Teva Pharmaceutical agrees further investment in Rexahn
Teva is providing further investment and research funding to clinical-stage pharmaceutical company Rexahn.
Teva Pharmaceutical Industries has agreed to provide additional funding to Rexahn Pharmaceuticals, investing a further $750,000 in the clinical-stage pharmaceutical company.
In a statement, Rexahn revealed that Teva will purchase the company's common stock at 120 per cent of the closing price on the last trading day before the closing.
Teva will also provide additional funding for the development of RX-3117, for which Rexahn owns the US patent.
RX-3117 is a small molecule nucleoside compound with the potential to treat solid tumours that has already undergone pre-clinical testing.
An amendment to the companies' agreement will give Teva the right to file an IND for the oral drug with the US Food and Drug Administration.
Dr Chang Ahn, Rexahn's chief executive officer, said the move was "important to the continued development for RX-3117".
"We look forward to working with Teva to take RX-3117 to its next stage of development," he added.
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