LOS ALTOS - RenovoRx, a biopharmaceutical company focused on developing innovative therapies for challenging cancers, today announced its third-quarter financial results and provided updates on its clinical developments, including the ongoing Phase III TIGeR-PaC study for its lead product candidate, RenovoGemTM.
The company, under the leadership of CEO Shaun Bagai, is working in partnership with Imugene Ltd to expand its pipeline through the Trans-Arterial Micro-Perfusion (TAMP) therapy platform. This collaboration aims to offer a six-month overall survival benefit and reduced adverse events compared to standard care for patients with locally advanced pancreatic cancer (LAPC).
Financial highlights for the quarter include:
- Cash and cash equivalents stood at $3.2 million as of September 30, 2023.
- Research and Development (R&D) expenses increased to $1.6 million in the third quarter, up from $0.8 million in the same period last year. The rise is attributed to costs associated with the ongoing Phase III clinical trial and higher employee benefits.
- General and Administrative (G&A) expenses remained consistent at $1.3 million.
- The net loss for the quarter decreased to $1.4 million from $2.1 million in the third quarter of 2022, primarily due to gains from the fair value of common warrants.
The TAMP therapy platform was recently highlighted at two significant medical conferences. In March 2023, Dr. Michael J. Pishvaian from Johns Hopkins Medicine presented on TAMP at the Global Summit on Gastrointestinal Malignancies in Bermuda. Later in the year, from September 22-24, Dr. Ripal Gandhi of the Miami Cancer Institute spoke about TAMP's potential as a targeted treatment for LAPC at the Symposium on Clinical Interventional Oncology (CIO) in Orlando, Florida.
RenovoRx's commitment to advancing treatment options for pancreatic cancer is evident in their clinical trial progression and financial investment into R&D. The company has maintained a stable financial position with $3.2 million in cash reserves and has managed to reduce its net loss despite increased operating expenses, thanks to strategic funding activities like the Registered Direct Offering completed in April 2023.
With a total of 10,693,080 outstanding shares of common stock, RenovoRx continues to work towards bringing new hope to patients with challenging cancers through their innovative TAMP therapy platform and drug-device combination products like RenovoGemTM.
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