RenovoRx Closes $11.1 Million Private Placement, Providing Cash Runway into 2026
15 Aprile 2024 - 2:00PM
Business Wire
With $17.2 million in gross proceeds raised
since the beginning of 2024, RenovoRx has sufficient funding to
advance pivotal Phase III clinical trial and expand development
pipeline into additional cancer indications
RenovoRx, Inc. (“RenovoRx” or the “Company”)
(Nasdaq: RNXT), a clinical-stage biopharmaceutical company
developing novel precision oncology therapies based on a local
drug-delivery platform, today announced the closing of its
previously announced private placement of approximately $11.1
million in gross proceeds.
Shaun Bagai, Chief Executive Officer of RenovoRx, stated, “We
believe our recent financing achievements mark a critical milestone
for RenovoRx. Our April and January 2024 private placements, in
which we raised $17.2 million in total gross proceeds, strengthen
our balance sheet and energize our drive towards knowable value
creation events over the next two years. These include: first, the
continuation of our pivotal Phase III TIGeR-PaC clinical trial in
locally advanced pancreatic cancer towards a second interim readout
and ultimate completion; second, the expansion of our TAMPclinical
development pipeline into additional cancer indications; and third,
our ongoing exploration of new commercial business development
opportunities with our therapeutic technologies. These investments
in our Company validate our vision to build a better way to treat
difficult-to-access cancers for not only oncology patients, but
their clinicians and loved ones, all as we seek to drive value for
our stockholders.”
Mr. Bagai added, “We are proud of our achievements to date and
grateful for the support of our existing and new investors. With
this support, our team will continue its commitment to improving
patients’ lives and lifespans by delivering therapies that have the
potential to revolutionize the current paradigm of cancer
care.”
The TIGeR-PaC study is an ongoing randomized multi-center study
in locally advanced pancreatic cancer (LAPC) using the Company’s
patented Trans-Arterial Micro-Perfusion (TAMP) platform to
evaluate the Company’s first product candidate, RenovoGem™,
a novel oncology drug-device combination product. The study is
comparing treatment with TAMP to the current standard of care
(systemic intravenous chemotherapy). RenovoRx expects that the
second interim analysis for this study will be triggered by the
52nd event in the trial, which is estimated to occur in late
2024.
Newbridge Securities Corporation acted as sole placement agent
for the transaction. Ellenoff Grossman & Schole LLP acted as
legal counsel to RenovoRx, and McGuireWoods LLP acted as legal
counsel to Newbridge Securities Corporation.
About RenovoRx, Inc.
RenovoRx is a clinical-stage biopharmaceutical company
developing novel precision oncology therapies based on a
proprietary local drug-delivery platform for high unmet medical
need with a goal to improve therapeutic outcomes for cancer
patients undergoing treatment. RenovoRx’s patented
Trans-Arterial Micro-Perfusion (TAMP™) therapy platform is
designed to ensure precise therapeutic delivery to directly target
the tumor while potentially minimizing a therapy’s toxicities
versus systemic intravenous therapy. RenovoRx’s novel and patented
approach to targeted treatment offers the potential for increased
safety, tolerance, and improved efficacy. Our Phase III lead
product candidate, RenovoGem™, a novel oncology drug-device
combination product, is being investigated under a U.S.
investigational new drug application that is regulated by the FDA’s
21 CFR 312 pathway. RenovoGem is currently being evaluated for the
treatment of locally advanced pancreatic cancer by the Center for
Drug Evaluation and Research (the drug division of FDA.)
RenovoRx is committed to transforming the lives of patients by
delivering innovative solutions to change the current paradigm of
cancer care. RenovoGem is currently under investigation for TAMP
therapeutic delivery of gemcitabine and has not been approved for
commercial sale.
For more information, visit www.renovorx.com. Follow RenovoRx on
Facebook, LinkedIn, and Twitter.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934, including but
not limited to statements regarding (i) the anticipated use of
proceeds from the private placements described herein and (ii) our
clinical trials and studies, including anticipated timing,
statements regarding the potential of RenovoCath®, RenovoGem™ or
TAMP™ or regarding our ongoing TIGeR-PaC Phase III clinical trial
study in LAPC, and (iii) the potential for our product candidates
to treat or provide clinically meaningful outcomes for certain
medical conditions or diseases. Statements that are not purely
historical are forward-looking statements. The forward-looking
statements contained herein are based upon our current expectations
and beliefs regarding future events, many of which, by their
nature, are inherently uncertain, outside of our control and
involve assumptions that may never materialize or may prove to be
incorrect. These may include estimates, projections and statements
relating to our research and development plans, clinical trials,
therapy platform, business plans, financing plans, objectives and
expected operating results, which are based on current expectations
and assumptions that are subject to known and unknown risks and
uncertainties that may cause actual results to differ materially
and adversely from those expressed or implied by these
forward-looking statements. These statements may be identified
using words such as “will,” “may,” “expects,” “plans,” “aims,”
“anticipates,” “believes,” “forecasts,” “estimates,” “intends,” and
“potential,” or the negative of these terms or other comparable
terminology regarding RenovoRx’s expectations strategy, plans or
intentions, although not all forward-looking statements contain
these words. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, that could cause
actual events to differ materially from those projected or
indicated by such statements, including, among other things: (i)
circumstances which would adversely impact our ability to
efficiently utilize the net proceeds of the private placement
described herein, (ii) the timing of the initiation, progress and
potential results (including the results of interim analyses) of
our preclinical studies, clinical trials and our research programs;
(iii) the possibility that interim results may not be predictive of
the outcome of our clinical trials, which may not demonstrate
sufficient safety and efficacy to support regulatory approval of
our product candidate, (iv) that the applicable regulatory
authorities may disagree with our interpretation of the data;
research and clinical development plans and timelines, and the
regulatory process for our product candidates; (v) future potential
regulatory milestones for our product candidates, including those
related to current and planned clinical studies; (vi) our ability
to use and expand our therapy platform to build a pipeline of
product candidates; (vii) our ability to advance product candidates
into, and successfully complete, clinical trials; (viii) the timing
or likelihood of regulatory filings and approvals; (ix) our
estimates of the number of patients who suffer from the diseases we
are targeting and the number of patients that may enroll in our
clinical trials; (x) the commercialization potential of our product
candidates, if approved; (xi) our ability and the potential to
successfully manufacture and supply our product candidates for
clinical trials and for commercial use, if approved; (xii) future
strategic arrangements and/or collaborations and the potential
benefits of such arrangements; (xiii) our estimates regarding
expenses, future revenue, capital requirements and needs for
additional financing and our ability to obtain additional capital;
(xiv) the sufficiency of our existing cash and cash equivalents to
fund our future operating expenses and capital expenditure
requirements; (xv) our ability to retain the continued service of
our key personnel and to identify, and hire and retain additional
qualified personnel; (xvi) the implementation of our strategic
plans for our business and product candidates; (xvii) the scope of
protection we are able to establish and maintain for intellectual
property rights, including our therapy platform, product candidates
and research programs; (xviii) our ability to contract with
third-party suppliers and manufacturers and their ability to
perform adequately; (xix) the pricing, coverage and reimbursement
of our product candidates, if approved; and (xx) developments
relating to our competitors and our industry, including competing
product candidates and therapies. Information regarding the
foregoing and additional risks may be found in the section entitled
“Risk Factors” in documents that we file from time to time with the
Securities and Exchange Commission.
Forward-looking statements included herein are made as of the
date hereof, and RenovoRx does not undertake any obligation to
update publicly such forward-looking statements to reflect
subsequent events or circumstances, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240415576379/en/
KCSA Strategic Communications Valter Pinto, Managing Director
T:212-896-1254 renovorx@kcsa.com
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