Rexahn Pharmaceuticals is a clinical-stage pharmaceutical company focused on developing and commercializing first-in-class, market-leading therapeutics for cancer, central nervous disorders, sexual dysfunction, and other unmet medical needs. The company currently has three drug candidates in Phase II clinical trials - Archexin, Serdaxin, and Zoraxel - in addition to a robust pipeline of preclinical compounds.
The company today announced that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) will provide additional funding to Rexahn pursuant to the terms of its agreements with Teva. According to the Securities Purchase Agreement with Teva, the Israeli company will invest $750,000 to buy Rexahn's common stock on the last trading day preceding the closing.
Teva has also agreed to commit additional research funding for development of RX-3117. Under a new amendment to the Research and Exclusive License Option Agreement, Teva will have the right to file the investigational new drug (NYSE:IND) application for RX-3117 with the FDA. RX-3117 is a small molecule, new chemical entity nucleoside compound that inhibits DNA methyltansferase, a cyclin-dependent kinase, and DNA synthesis.
Potential indications for the drug are solid tumors. As a potential future alternative to market-leading antimetabolites, RX-3117 can be given by oral administration. Preclinical studies show that the drug has potential to overcome drug resistance in cancer cells, in particular, gemcitabine-resistance.
For further information about Rexahn Pharmaceuticals and RX-3117, visit www.rexahn.com
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