(RTTNews) - Rexahn Pharmaceuticals, Inc. (REXN), which closed Tuesday's trading at $3.66, gaining 78.54%, was one of the top gainers of the day. The stock has been trading in a range of $1.56 to $9.18 in the past one year.
The trading volume yesterday swelled to 20.25 million. The average volume of shares has been 39K.
On February 8, Rexahn has signed a license agreement with Zhejiang HaiChang Biotechnology Co., Ltd., to develop and commercialize Rexahn's drug candidate RX-0201, the nano-liposomal formulation of RX-0201 known as RX-0301, proposed for the treatment of hepatocellular carcinoma, the most common type of primary liver cancer, and RX-0047, hypoxia-inducible factor-1 alpha inhibitor, the company's proprietary compound which is under preclinical development.
As per the deal, HaiChang will pay $250,000 upfront and development milestone payments of up to $63 million with respect to RX-0201 and RX-0301 and up to $33 million with respect to RX-0047. Royalties based on percentages of net sales in the low tens with respect to RX-0201 and RX-0301 and the mid-single digits with respect to RX-0047 are also to be paid.
Rexahn's activities exploring strategic alternatives to boost shareholder value are ongoing as announced in September last year.
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