Teva buys $3.95 million of Rexahn stock
Teva Pharmaceutical Industries buys $3.95 million in Rexahn Pharmaceuticals stock
On Thursday January 20, 2011, 5:05 pm EST
ROCKVILLE, Md. (AP) -- Rexahn Pharmaceuticals Inc. said Thursday that Teva Pharmaceutical Industries Ltd. bought $3.95 million of the company's stock in a private offering.
The investment gives Teva a 6.29 percent ownership stake in Rexahn, which is developing drugs for treating cancer and disorders of the central nervous system.
Rexahn said the investment will be used to fund research and development of a potential anti-cancer compound, RX-3117.
Teva, based in Israel, bought 2,334,515 shares at about $1.69 apiece, marking 39 percent premium to Rexahn's closing price on Wednesday.
Shares in Rexahn, which is based in Rockville, rose 12 cents, or 10 percent, to close Thursday at $1.34. The stock has traded between 65 cents and $3.68 over the last 52 weeks.
finance.yahoo.com |
