Release issued 3rd January 2008

Rockville, MD, January 3, 2008 -- Rexahn Pharmaceuticals, Inc. (OTCBB: RXHN), a biopharmaceutical company dedicated to the discovery, development and commercialization of innovative treatments for cancer, central nervous system disorders, sexual dysfunction and other unmet medical needs, today announced that it has raised net proceeds of $6.8 million in a private placement of its common stock and three-year warrants to purchase its common stock for a group of accredited investors in Korea. The Company expects to raise an additional $1.8 million in a second tranche, which is scheduled to close on February 29, 2008, resulting in total net proceeds of $8.6 million.

The proceeds of the financing will be used for general corporate purposes, including the Company's ongoing research and development programs relating to its Archexin, Zoraxel and Serdaxin compounds. Archexin, the Company's lead cancer drug candidate, is currently in Phase II clinical trials. Rexahn intends to initiate Phase II clinical trials for Serdaxin, a compound for the treatment of depression, in 2008. Further, Zoraxel, for the treatment of male sexual dysfunction, will also enter Phase II clinical trials in 2008.

About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals is a biopharmaceutical company leveraging its unique technology platform to discover, develop and commercialize innovative treatments for cancer, central nervous system disorders, sexual dysfunction and other unmet medical needs. Rexahn's compounds are designed to uniquely treat various disease states while significantly minimizing side effects in order to allow patients to regain quality of life through therapy. For additional information about Rexahn visit www.rexahn.com.

(13th May 2008) Rexahn Pharmaceuticals to Present at the Rodman & Renshaw 5th Annual Global Healthcare Conference

(25th February 2008) Rexahn Awarded Maryland Industrial Partnerships Grant to Develop Polymer-drug Conjugates for Cancer Therapy