on or about July 26, 2013, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co., LLC acted as exclusive placement agent in connection with the offering.