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news.Rexahn Pharmaceuticals, a biopharmaceutical company, has signed a letter of intent with the Health Policy and Research Foundation of California to receive up to $8.55 million to conduct further clinical development of Serdaxin, its novel therapeutic for anxiety, depression and aggression.
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The financing will underwrite the completion of Serdaxin’s subsequent trials required to bring the treatment through regulatory approval and then to patients.
The funding for the development of Serdaxin comes from Health Policy and Research Foundation of California of California, and is subject to the execution of a definitive agreement between the two organizations. Both parties expect an agreement to be reached within the next 60 days.
Serdaxin, currently in Phase IIa clinical trials, is a dual enhancer of serotonin and dopamine neurotransmitters via non-reuptake mechanisms, with a well-established and excellent human safety profile. Patient enrollment in the current trials will continue throughout 2009, with preliminary results expected in early 2010.