Rexahn has announced that it has completed its registered direct offering of common stock and warrants. Rodman & Renshaw acted as the exclusive placement agent for this transaction.
On June 5, Rexahn received gross proceeds of $3 million cash, for the sale of 2857143 shares of common stock at $1.05 per share. Under the closing, one institutional investor also received warrants to buy an additional 5644443 shares of common stock for $7 million cash.
Rexahn plans to use the proceeds from the offering for research and development and general corporate purposes. The company has 60716133 shares outstanding following the completion of the offering.
Rexahn Pharmaceuticals is a clinical stage pharmaceutical company dedicated to commercializing first in class and market leading therapeutics for cancer, CNS disorders, sexual dysfunction and other unmet medical needs.