Opus Genetics, Inc. current report, 07 December 2012

Business Context and Reporting Period

This Form 8-K is filed by Rexahn Pharmaceuticals, Inc. (not Opus Genetics, Inc.) for the reporting period ending December 13, 2012, covering an event that occurred on December 7, 2012. The filing details a private equity transaction involving the company's common stock.

Key Financial Metrics

  • Transaction Value: $750,000 total proceeds.
  • Shares Issued: 2,083,333 shares of common stock.
  • Price Per Share: $0.36.
  • Pricing Mechanism: Set at 120% of the closing price on December 6, 2012, per the Securities Purchase Agreement.
  • Investor: Teva Pharmaceutical Industries Limited.

Material Changes

The primary material change is the completion of a private offering to Teva Pharmaceutical Industries Limited. This transaction was executed pursuant to an option granted under a Securities Purchase Agreement dated June 26, 2009 (as amended). The investment is specifically designated to support the research and development program for RX-3117, an anti-cancer compound for which Rexahn holds the U.S. patent.

Outlook, Risks, and Unusual Items

  • Strategic Purpose: The capital raise is intended to fund the development of RX-3117.
  • Regulatory Status: The shares were issued under Section 4(2) of the Securities Act of 1933 as a transaction to an accredited investor, exempt from registration requirements.
  • Future Rights: Teva was granted piggyback registration rights regarding these shares, which may be exercised in the future.
  • Disclosure History: Rexahn previously disclosed Teva's intent to exercise this option on November 27, 2012.

Investor Verification Checklist

  • Verify the current development status and clinical trial progress of the RX-3117 anti-cancer compound.
  • Confirm the total outstanding share count post-issuance to assess dilution impact.
  • Review the terms of the original June 26, 2009 Securities Purchase Agreement for any remaining options or obligations.
  • Check for any subsequent filings regarding the exercise of Teva's piggyback registration rights.