• |
Announced a collaboration and license agreement with BioSense Global LLC, a New Jersey- and Suzhou, China-based biopharmaceutical company, to advance the development and
commercialization of RX-3117 for pancreatic and other cancers in Greater China. Under the agreement, Rexahn will receive an upfront payment, a portion of which has been paid, and will be eligible to receive up to $126 million in
development and regulatory milestones and up to $100 million in commercial milestones for each product containing RX-3117, contingent on achieving commercial goals.
|
• |
As of July 24, 2019, an overall response rate of 23% has been observed in 40 patients that have had at least one scan on treatment in the Phase 2a study of RX-3117 in
combination with ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) in patients newly diagnosed with metastatic pancreatic cancer. The Company previously reported in January 2019 an overall response rate of 38% in
the first 24 patients who had at least one scan on treatment. Preliminary and unaudited data indicates that the median progression free survival for patients in the study is approximately 5.4 months. Patients currently active in the
study will continue to be treated and final data from the trial is expected to be available in 2020.
|
• |
Transferred its stock exchange listing to the Nasdaq Capital Market from its previous listing on NYSE American.
|
• |
Effected a 1-for-12 reverse stock split of outstanding shares on April 12, 2019.
|
• |
As of August 7, 2019, had approximately $15.3 million in cash, cash equivalents, and marketable securities (unaudited). Rexahn expects that its cash, cash equivalents and
marketable securities will be sufficient to fund the company’s currently expected cash flow requirements for its activities for at least the next 12 months.
|
For the Three Months Ended
June 30,
|
For the Six Months Ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Revenues:
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Expenses:
|
||||||||||||||||
General and administrative
|
1,340,016
|
1,568,848
|
3,035,538
|
3,396,170
|
||||||||||||
Research and development
|
1,648,401
|
3,432,593
|
3,890,631
|
7,491,126
|
||||||||||||
Total Expenses
|
2,988,417
|
5,001,441
|
6,926,169
|
10,887,296
|
||||||||||||
Loss from Operations
|
(2,988,417
|
)
|
(5,001,441
|
)
|
(6,926,169
|
)
|
(10,887,296
|
)
|
||||||||
Other Income (Expense)
|
||||||||||||||||
Interest income
|
96,650
|
67,473
|
178,035
|
143,209
|
||||||||||||
Other income
|
-
|
-
|
-
|
368,750
|
||||||||||||
Unrealized gain on fair value of warrants
|
427,483
|
1,095,700
|
1,940,854
|
4,462,196
|
||||||||||||
Total Other Income (Expense)
|
524,133
|
1,163,173
|
2,118,889
|
4,974,155
|
||||||||||||
Net Loss Before Provision for Income Taxes
|
(2,464,284
|
)
|
(3,838,268
|
)
|
(4,807,280
|
)
|
(5,913,141
|
)
|
||||||||
Provision for income taxes
|
-
|
-
|
-
|
-
|
||||||||||||
Net Loss
|
$
|
(2,464,284
|
)
|
$
|
(3,838,268
|
)
|
$
|
(4,807,280
|
)
|
$
|
(5,913,141
|
)
|
||||
Net loss per share, basic and diluted
|
$
|
(0.61
|
)
|
$
|
(1.45
|
)
|
$
|
(1.23
|
)
|
$
|
(2.24
|
)
|
||||
Weighted average number of shares outstanding, basic and diluted
|
4,019,141
|
2,640,927
|
3,900,208
|
2,640,391
|
June 30,
2019
|
December 31,
2018
|
|||||||
Cash, Cash Equivalents and Marketable Securities
|
$
|
16,260,169
|
$
|
14,725,821
|
||||
Working Capital(1)
|
$
|
13,742,010
|
$
|
12,747,118
|
||||
Total Assets
|
$
|
17,677,234
|
$
|
16,042,926
|
||||
Total Liabilities
|
$
|
4,054,128
|
$
|
5,480,036
|
||||
Stockholders’ Equity
|
$
|
13,623,106
|
$
|
10,562,890
|
(1) |
Working Capital defined as current assets less current liabilities
|