RenovoRx expands commercial footprint to 13 cancer centers

MOUNTAIN VIEW, Calif. - RenovoRx, Inc. (NASDAQ:RNXT), a medical device company with a market capitalization of $44.6 million and strong balance sheet showing more cash than debt, has expanded its commercial footprint to 13 cancer centers approved to purchase its RenovoCath device, including several National Cancer Institute-designated academic and community centers, the company announced Wednesday. According to InvestingPro analysis, the company maintains healthy liquidity with a current ratio of 9.07x, though it faces challenges with rapid cash burn.

Four of these cancer centers are actively using the device in patients and have placed repeat orders. This represents growth from five centers in the first quarter of 2025, according to the company’s press release.

RenovoCath is an FDA-cleared device intended for the isolation of blood flow and delivery of fluids, including therapeutic agents, to selected sites in the peripheral vascular system.

To support its commercialization strategy, RenovoRx has hired Philip Stocton as Senior Director of Sales and Market Development. Stocton brings over 25 years of experience in medical technology sales and marketing, with the last decade focused on interventional oncology at companies including Terumo, Johnson & Johnson, and Sirtex Medical.

"We are encouraged by the growing clinical adoption with our expanding RenovoCath customer base among leading cancer centers," said Shaun Bagai, CEO of RenovoRx.

The company launched its commercial efforts in December 2024 and believes that many of the 18 cancer centers participating in its ongoing Phase III TIGeR-PaC clinical trial could become potential customers after trial enrollment completes, expected later this year or early next year.

RenovoRx is evaluating its drug-device combination product candidate, intra-arterial gemcitabine via RenovoCath, in the TIGeR-PaC trial. The combination product has received Orphan Drug Designation for pancreatic cancer and bile duct cancer.

In other recent news, RenovoRx Inc. reported its financial results for the first quarter of 2025, with revenue from its Renovocath device surpassing internal expectations, reaching $200,000. Despite increased expenses, the company remains optimistic about future growth, supported by ongoing clinical trials and strategic initiatives. Additionally, RenovoRx announced the launch of its PanTheR Post-Marketing Registry Study to gather further safety and performance data on its FDA-cleared RenovoCath drug-delivery device for patients with solid tumors. Patient enrollment is anticipated to start before the end of September 2025, with the University of Vermont Cancer Center leading the initial phase.

In corporate governance developments, RenovoRx held its 2025 annual meeting of stockholders where all nominated directors were elected to serve one-year terms expiring at the 2026 annual meeting. The elected directors include Shaun R. Bagai and Ramtin Agah, M.D., among others. Furthermore, Ascendiant Capital raised the stock price target for RenovoRx to $11.50 from $11.00, maintaining a Buy rating based on a net present value analysis. This revision indicates a significant potential increase from the current share price and reflects confidence in the company’s growth prospects.

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