Rexahn buys into Asian market
US-based clinical stage biopharmaceutical company Rexahn has invested in Future Systems Inc (FSI), a Korean information technology company in Seoul, which plans to expand its business to the biopharmaceutical industry.
US-based clinical stage biopharmaceutical company Rexahn has invested in Future Systems Inc (FSI), a Korean information technology company in Seoul, which plans to expand its business to the biopharmaceutical industry.
Rexahn, located in Rockville and specialising in treatments for cancer and disorders of the central nervous system, will transfer to Future Systems exclusive rights to develop, manufacture and sell three drug candidates in certain territories for approximately US $35.8m. Future Systems will sell 4,326,854 shares of its common stock (28%) to Rexahn - making Rexahn the major stockholder.
Ted Jeong, cfo of Rexahn, said the investment would expand Rexahn's access to the Asian market. "Our plans for the future may include the acquisition of a pharmaceutical company in Korea", he said.
The transactions is subject to approval by Future Systems stockholders, and the transactions are expected to close during the second quarter of 2006.