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03/24/03

Rexahn Announces Joint Research Agreement with The KRICT

Rockville, MD, March 20, 2003 – Rexahn Corp. announced today that it has entered into a joint research agreement with the Korea Research Institute of Chemical Technology (KRICT), a quasi-government research institute in Korea. The purpose of this collaboration is to accelerate the discovery of potential drugs that affect protein kinases (PKs).

Protein kinases are a large class of enzymes that regulate key functions of cells. Various diseases such as cancer, diabetes, obesity, inflammatory diseases, and immunologic disorders are related to improper expressions or regulations of PKs. Development of selective inhibitors or activators of specific PKs, without interfering with the activity of other kinases, will be more important for discovery of future effective drugs with reduced side effects.

The agreement runs for three years. During that time, 22 scientists at KRICT in research groups of combinatorial chemistry, medicinal chemistry and high-throughput systems will work with Rexahn scientists. According to the agreement, Rexahn will have free access to extensive, diversified chemical libraries in the KRICT’s Chemical Bank. Discoveries resulting from the joint research efforts will be equally owned by Rexahn and KRICT, and Rexahn will have the option to license any jointly discovered compounds exclusively.

Chang Ahn, PhD, Chairman and CEO of Rexahn, said, “Rexahn is excited about its collaboration with KRICT, a world-class chemical institute. In today’s age when speed to market and robust pipelines are critical to success, Rexahn has teamed with an organization that will provide the Company with an edge in both areas.”

Contact:

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



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