AMEX: RNN November 8, 2010 Posted on November 7, 2010
MILLBURN, NJ –
IPOfinancial.com initiates research coverage of Rexahn Pharmaceuticals (RNN:Amex) with a BUY rating. The intermediate term target price is $4.00, and the longer-term target price target is $10-$12.
Brief Company Overview Rexahn Pharmaceuticals (AMEX: RNN) is a biopharmaceutical company working with small molecule and nanotechnology that delivers a unique platform for drug development in the areas of diseases that have no effective cures. This encompasses high mortality cancers and central nervous system (CNS) disorders. RNN’s technology for drug discovery creates either best-in-class or first-in-class status for its compounds that are effective with far lower dosages than other currently prescribed drugs, severely minimizing risks of toxicity.
Key Focus Points • Robust clinical pipeline with 3 drugs currently engaged in Phase 2 testing • 8 additional drug candidates in pre-clinical development • Archexin received orphan drug status from FDA for 5 cancer indications • Serdaxin and Zoraxel have a well-established, extensive safety profile • September ‘09 saw the signing of a licensing and stock purchase agreement with Teva Pharmaceutical to develop RX-3117, with $4 mil in payments with options for additional subsequent investments • Sufficient cash levels to continue research for the next 18 months • Heavily undervalued based on clinical trial portfolio • New drug discovery technology platforms provide the basis for first-in-class status for many of the compounds • Numerous significant collaborative and licensing agreements • Discovery techniques provide for expansion of areas for additional clinical trials