On February 11, 2025 RenovoRx, Inc. ("RenovoRx" or the "Company") (Nasdaq: RNXT), a life sciences company developing novel targeted oncology therapies and commercializing RenovoCath, an innovative, FDA-cleared delivery platform, reported the closing of its previously announced $12.1 million firm commitment underwritten public offering of common stock led by multiple fundamental healthcare institutional investors (Press release, Renovorx, FEB 11, 2025, View Source [SID1234650186]).
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"We are very excited to close this common stock-only financing led by multiple high-quality fundamental healthcare institutional investors who are new to our company, which we view as a major achievement," said Shaun Bagai, CEO of RenovoRx. "This financing strengthens our balance sheet as we progress towards the potential realization of important valuation inflection points planned for 2025, including the recording of our first RenovoCath sales revenue, completion of enrollment for our pivotal Phase III TIGeR-PaC clinical trial, and a second interim data readout from that trial. The support from our new institutional investors highlights their strong confidence in our patented Trans-Arterial Micro-Perfusion (TAMP) therapy platform and our clinical and commercial plans for our FDA-cleared RenovoCath delivery system. We strongly believe our technology has the potential to revolutionize cancer treatment by enabling precise delivery of therapeutic agents. We look forward to utilizing the proceeds of this offering to help make this potential a reality and drive value for our stockholders."
In the offering, which closed on February 10, 2025, RenovoRx sold 11,523,810 shares of its common stock at an offering price of $1.05 per share. The gross proceeds from the offering were approximately $12.1 million, with net proceeds of approximately $10.9 million after deducting underwriting discounts and commissions and offering expenses payable by RenovoRx. RenovoRx intends to use the net proceeds from the offering for working capital and general corporate purposes, including continued progress on its Phase III TIGeR-PaC study and the continued development and execution of commercial sales and marketing activities for RenovoCath as a standalone device.
Titan Partners Group, a division of American Capital Partners, acted as the sole bookrunner for the offering. Ellenoff Grossman & Schole LLP acted as legal counsel to RenovoRx, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal counsel to Titan Partners Group.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction.