Teva to increase stake in Rexahn Pharmaceuticals

Teva has expanded its stake in Rexahn Pharmaceuticals with the purchase of an additional $750,000 (465,830 pounds) of the company's common stock.

In addition to this new share purchasing agreement, Teva is committing additional research funding for the development of RX-3117, a potential best-in-class anti-cancer compound.

Teva will also be conducting a certain amount of research and development activity for the nucleoside compound, which is able to inhibit DNA methyltransferase, a cyclin-dependent kinase, and DNA synthesis.

It is thought that this therapy could offer potential in overcoming drug resistance in cancer cells, particularly gemcitabine resistance, and the companies are currently working towards submitting the product for US regulatory approval.

Dr Chang Ahn, Rexahn's chief executive officer, said: "As a potential future alternative to market-leading antimetabolites, RX-3117 can be given by oral administration to potentially treat solid tumours. We look forward to working with Teva to take RX-3117 to its next stage of development."

Last month, Teva was named UK generics manufacturer of the year at a customer-voted awards event organised by Pharmacy Business, marking an unprecedented tenth win for the company at these awards.