Teva to raise stake in Rexahn; Pfizer completes NextWave deal

US clinical-stage biopharma company focused on oncology and central nervous system (CNS) therapeutics Rexahn Pharmaceuticals (NYSE Amex: RNN) that Israel’s Teva Pharmaceutical Industries (NYSE: TEVA) provide an additional funding to the firm.

Under the securities purchase agreement between the companies, Teva will invest $750,000 to purchase Rexahn’s common stock at 120% of closing price of common stock on the last trading day preceding the closing. This will complete the third closing agreed to by the parties in the SPA. Teva has agreed to commit additional research funding for the development of RX-3117 and, under their accord, will have the right to file the Investigational New Drug application for the compound with the Food and Drug Administration.

“This new investment and research and development funding by our strategic partner Teva is important to the continued development for RX-3117. We are also grateful to Teva for agreeing to conduct certain R&D work for the development of RX-3117,” said Chang Ahn, Rexahn’s chief executive, adding: “Similar to other products we are developing, RX-3117 is potentially a best-in-class anti-cancer compound. As a potential future alternative to market leading antimetabolites, RX-3117 can be given by oral administration to potentially treat solid tumors. We look forward to working with Teva to take RX-3117 to its next stage of development.”