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Rexahn Pharmaceuticals Reports Third Quarter 2015 Financial Results and Provides Corporate Update

ROCKVILLE, Md., Nov. 03, 2015 (GLOBE NEWSWIRE) -- Rexahn Pharmaceuticals, Inc. (NYSE MKT:RNN), a clinical stage biopharmaceutical company developing best-in-class therapeutics for the treatment of cancer, today announced financial results for the third quarter ended September 30, 2015 and provided an update on recent corporate and oncology pipeline developments.

Rexahn made important progress during the third quarter presenting new interim clinical data for Supinoxin and RX-3117 at an international medical conference, said Peter D. Suzdak, Ph.D., Chief Executive Officer. We were particularly excited to see that these compounds appear to be safe and well tolerated in ongoing clinical studies and show encouraging early signs of clinical efficacy exhibited as stable disease or in some cases, tumor regression. Given that these are very sick patients with advanced disease that have been heavily pre-treated and have previously failed other forms of therapy, we are especially pleased to observe potential efficacy signals at this stage. Rexahn is committed to developing novel, highly targeted cancer treatments that may bring meaningful quality of life improvements for patients and their families and we look forward to continuing to advance our next generation cancer programs through clinical development.

Third Quarter 2015 Corporate Highlights:

Promising Interim Clinical Data for Supinoxin and RX-3117 Presented at the 18th ECCO 40thESMO European Cancer Congress 2015

During the quarter, Rexahn scientists and their scientific collaborators presented new interim clinical data for both Supinoxin and RX-3117 at the European Cancer Congress.

The interim clinical results demonstrated that both Supinoxin and RX-3117 appeared to be safe and well tolerated and also showed preliminary evidence of clinical activity, which Rexahn believes underscores the unique mechanism of action of these compounds and their ability to selectively target key molecular pathways involved in cancer biology, while potentially sparing non-cancerous, healthy cells from the side effects normally associated with the use of existing chemotherapeutic agents.

Notably, clinical evidence of single-agent activity of Supinoxin was observed in 4 patients enrolled in the ongoing trial who showed stable disease persisting from between 255 and 497 days (as of September 14, 2015.) At present, 3 of those patients with stable disease continue to remain in the study on active treatment.

For RX-3117, potential anti-tumor activity was also reported, with evidence of tumor reduction of approximately 9% observed in 1 patient and stable disease observed in approximately 5 patients persisting from between 112 and 276 days before disease progression occurred.

Based on the favorable safety and pharmacokinetic profile seen at the highest dose levels tested for both Supinoxin and RX-3117, Rexahn has initiated a dosing schedule modification in the ongoing clinical studies to increase drug exposure and maximize the potential therapeutic activity to enable more rapid determination of either a maximum tolerated dose or best tolerated dose for further clinical study.

We are very encouraged by the accumulating interim clinical data which suggest that Supinoxin and RX-3117 appear to be well tolerated in patients with serious and advanced forms of cancer, and despite not yet having reached the maximum tolerated dose, are showing intriguing initial signs of efficacy, said Dr. Suzdak. Research suggests that our anti-cancer compounds are targeting specific proteins or enzymes that are highly expressed or exclusively expressed in cancer cells, giving us confidence in their ability to target cancerous tissue without the harmful side effects associated with traditional chemotherapy.

Third Quarter 2015 Financial Results:

Cash and Investments - Rexahn's cash and investments totaled approximately $21.5 million as of September 30, 2015, compared to approximately $26.0 million and $32.7 million as of June 30, 2015 and December 31, 2014, respectively. The decrease in cash and investments during the three months ended September 30, 2015 is primarily due to $4.5 million in cash used in operating activities, as financing activities were minimal. The decrease in cash and investments during the first nine months of 2015 was primarily due to $12.9 million of cash used in operating activities, offset by approximately $1.7 million in proceeds received from the exercise of stock options and the sale of common stock. Rexahn expects that its cash and...