RenovoRx Closes $12.1 Million Public Offering of Common Stock
RenovoRx, Inc. (Nasdaq: RNXT), a life sciences company focused on developing targeted oncology therapies, has successfully closed its previously announced $12.1 million underwritten public offering of common stock. The offering, which was led by several key healthcare institutional investors, includes firm commitments for common stock in the company. RenovoRx is known for its innovative RenovoCath® delivery platform, which has received FDA clearance for use in its targeted oncology treatments.
RenovoRx, Inc. (Nasdaq: RNXT), a life sciences company pioneering targeted oncology therapies, has successfully closed its $12.1 million underwritten public offering of common stock. The financing was led by several new healthcare institutional investors, marking a major achievement for the company as it strengthens its balance sheet in preparation for significant milestones in 2025. These milestones include the anticipated recognition of the first sales revenue from its RenovoCath® delivery platform, the completion of enrollment for the pivotal Phase III TIGeR-PaC clinical trial, and a second interim data readout from the trial.
Shaun Bagai, CEO of RenovoRx, expressed his enthusiasm about the financing, stating, “We are thrilled to close this common stock-only financing, which has been led by high-quality fundamental healthcare institutional investors. Their support reinforces the confidence in our patented Trans-Arterial Micro-Perfusion (TAMP™) therapy platform and RenovoCath, our FDA-cleared delivery system. We believe our technology holds the potential to transform cancer treatment by enabling precise delivery of therapeutic agents. The proceeds from this offering will help bring this potential to life and drive value for our stockholders.”
The offering closed on February 10, 2025, with RenovoRx selling 11,523,810 shares of common stock at a price of $1.05 per share. The gross proceeds from the offering amounted to approximately $12.1 million, with net proceeds of around $10.9 million after deducting underwriting discounts, commissions, and other offering expenses. RenovoRx plans to use the net proceeds for working capital, general corporate purposes, continued development of the Phase III TIGeR-PaC study, and advancing commercialization activities for RenovoCath as a standalone device.
Titan Partners Group, a division of American Capital Partners, served as the sole bookrunner for the offering. Legal counsel to RenovoRx was provided by Ellenoff Grossman & Schole LLP, while Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. acted as legal counsel to Titan Partners Group.
Medication adherence remains a critical issue in oncology, and RenovoRx’s technology aims to address this challenge. The RenovoCath delivery system targets the precise delivery of therapeutic agents to tumors, while potentially reducing toxicities compared to traditional systemic therapies. This localized delivery approach is expected to improve efficacy and safety, offering a significant benefit for patients undergoing cancer treatments. The company’s approach, which uses its patented TAMP™ technology, aims to change the way cancer treatments are delivered, offering a more targeted and efficient alternative to traditional methods.
RenovoRx’s lead product candidate is an innovative oncology drug-device combination currently under investigation in a Phase III clinical trial. This candidate utilizes RenovoCath to deliver chemotherapy drugs, such as gemcitabine, directly to tumor sites, specifically targeting locally advanced pancreatic cancer (LAPC). The RenovoCath device is FDA-cleared for temporary vessel occlusion and chemotherapeutic drug infusion, and it has received Orphan Drug Designation for pancreatic cancer and bile duct cancer. This designation provides the company with seven years of market exclusivity upon NDA approval by the FDA.
The company is also expanding its commercialization strategy beyond oncology treatments. RenovoRx has made significant progress in offering RenovoCath as a stand-alone device for other applications. In December 2024, RenovoRx received its first commercial purchase orders for RenovoCath devices, with over ten medical institutions already initiating the purchase process. This demand reflects the growing interest in RenovoRx’s technology, and the company plans to explore additional revenue-generating opportunities either independently or through collaborations with medical device commercial partners.
Dr. Bagai concluded, “The successful closing of this offering enables RenovoRx to continue advancing its mission of revolutionizing cancer treatment and providing innovative solutions for targeted drug delivery. We look forward to achieving key milestones in 2025 and continuing to make progress toward transforming the lives of cancer patients through our novel platform.”
RenovoRx’s commitment to innovation and clinical excellence positions it as a leader in the development of targeted therapies, and the recent financing will be instrumental in helping the company realize its potential in both the clinical and commercial spheres. The company remains focused on advancing its Phase III clinical trial and expanding the reach of its groundbreaking technology.
