Rexahn Announces $7.5 Million Registered Direct Offering

Rexahn Pharmaceuticals (NYSE:RNN) announced it has entered into definitive agreements with institutional investors to purchase approximately 5.77 million shares of its common stock and warrants exercisable for up to approximately 5.77 million shares of its common stock for gross proceeds of approximately $7.5 million.

As quoted in the press release:

The shares and warrants are being sold in units, each consisting of one share of common stock and a warrant to purchase one share of common stock, at an offering price of $1.30 per unit. The warrants will be exercisable six months following the date of issuance, will expire on the fifth anniversary of the initial exercise date and will have an exercise price of $1.67 per share. The closing of the offering is expected to take place on or about October 19, 2018, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent in connection with the offering.

Click here to read the full press release.