Rockville, Md, July 13, 2009 - Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN), a clinical stage pharmaceutical company commercializing potential best in class oncology and CNS therapeutics, today announced that it has entered into a licensing partnership with Korea Research Institute of Chemical Technology (“KRICT”) regarding the development of a synthetic process for Quinoxalines compounds. Research has demonstrated that Quinoxalines provide selective toxicity towards hypoxic cells – cells found in solid tumors and that are resistant to anticancer drugs and radiation therapy. This makes Quinoxaline-based drugs a potential potent treatment for solid tumors.
Dr. Chang Ahn, Rexahn’s Chairman and CEO, commented, “KRICT is a world-class research institute and partnership with KRICT will further enrich our growing pre-clinical drug pipeline devoted to new therapies that change treatment paradigms in cancer and CNS.” Dr.Ahn added, “The Quinoxaline family of compounds is very promising, and we expect to bring Quinoxaline-based drugs into the clinical trial process and ultimately to market.”
Under the terms of the agreement, Rexahn will acquire all intellectual properties related to Quinoxaline-Piperazine derivatives that were synthesized under a previous Joint Research Agreement, by exercising its option to receive an exclusive license to use, develop and commercially exploit the intellectual properties.
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals is a clinical stage pharmaceutical company dedicated to commercializing first in class and market leading therapeutics for cancer, CNS disorders, sexual dysfunction and other unmet medical needs. Rexahn currently has three drug candidates in Phase II clinical trials – Archexin™, Serdaxin™, and Zoraxel™ – all potential best in class therapeutics, and a robust pipeline of preclinical compounds to treat multiple cancers and CNS disorders. Rexahn also has key R&D programs in cancer nano-medicines and multi-target aimed ligands drug discovery technologies. For more information, please visit: www.rexahn.com
About Korea Research Institute of Chemical Technology (“KRICT”)
KRICT is the government-supported research institution in chemical technology of Korea. Since the establishment in 1976 for research and development of chemical technology, KRICT has contributed to the growth of the chemical industry and recently endeavors to develop key chemical technologies. For more information, please visit: www.krict.re.kr
This press release contains forward-looking statements. Rexahn’s actual results may differ materially from anticipated results, and expectations expressed in these forward-looking statements, as a result of certain risks and uncertainties, including Rexahn’s lack of profitability, and the need for additional capital to operate its business to develop its product candidates; the risk that Rexahn’s development efforts relating to its product candidates may not be successful; the possibility of being unable to obtain regulatory approval of Rexahn’s product candidates; the risk that the results of clinical trials may not be completed on time or support Rexahn’s claims; demand for and market acceptance of Rexahn’s drug candidates; Rexahn’s reliance on third party researchers and manufacturers to develop its product candidates; Rexahn’s ability to develop and obtain protection of its intellectual property; and other risk factors set forth from time to time in our filings with the Securities and Exchange Commission. Rexahn assumes no obligation to update these forward-looking statements.