Rexahn Pharmaceuticals Surges on Teva Pact (RNN, TEVA)

Posted in pre-market 
September 17th, 2009

Rexahn Pharmaceuticals, Inc. (AMEX: RNN) is surging on the news that it announced an agreement to close on its previously announced licensing and stock purchase agreements with Teva Pharmaceutical Industries Limited (NASDAQ:TEVA) for the development of its novel anti-cancer compound, RX-3117. This is its 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. At 8:29 AM EST we have already just about hit the 163,000 average daily volume, and shares are up 35% at $1.15.  This has a 52-week high of $2.00 and traded 1.7 million shares back in early September. JON OGG

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