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03/20/03

Rexahn Announces Filing of a Patent Application for a Novel Anti-Cancer

Rockville, MD, March 20, 2003 – Rexahn Corp. announced today that it has submitted a patent application for its recently discovered anti-cancer drug, RX-0047. The new drug candidate inhibits expression of HIF-1, a human protein that leads to rapid cancer growth. Its specificity and potency provide the novel RX-0047 compound a unique opportunity to serve as an attractive anticancer drug candidate

RX-0047 holds the potential of being a more effective and less toxic therapy than currently available treatments. The advantage of RX-0047 over conventional small molecule chemical drugs is its ability its target a site on the HIF-1 gene, blocking hybridization and, therefore, the ability of the cells to produce HIF-1. Blocking HIF-1 reduces cell viability, leading to cancer-killing effects.

Chang Ahn, PhD, Chairman and CEO of Rexahn, said, “Rexahn’s Therapeutic Research Team has been working toward the discovery of novel antisense oligonucleotide compounds that inhibit tumor cell growth. RX-0047 is one result of our efforts. This product inhibits the human protein HIF-1, one of the major transcription factors that regulate tumor cell growth. Development of this compound into a therapeutic product against cancer holds the promise of improved patient survival with less patient side effects.”

Rexahn plans to begin pre-clinical testing of RX-0047 in the first quarter of next year. The Company plans to submit an IND application in the third quarter of 2004.

Contact:

The Trout Group LLC
Tricia Truehart, 646-378-2953
ttruehart@troutgroup.com



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