Rexahn Pharmaceuticals Inc. said it is evaluating strategic alternatives to enhance shareholder value and hired Oppenheimer & Co. Inc. as financial adviser.
The Rockville, Md.-based biopharmaceutical company, which develops therapies for cancer, said options include an acquisition, merger, reverse merger or any other combination. The company is also contemplating sales of assets, licensing or other transactions.
As part of its initiavie to extend resources, Rexahn also cut two staff positions.
However, the company says there can be no assurance the evaluation will result in any agreements or transactions. Rexahn only plans to disclose developments when the evaluation of alternatives has been completed or when the board concludes that disclosure is appropriate or required.
Rexahn is developing RX-3117 in phase 2 clinical trials for the treatment of patients with relapsed or refractory metastatic pancreatic cancer, as well as bladder, colon, lung and cervical cancer. The company is also developing RX-5902 in phase 2 trials for treating metastatic triple negative breast cancer.
