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news.Rexahn Pharmaceuticals has raised net proceeds of $6.8 million in private placement of common stock and three-year warrants to purchase its common stock for a group of accredited investors in Korea.
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The company expects to raise an additional $1.8 million in a second tranche, which is scheduled to close on February 29, 2008, resulting in total net proceeds of $8.6 million.
The proceeds of the financing will be used for general corporate purposes, including the company’s ongoing research and development programs relating to its Archexin, Zoraxel and Serdaxin compounds.