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03/18/03

Rexahn Announces License Agreement with Rexgene

Rockville, MD, March 18, 2003 – Rexahn Corp. announced today that it has signed a Research Collaboration Agreement with Rexgene Biotech Co. Ltd, a Korean biotech company headquartered in Seoul, Korea. The agreement provides for the companies to develop a research and development plan for the purpose of registering the Rexahn product, RX-0201, for use and sale in the Republic of Korea and elsewhere in Asia. In return for these rights, Rexgene will pay Rexahn an up-front fee of $1.5 million to cover the development costs of the product and royalties upon sales of the product.

RX-0201 is an AKT inhibitor that interferes with the replication of cancer cells. The product holds promise in being a step forward in providing safer and more effective cancer drugs than are currently available. Rexahn discovered this drug candidate utilizing their unique drug discovery technologies. The support provided by the Rexgene agreement will facilitate the clinical development of the product in the United States, Europe, and Asia. Rexahn plans to initiate phase I clinical trials for RX-0201 in the US in the fourth quarter of 2003 and in the UK and China by the second quarter of 2004.

Chang Ahn, PhD, Chairman and CEO of Rexahn, said, “The Collaborative Research Agreement with Rexgene Biotech is an important milestone for Rexahn Corp. In addition to providing the company the funds to begin clinical development of RX-0201, this agreement is also a validation of Rexahn’s science, intellectual property, know-how, and performance. We welcome the collaboration with Rexgene and look forward to working with them in developing RX-0201 in the Asian market.”

About Rexgene Biotech, Inc.

Rexgene Biotech is a publicly traded Korean company established as part of Onnuri Group, the largest pharmacy chain of 1400 pharmacies in Korea. The Onnuri Group is engaged in the development of healthrelated products.

Contact:

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



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