Morning
Movers - RNN - Rexahn Pharmaceuticals Signs Development and Commercialization
Agreement with a Top 20 Pharmaceutical Company for Novel Anti-cancer Compound -
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Rexahn Pharmaceuticals Inc,RNN
After Hours: 0.8097 Up 0.0897 (12.46%) 10:38am ET
Rexahn Pharmaceuticals, Inc. (NYSE Amex:RNN), a clinical stage pharmaceutical
company commercializing potential best in class oncology and CNS therapeutics,
today announced that it has signed an exclusive collaboration and option for
license agreement with a top 20 global pharmaceutical company (the “Partner
Co.”) for the development of RX-3117. RX-3117 is a small molecule, new chemical
entity (NCE), nucleoside compound that has an anti-metabolite mechanism of action,
and has therapeutic potential in a broad range of cancers including colon, lung
and pancreatic cancer.
The obligation of the Partner Co. to proceed with the transaction is subject to
its satisfaction with its ongoing due diligence activities and to the
satisfaction of other customary conditions. Assuming that the Partner Co.
elects to proceed, then under the terms of the agreement, Rexahn will receive
upfront payments in the form of equity investment and, assuming the license
option is exercised, will be eligible to receive development, regulatory and
sales milestone payments. In addition, Rexahn will receive royalties on net
sales worldwide. The signing of the agreement by both parties precedes a
definitive deal closing for the exclusive development and commercialization of
RX-3117. Additional financial terms of the transaction were not disclosed.
About
Rexahn Pharmaceuticals, Inc., a clinical stage biopharmaceutical company,
engages in the discovery, development, and commercialization of treatments for
cancer, central nervous system (CNS) disorders, sexual dysfunction, and other
unmet medical needs in the
Last Trade: 0.80
Day's Range: 0.80 - 1.00
52wk Range: 1.01 - 9.99
Volume: 176,902
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