1/15/2014 8:54:38 AM
ROCKVILLE, Md.--(BUSINESS WIRE)--Rexahn Pharmaceuticals, Inc. (NYSE MKT: RNN) today announced it has agreed to sell $20 million of units in a registered direct offering at a price of $1.05 per unit. Each unit consists of one share of common stock and a five year warrant to purchase 0.25 of a share of common stock at an exercise price of $1.28 per share. In the offering, Rexahn will issue approximately 19.05 million shares of its common stock and warrants exercisable for up to approximately 4.76 million shares of its common stock for aggregate gross proceeds of $20 million. The closing of the offering is expected to take place on or about January 21, 2014, subject to the satisfaction of customary closing conditions.
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