Rexahn Pharma (RNN) Signs Exclusive Collaboration for Development of RX-3117
Rexahn Pharmaceuticals, Inc. (Amex: RNN) today announced that it has signed an exclusive collaboration and option for license agreement with a top 20 global pharmaceutical company for the development of RX-3117. RX-3117 is a small molecule, new chemical entity, nucleoside compound that has an anti-metabolite mechanism of action, and has therapeutic potential in a broad range of cancers including colon, lung and pancreatic cancer.
The obligation of the Partner Co. to proceed with the transaction is subject to its satisfaction with its ongoing due diligence activities and to the satisfaction of other customary conditions. Assuming that the Partner Co. elects to proceed, then under the terms of the agreement, Rexahn will receive upfront payments in the form of equity investment and, assuming the license option is exercised, will be eligible to receive development, regulatory and sales milestone payments. In addition, Rexahn will receive royalties on net sales worldwide. The signing of the agreement by both parties precedes a definitive deal closing for the exclusive development and commercialization of RX-3117. Additional financial terms of the transaction were not disclosed.
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