Rexahn Pharmaceuticals (RNN) Retains Investment Banker Frederick Frank

Jun. 8, 2010 (Business Wire) — Rexahn Pharmaceuticals, Inc. (NYSE Amex:RNN), a clinical stage pharmaceutical company commercializing potential best in class oncology and CNS therapeutics, today announced that it has engaged renowned investment banker Frederick Frank, Vice Chairman of Peter J. Solomon Company (PJSC), as an independent consultant, to advise on a range of corporate activities.

“We are extremely pleased to have Fred on our team to advise the company on building our assets and driving shareholder value. His expertise in global healthcare and 50 years of banking experience focused in biotechnology will be a great asset to the company,” said Dr. Chang Ahn, Chairman and CEO of Rexahn.

Over his distinguished career, Mr. Frederick Frank has provided investment banking services to an extensive number of companies in the pharmaceutical, biotechnology, healthcare services, medical device and nutraceutical industries, and he has been involved in hundreds of financings, strategic alliances and merger and acquisition transactions in the global healthcare industry. Prior to joining PJSC, he held leadership positions at leading global banks, such as Lehman Brothers, Smith, Barney & Co. and Barclays Bank.

“Rexahn is in a great position with a strong pipeline, best-in-class products, and the positive Phase II clinical results of Serdaxin and Zoraxel. I am looking forward to helping the company build value for these assets,” said Mr. Frank.

About Rexahn Pharmaceuticals, Inc.

Rexahn Pharmaceuticals Inc. is a clinical stage pharmaceutical company dedicated to commercializing first-in-class and market leading therapeutics for cancer, Central nervous System (CNS) disorders, sexual dysfunction and other unmet medical needs. Rexahn currently has three drug candidates in Phase II clinical trials, Archexin^®, Serdaxin^®, and Zoraxel™ – all potential best in class therapeutics – and a pipeline of preclinical compounds in development to treat multiple cancers and CNS disorders. Rexahn also operates key R&D programs of nano-medicines, and 3D-GOLD and TIMES drug discovery platforms. For more information, please visit www.rexahn.com.

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, and 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.