Rexahn to raise $8.6 million

Maryland, USA-based Rexahn Pharmaceuticals, a company focused on the discovery, development and commercialization of innovative treatments for cancer, central nervous system disorders, sexual dysfunction and other unmet medical needs, has raised net proceeds of $6.8 million in a private placement of its common stock and three-year warrants to purchase its common stock for a group of accredited investors in Korea. The company expects to raise an additional $1.8 million in a second tranche, which is scheduled to close on February 29, resulting in total net proceeds of $8.6 million.

The proceeds will be used for general corporate purposes, including the company's ongoing R&D programs. Archexin, the company's lead drug candidate, is currently in Phase II clinical trials in patients with advanced-stage renal cell carcinoma. Rexahn intends to initiate Phase II clinical trials for Serdaxin, a compound for the treatment of depression, in 2008. Further, Zoraxel, for the treatment of male sexual dysfunction, will also enter Phase II clinical trials in 2008.