Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN), a leader in development of innovative therapeutics for life-threatening and life-debilitating diseases, announced today that it has received FDA approval to begin Phase II trials for Archexin, the Company's leading cancer compound, for the treatment of pancreatic cancer. This will be a multi-center trial with preliminary data in humans expected in 2010.

Archexin is a first-in-class, potent Akt protein kinase inhibitor with potential utility to inhibit cancer cell survival and proliferation, angiogenesis and drug resistance. Based upon Phase I clinical trial data, Archexin has an excellent human safety profile, with fatigue being the only side effect. Archexin has FDA Orphan drug designation for five different cancer types, including renal cell carcinoma, glioblastoma, pancreatic, stomach and ovarian cancers.

"The initiation of the Archexin Phase II trial represents a significant clinical development milestone for Archexin and a major achievement for Rexahn. Archexin has the potential to treat multiple life-threatening cancers, and has demonstrated a superior safety profile when compared to the current standard of care," stated Dr. Chang Ahn, CEO of Rexahn Pharmaceuticals.

Dr. Ahn concluded, "We continue to make significant progress in advancing our industry-leading research and development pipeline, focused on compounds designed to address serious unmet clinical needs. With Archexin cleared to commence Phase II trials, we are one step closer to commercializing a novel, new cancer drug that spans the major classes of oncology therapeutics."

The Archexin Phase IIa trial is a single-arm, open-label study conducted at global sites in the U.S. and India. Archexin will be administered in combination with gemcitabine in patients with advanced pancreatic cancer to assess safety and preliminary efficacy, maximum tolerated dose, and overall survival.

About Pancreatic Cancer

According to the National Cancer Institute, there will be 37,680 new cases of pancreatic cancer in the U.S. this year. It is the fourth leading cause of cancer death overall and its five-year survival rate is 4%, according to the American Cancer Society. Fewer than 10% of patients' tumors are confined to the pancreas at the time of diagnosis; in most cases, the malignancy has already progressed to the point where surgical removal is impossible. High unmet needs still exist, while current treatment approaches include surgery, chemotherapy, and radiation therapy.

About Rexahn Pharmaceuticals, Inc.

Rexahn Pharmaceuticals is a clinical stage pharmaceutical company dedicated to commercializing first in class and market leading therapeutics for cancer, CNS disorders, sexual dysfunction and other unmet medical needs. For more information please visit rexahn.

Safe Harbor

This press release contains forward-looking statements. Rexahn's actual results may differ materially from anticipated results, and expectations expressed in these forward-looking statements, as a result of certain risks and uncertainties, including Rexahn's lack of profitability, the need for additional capital to operate its business to develop its product candidates; the risk that Rexahn's development efforts relating to its product candidates may not be successful; the possibility of being unable to obtain regulatory approval of Rexahn's product candidates; the risk that the results of clinical trials may not be completed on time or support Rexahn's claims; demand for and market acceptance of Rexahn's drug candidates; Rexahn's reliance on third party researchers and manufacturers to develop its product candidates; Rexahn's ability to develop and obtain protection of its intellectual property; and other risk factors set forth from time to time in our filings with the Securities and Exchange Commission. Rexahn assumes no obligation to update these forward-looking statements.

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Rexahn Pharmaceuticals, Inc