RenovoRx Announces Closing of $12.1 Million Underwritten Public Offering of Common Stock
RenovoRx (RNXT) has successfully closed a $12.1 million underwritten public offering of common stock, selling 11,523,810 shares at $1.05 per share. The offering, led by new fundamental healthcare institutional investors, generated net proceeds of approximately $10.9 million after deducting underwriting costs and expenses.
The company plans to use the proceeds for working capital and general corporate purposes, including advancing its Phase III TIGeR-PaC study and developing commercial activities for its FDA-cleared RenovoCath delivery system. The company anticipates key milestones in 2025, including first RenovoCath sales revenue, completion of Phase III trial enrollment, and a second interim data readout.
Titan Partners Group, a division of American Capital Partners, served as the sole bookrunner for the offering, which closed on February 10, 2025.
RenovoRx (RNXT) ha concluso con successo un'offerta pubblica sottoscritta di azioni ordinarie per un valore di 12,1 milioni di dollari, vendendo 11.523.810 azioni a 1,05 dollari per azione. L'offerta, guidata da nuovi investitori istituzionali nel settore della salute fondamentale, ha generato proventi netti di circa 10,9 milioni di dollari dopo aver detratto i costi di sottoscrizione e le spese.
La società prevede di utilizzare i proventi per il capitale circolante e scopi aziendali generali, inclusi il progresso del suo studio di Fase III TIGeR-PaC e lo sviluppo di attività commerciali per il suo sistema di rilascio RenovoCath approvato dalla FDA. L'azienda si aspetta traguardi chiave nel 2025, tra cui il primo fatturato delle vendite di RenovoCath, il completamento dell'arruolamento nella sperimentazione di Fase III e un secondo aggiornamento intermedio dei dati.
Titan Partners Group, una divisione di American Capital Partners, ha svolto il ruolo di bookrunner unico per l'offerta, che si è chiusa il 10 febbraio 2025.
RenovoRx (RNXT) ha cerrado con éxito una oferta pública subastada de acciones ordinarias por un valor de 12,1 millones de dólares, vendiendo 11,523,810 acciones a 1,05 dólares por acción. La oferta, liderada por nuevos inversores institucionales en el sector de la salud fundamental, generó ingresos netos de aproximadamente 10,9 millones de dólares después de deducir los costos de suscripción y otros gastos.
La empresa planea utilizar los ingresos para capital de trabajo y fines corporativos generales, incluyendo el avance de su estudio de Fase III TIGeR-PaC y el desarrollo de actividades comerciales para su sistema de entrega RenovoCath aprobado por la FDA. La compañía anticipa hitos clave en 2025, incluidos los primeros ingresos por ventas de RenovoCath, la finalización de la inscripción del ensayo de Fase III y una segunda lectura de datos interinos.
Titan Partners Group, una división de American Capital Partners, actuó como el bookrunner exclusivo para la oferta, que se cerró el 10 de febrero de 2025.
RenovoRx (RNXT)는 1주당 1.05달러에 11,523,810주를 판매하여 총 1,210만 달러 규모의 공모를 성공적으로 마감했습니다. 이 공모는 새로운 기본 의료 기관 투자자들이 주도하여 인수 비용과 경비를 공제한 후 약 1,090만 달러의 순수익을 창출했습니다.
회사는 이 수익을 운영 자본 및 일반 기업 목적으로 사용하며, 여기에는 3상 TIGeR-PaC 연구를 진행하고 FDA로부터 승인된 RenovoCath 전달 시스템의 상업적 활동을 개발하는 것이 포함됩니다. 회사는 2025년에 RenovoCath의 첫 판매 수익, 3상 임상 시험 모집 완료, 두 번째 중간 데이터 읽기 등의 주요 이정표를 예상하고 있습니다.
Titan Partners Group은 American Capital Partners의 한 부서로서 이 공모의 단독 주관 사로 활동했으며, 이는 2025년 2월 10일에 마감되었습니다.
RenovoRx (RNXT) a réussi à clore une offre publique souscrite de 12,1 millions de dollars d'actions ordinaires, en vendant 11 523 810 actions à 1,05 dollar par action. L'offre, menée par de nouveaux investisseurs institutionnels dans le secteur de la santé, a généré des produits nets d'environ 10,9 millions de dollars après déduction des coûts et des dépenses de souscription.
La société prévoit d'utiliser les produits pour le fonds de roulement et des fins d'entreprise générales, y compris l'avancement de son étude de Phase III TIGeR-PaC et le développement d'activités commerciales pour son système de délivrance RenovoCath approuvé par la FDA. L'entreprise anticipe des jalons clés en 2025, y compris les premiers revenus des ventes de RenovoCath, l'achèvement de l'inscription à l'essai de Phase III et une deuxième lecture intermédiaire des données.
Titan Partners Group, une division d'American Capital Partners, a été le bookrunner unique pour l'offre, qui s'est clôturée le 10 février 2025.
RenovoRx (RNXT) hat erfolgreich ein 12,1 Millionen Dollar schweres öffentliches Angebot von Stammaktien abgeschlossen und dabei 11.523.810 Aktien zu je 1,05 Dollar verkauft. Das Angebot, das von neuen grundlegenden Gesundheitsinstitutionen geführt wurde, generierte nach Abzug von Underwriting-Kosten und -Aufwendungen Nettomittel von etwa 10,9 Millionen Dollar.
Das Unternehmen plant, die Mittel für Betriebskapital und allgemeine Unternehmenszwecke zu verwenden, einschließlich der Fortführung seiner Phase-III-TIGeR-PaC-Studie und der Entwicklung kommerzieller Aktivitäten für sein von der FDA zugelassenes RenovoCath-Auslieferungssystem. Das Unternehmen erwartet im Jahr 2025 wichtige Meilensteine, darunter die ersten Umsatz Einnahmen von RenovoCath, den Abschluss der Rekrutierung in der Phase-III-Studie und eine zweite Zwischen-Datenanalyse.
Titan Partners Group, eine Abteilung von American Capital Partners, fungierte als alleiniger Bookrunner für das Angebot, das am 10. Februar 2025 abgeschlossen wurde.
- Secured $12.1M in gross proceeds through public offering
- Attracted new fundamental healthcare institutional investors
- FDA-cleared RenovoCath delivery system ready for commercialization
- Multiple value-driving milestones expected in 2025
- Dilution of existing shareholders through issuance of 11.5M new shares
Insights
The successful closing of RenovoRx's
The offering structure reveals important details: at
The timing of this raise appears strategic, coming ahead of multiple potential value-driving catalysts. The focus on common stock-only financing, while dilutive, avoids complicated debt structures or warrant overhang that could impede future appreciation. The allocation of funds toward both clinical development and commercial activities suggests a balanced approach to value creation, though careful cash management will be important given the company's small market cap of
Financing led by new fundamental healthcare institutional investors
“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
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.
About RenovoRx, Inc.
RenovoRx is a life sciences company developing novel targeted oncology therapies and commercializing RenovoCath®, an innovative,
RenovoRx’s Phase III lead product candidate is a novel oncology drug-device combination product. It is being investigated under a
The intra-arterial infusion of gemcitabine by the RenovoCath catheter is currently under investigation and has not been approved for commercial sale. RenovoCath with gemcitabine received Orphan Drug Designation for pancreatic cancer and bile duct cancer, which provides 7 years of market exclusivity upon NDA approval by the FDA.
RenovoRx is also engaged in implementing commercialization strategies utilizing its TAMP technology and FDA-cleared RenovoCath delivery system as a stand-alone device. In December 2024, RenovoRx announced the receipt of its first commercial purchase orders for RenovoCath devices. Additionally, over ten medical institutions have initiated the process for RenovoCath purchase orders. To meet and satisfy the anticipated demand, RenovoRx will continue to actively explore further revenue-generating activity either on its own or in tandem with a medical device commercial partner.
For more information, visit www.renovorx.com. Follow RenovoRx on Facebook, LinkedIn, and X.
Cautionary Note Regarding Forward-Looking Statements
This press release and statements of the Company’s management herein contain 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 the expected use of proceeds related to the public offering described herein and the Company’s anticipated corporate milestones for 2025. Statements that are not purely historical are forward-looking statements. The forward-looking statements contained herein are based upon the Company’s current expectations and beliefs regarding future events, many of which, by their nature, are inherently uncertain, outside of the Company’s control and involve assumptions that may never materialize or may prove to be incorrect. These may include estimates, projections and statements relating to the Company’s research and development plans, intellectual property development, clinical trials, the Company’s therapy platform, commercial and other 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 “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. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in documents that the Company files from time to time with the SEC.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250211132192/en/
KCSA Strategic Communications
Valter Pinto or Jack Perkins
T:212-896-1254
RenovoRX@KCSA.com
Source: RenovoRx, Inc.
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