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MOUNTAIN VIEW, Calif. - RenovoRx , Inc. (NASDAQ:RNXT), a $35.7 million market cap developer of targeted oncology therapies, has initiated an underwritten public offering of its common stock and pre-funded warrants. The company’s stock has shown strong momentum, gaining over 28% in the past six months, according to InvestingPro data. The company, which also commercializes the FDA-cleared RenovoCath delivery platform, announced the offering today, stating its completion depends on market conditions and other factors.
The proceeds from the offering are designated for general corporate purposes, which include funding its ongoing Phase III TIGeR-PaC study and commercial activities for RenovoCath. With analyst price targets ranging from $3.50 to $9.00, the company maintains a healthy financial position with more cash than debt on its balance sheet. Titan Partners Group, part of American Capital Partners (WA:CPAP), is the sole bookrunner for the offering.
The offering is pursuant to a shelf registration statement filed with the Securities and Exchange Commission (SEC) on November 10, 2022, and effective as of November 21, 2022. Details regarding the offering will be available through the SEC’s website and from Titan Partners Group.
RenovoRx specializes in a patented therapy platform, Trans-Arterial Micro-Perfusion (TAMP™), aiming to deliver therapeutics precisely to tumor sites while reducing systemic toxicity. Their lead product candidate is under investigation for treating locally advanced pancreatic cancer (LAPC) using the RenovoCath catheter for intra-arterial infusion of chemotherapy.
The company’s strategy also includes commercializing RenovoCath as a standalone device. In December 2024, RenovoRx reported its first commercial purchase orders for RenovoCath devices and ongoing purchase order processes with over ten medical institutions. While the company maintains strong liquidity with a current ratio of 5.66, InvestingPro subscribers can access 6 additional key financial tips and comprehensive analysis to better evaluate the company’s growth potential.
The information in this article is based on a press release statement from RenovoRx.
In other recent news, RenovoRx, a developer of targeted oncology therapies, has made significant strides in its commercialization strategy. The company has started receiving purchase orders for its RenovoCath device from over ten medical institutions, signaling a key advancement. RenovoCath, an FDA-cleared device for fluid delivery in the peripheral vascular system, is set to address a range of clinical needs in a market estimated to be worth several hundred million dollars in annual sales.
RenovoRx has also expanded its manufacturing partnership with Medical (TASE:PMCN) Murray to increase device production. In addition to this, the company is conducting the Phase III TIGeR-PaC clinical trial for a drug-device combination targeting locally advanced pancreatic cancer, with patient enrollment and interim analysis expected by the first half of 2025.
RenovoRx has engaged Richard Stark as a Commercial Advisor to support the commercialization efforts. Stark brings over 25 years of experience in medical device commercialization, having held executive roles at Innoblative Designs, Inc. and AngioDynamics (NASDAQ:ANGO). These developments are part of RenovoRx’s continued exploration of commercial applications for its TAMP technology and RenovoCath delivery system.
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