ROCKVILLE, Md., June 07, 2017 (GLOBE NEWSWIRE) -- Rexahn Pharmaceuticals, Inc. (NYSE MKT:RNN) today announced it
has entered into definitive agreements with institutional investors to purchase approximately 3.03 million shares of its common
stock and warrants exercisable for up to approximately 1.52 million shares of its common stock for gross proceeds of $10
million. The shares and warrants are being sold in units, each consisting of one share of common stock and a warrant to
purchase 0.5 of a share of common stock, at an offering price of $3.30 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 have an exercise price of
$4.00 per share. The closing of the offering is expected to take place on or about June 12, 2017, subject to the satisfaction of
customary closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, is acting as the exclusive placement agent in connection
with the offering.
The net proceeds of the offering will be used for further development of Rexahn’s lead clinical programs,
including the funding of clinical development programs for RX-3117, SupinoxinTM (RX-5902) and Archexin®, and
for working capital and general corporate purposes.
The securities described above are being offered by Rexahn pursuant to a shelf registration statement (File No.
333-196255) previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). A
prospectus supplement relating to the offering will be filed with the SEC. Copies of the prospectus supplement and the accompanying
base prospectus relating to this offering may be obtained, when filed with the SEC, from H.C. Wainwright & Co., LLC by emailing
placements@hcwco.com or calling 646-975-6996 or by accessing the SEC’s website at
http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or
jurisdiction.
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals, Inc. (NYSE MKT:RNN) is a clinical stage biopharmaceutical company dedicated to
developing novel, best-in-class therapeutics for the treatment of cancer. The Company has a broad oncology pipeline that includes
three anti-cancer compounds currently in clinical development – RX-3117, Supinoxin™ and Archexin® – and a novel
nanopolymer-based drug delivery platform technology.
Safe Harbor
To the extent any statements made in this press release deal with information that is not historical, these are
forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited
to, statements about the terms, expected proceeds and closing of the offering. Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. Uncertainties and risks may cause Rexahn’s actual results to be materially
different than those expressed in or implied by Rexahn’s forward-looking statements. For Rexahn, this includes that closing
conditions may not be met. All forward-looking statements in this news release speak only as of the date of this news release.
Rexahn undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future
events or otherwise, unless required by law.
Contact: LifeSci Advisors, LLC Matthew P. Duffy (212)-915-0685 matthew@lifesciadvisors.com