RenovoRx (Nasdaq:RNXT) announced that it priced an underwritten public offering of common stock worth proceeds of $12.1 million.
Mountain View, California-based RenovoRx priced more than 11.5 million shares of common stock at $1.05 per share. It expects the proceeds to total approximately $12.1 million before deducting underwriting discounts, commissions and offering expenses. The company plans to close the offering on Feb. 10, 2025.
RenovoRx plans to use the proceeds for working capital and general corporate purposes. The company said that includes the continued progression of its Phase III TIGer-PaC study. It also extends to the continued development and execution of commercial sales and marketing activities for its RenovoCath as a standalone device.
RenovoCath, an FDA-cleared local drug-delivery platform, targets unmet medical needs. RenovoRx designed its patented Trans-Arterial Micro-Perfusion (TAMP) therapy platform to ensure precise therapeutic delivery across the arterial wall near the tumor site to bathe the target tumor, while potentially minimizing a therapy’s toxicities versus systemic intravenous therapy.
This novel approach to targeted treatment offers the potential for increased safety, tolerance, and improved efficacy, and its mission is to transform the lives of cancer patients by providing innovative solutions to enable targeted delivery of diagnostic and therapeutic agents. Last fall, the company announced plans to increase RenovoCath production.
The Phase III TIGer-PaC study investigates RenovoGem as a potential treatment option in locally advanced pancreatic cancer (LAPC).
