Rexahn will use the money to develop a preclinical cancer drug candidate.
Teva Pharmaceutical Industries is making a $3.95 million investment in Rexahn Pharmaceuticals. The company purchased 2,334,515 shares of common stock in a private offering priced at $1.692 per share. After this transaction, Teva will own 6.29% of the outstanding shares of Rexahn.
The money will be used for the development of RX-3117, a preclinical anticancer compound. This small molecule nucleoside compound inhibits DNA methyltransferase, a cyclin-dependent kinase, and DNA synthesis.
Potential indications of RX-3117 are solid tumors including colon, lung, and pancreatic cancers. RX-3117 has demonstrated its ability to overcome cancer drug resistance in cancer cells, in particular gemcitabine-resistance in human lung cancer cells, according to Rexahn.
Rexahn says that it is dedicated to developing and commercializing therapeutics for cancer, CNS disorders, sexual dysfunction, and other unmet medical needs. Its discovery platform features small signaling molecule discovery (TIMES), computational predictive modeling (3D-GOLD), and nanoscale drug targeting and delivery.
The company has three drug candidates in Phase II clinical trials: Archexin® (pancreatic cancer), Serdaxin® (depression and Parkinson disease), and Zoraxel™ (erectile dysfunction). It also has six preclinical oncology programs including RX-3117.