Shares of Rexahn Pharmaceuticals Inc. (AMEX: RNN), a clinical-stage biopharmaceutical company engaged in the development of cures for cancer and disorders of the central nervous systems (CNS), are continuing to rally in trading today.
At last check, RNN shares were trading 15.61% higher at $0.629 on above average volume of 778,180. The stock gained more than 79% in the last three trading sessions.
RNN shares have been gaining momentum after the company this week announced that it submitted an investigational new drug application (IND) to the FDA for a first-in-human study of RX-5902 to treat advanced or metastatic solid tumors.
Rick Soni, President of Rexahn, said that RX-5902 is an exciting first-in-class p68 RNA helicase inhibitor that has considerable commercial potential. Soni said that pre-clinical studies have demonstrated that RX-5902 exhibits very potent anti-tumor activity in various cancers including melanoma, renal, ovarian, and pancreatic.