Dallas, Texas 05/20/2014 (FINANCIALSTRENDS) – A clinical stage biopharmaceutical company, Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) recently provided an overview of its financial results and ongoing clinical development programs for 1Q14 ended March 31, 2014. Chief Executive Officer of the firm, Peter D Suzdak stated that the firm continued to enroll patients in each of its three clinical trials and by the end of current fiscal, the firm expects to report key milestones in each trial.
The company expects to have data from its Supinoxin related Phase I study in cancer patients with solid tumors by 4Q14. The company also anticipates to complete enrollment of patients in its RX-3117 related Phase Ib clinical study by the end of calendar year. By 4Q14, the company also intends to complete the safety portion of its Phase II clinical study for metastatic renal cell carcinoma.
Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) reported its cash and investments at $40.3 million as at March 31, 2014 as compared to $19 million reported as at December 31, 2013. The increase in cash and investments was mainly due to the issuance of common stock as well as due the exercise of stock options and warrants to purchase common stock worth $23.9 million. The company reported to use $2.6 million of net cash in operating activities during 1Q14.
Research and development expenses during 1Q14 increased to $1.3 million as compared to $0.6 million during 1Q13. The increase was largely attributed to the clinical trials undergoing during the quarter. General and administrative expenses also increased moderately to $1.4 million for 1Q14 as compared to $1.2 million for 1Q13 because of higher expenses in investor relations and financial advisory services.
Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) reported significant net loss of $0.09 per share or $14.6 million for 1Q14 as compared to net loss of $0.01 per share or $1.5 million in 1Q13. This increase was attributed to non-cash charge of $11.7 million during 1Q14 as compared to a non-cash gain of $0.4 million in 1Q13.
Yesterday, the stock of company closed at $0.925, losing 5.13% from its previous close.