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.
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