RenovoRx Announces $10.9 Million Public Offering of Common Stock

RenovoRx, Inc. (NASDAQ: RNXT) recently announced the execution of an underwriting agreement with Titan Partners Group LLC for a firm commitment underwritten public offering of its common stock. The Offering, scheduled to close on or about February 10, 2025, involves the sale of 11,523,810 shares of common stock at a public offering price of $1.05 per share, generating an estimated net proceeds of approximately $10.9 million after underwriting discounts and offering expenses deduction.

The stock sale, facilitated through a registration statement on Form S-3 with the SEC, is part of RenovoRx’s strategic financial planning. As part of the agreement, RenovoRx will issue warrants enabling the Underwriter to purchase 576,191 shares at an exercise price of $1.21 per share, with exercise beginning six months post the Offering closure for a period of five years.

The filed report also highlighted the issuance of two press releases on February 6, 2025, specifying the commencement and pricing of the Offering. RenovoRx intends to use the net proceeds to bolster its working capital, support corporate operations, including advancing its Phase III TIGeR-PaC study and commercial sales and marketing initiatives for RenovoCath.

Notably, RenovoRx, a life sciences company specializing in targeted oncology therapies and RenovoCath, an FDA-cleared delivery platform, specializes in enhancing treatment precision while minimizing therapy-related toxicities. The firm’s Phase III lead product candidate, a novel oncology drug-device combination product, is currently under the FDA’s investigational new drug application, focusing on improved treatment for locally advanced pancreatic cancer.

RenovoRx looks forward to utilizing the funds garnered from the public offering to reinforce its research and development efforts, commercialization strategies, and potential product expansions, highlighting its commitment to transforming cancer treatments and delivering innovative solutions to patients in need.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read RenovoRx’s 8K filing here.

About RenovoRx

RenovoRx, Inc, a clinical-stage biopharmaceutical company, focuses on developing proprietary targeted combination therapies to improve therapeutic outcomes for cancer patients undergoing treatment. Its lead product candidate is RenovoGem, an oncology drug-device combination product, consisting of intra-arterial gemcitabine and RenovoCath that is in Phase III clinical trials for the locally advanced pancreatic cancer.