Genelux Corporation Announces $18 Million Private Placement
12 Giugno 2023 - 1:00PM
Genelux Corporation (NASDAQ: GNLX), a late clinical-stage
immuno-oncology company, today announced a private placement for
900,000 shares of the Company's common stock at a purchase price of
$20.00 per share, for gross proceeds of approximately $18 million,
before deducting offering expenses payable by Genelux. The
financing was led by existing investors and no placement agent was
involved.
Genelux previously announced a private placement
of $33 million, before deducting offering expenses on May 15, 2023.
Genelux will have raised over $65 million this year between its IPO
and following the final closing of both private placements.
Proceeds from this private placement, combined with the initial
private placement and Genelux’ current cash and cash equivalents,
are expected following final closing of the private placements to
extend Genelux’ cash runway into the first quarter of 2026.
The Benchmark Company, LLC and Brookline Capital
Markets, a division of Arcadia Securities, LLC acted as financial
advisors for the private placement.
"We are incredibly fortunate to have an investor
base that continues to support the Company’s vision and mission,"
said Thomas Zindrick, President, CEO and Chairman
of Genelux. “The demand from our previous closing was greater
than we could hope for and this latest closing positions us for a
strong next phase of growth.”
Genelux intends to use the net proceeds from the
private placements for expansion of manufacturing capabilities,
advancement of clinical programs, including the Phase 3
registrational trial of Olvi-Vec in patients with
platinum-resistant/refractory ovarian cancer, and working capital
and general corporate purposes.
The initial closing of this private placement,
in the amount of approximately $5.5 million in the aggregate, is
expected to occur on or before June 20, 2023. Additional committed
funds in the amount of approximately $12.5 million in the aggregate
will be invested on or before November 15, 2023, at the same price
as the initial closing investments.
The securities to be sold in this private
financing have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or applicable state
securities laws, and accordingly may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws. Genelux has agreed to file a registration
statement with the Securities and Exchange Commission registering
the resale of the shares of common stock issued in this private
financing.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Genelux
CorporationGenelux is a late clinical-stage
biopharmaceutical company focused on developing a pipeline of
next-generation oncolytic immunotherapies for patients suffering
from aggressive and/or difficult-to-treat solid tumor types. The
Company's most advanced product candidate, Olvi-Vec (olvimulogene
nanivacirepvec), is a proprietary, modified strain of the vaccinia
virus (VACV), a stable DNA virus with a large engineering capacity.
Olvi-Vec currently is being evaluated in OnPrime, a multi-center,
randomized, open-label Phase 3 registrational trial evaluating the
efficacy and safety of Olvi-Vec in patients with
platinum-resistant/refractory ovarian cancer. The core of Genelux'
discovery and development efforts revolves around the company's
proprietary CHOICE™ platform from which the Company has developed
an extensive library of isolated and engineered oncolytic vaccinia
virus immunotherapeutic product candidates, including Olvi-Vec. For
more information please visit www.genelux.com.
Forward-Looking StatementsThis
release contains “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
“Forward-looking statements” describe future expectations, plans,
results, or strategies and are generally preceded by words such as
“believes,” “anticipates,” “expect,” “may,” “plan” or “will”.
Forward-looking statements in this release include, but are not
limited to, statements related to Genelux’ future, the execution of
its corporate strategy, the use of proceeds from the private
placement, the extension of Genelux’ cash runway, and the
commitment of additional funds. Such statements are subject to a
multitude of risks and uncertainties that could cause future
circumstances, events, or results to differ materially from those
projected in the forward-looking statements. These and other risks
are identified under the caption “Risk Factors” in Genelux’ filings
with the Securities and Exchange Commission. All forward-looking
statements contained in this press release speak only as of the
date on which they were made and are based on management’s
assumptions and estimates as of such date. Genelux does not
undertake any obligation to publicly update any forward-looking
statements, whether as a result of the receipt of new information,
the occurrence of future events or otherwise.
Investor and Media Contacts
Ankit Bhargava, MDAllele Communications,
LLC815.721.4912genelux@allelecomms.com
Source: Genelux Corporation
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