PETAH TIKVA (dpa-AFX) - Rexahn Pharmaceuticals, Inc. (RNN) Wednesday said it has secured approval in Hungary to initiate an exploratory first-in-human Phase I clinical trial of RX-3117, a small molecule antimetabolite for the treatment of solid tumors. The Hungarian Regulatory Authority and Ethics Committee gave approval for Rexahn's initial Clinical Trial Application or CTA.
Rick Soni, president and COO of Rockville, Maryland-based Rexahn, said,' Preclinical studies demonstrate RX-3117 to have exciting anti-cancer properties, and we look forward to moving this compound into clinical development.' In September 2009, Rexahn entered into a commercialization and development agreement with Petach Tikva, Israel-headquartered Teva Pharmaceutical Industries Limited (TEVA) for RX-3117. Under the agreement, Rexahn is eligible to receive development, regulatory and sales milestone payments, as well as royalties on net sales worldwide. RX-3117 is a small molecule, new chemical entity (NCE), nucleoside compound that inhibits DNA methyltransferase, a cyclin-dependent kinase, and DNA synthesis. Potential indications of RX-3117 are solid tumors including colon, lung and pancreatic cancers. RNN is currently trading at $0.50, up $0.07 or 16.97%, on the AMEX. Over the past year, the stock traded in a range of $0.51 - $1.90.
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