On September 25, 2020 Genelux Corporation, a privately-held clinical-stage immunotherapy company, reported that it has entered into a convertible note and warrant financing transaction with Woodward Diversified Capital (WDC) (Press release, Genelux, SEP 25, 2020, View Source [SID1234567101]). Genelux and WDC have completed the first close of a private placement of unsecured convertible notes of up to $20M and associated warrants.
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The transaction underscores the strength and promise of Olvi-Vec, Genelux’s lead oncolytic immunotherapy candidate. The Company intends to use the proceeds from the financing primarily to finalize preparations for and initiate its planned Phase 3 (registration) trial of Olvi-Vec in platinum refractory/resistant ovarian cancer and to fund further expansion of our clinical program, and for general corporate purposes.
Gabe Woodward, Partner at WDC, commented, "We were attracted to Genelux because of the caliber of the team and because they meet our criteria of having a breakthrough and innovative approach to address a significant unmet medical need."
"Genelux is fortunate to have the financial and sophisticated strategic support of WDC as we successfully advance Olvi-Vec towards its first registration trial," said Thomas Zindrick, J.D., President and CEO of Genelux.
About Olvimulogene Nanivacirepvec (Olvi-Vec)
Olvi-Vec is a proprietary, non-pathogenic oncolytic vaccinia virus, modified to increase its safety, tumor selectivity and anti-tumor activity. Virus-mediated oncolysis results in immunogenic cell death and triggers immune activation and memory for long-term immunotherapy against cancer. Clinical results in more than 150 subjects have shown Olvi-Vec is well tolerated with documented clinical benefits.