RenovoRx (RNXT, Financials) announced the pricing of an underwritten public offering, aiming to raise approximately $12.1 million through the sale of 11,523,810 shares of its common stock at $1.05 per share.
Apart from the advancement of its Phase III TIGeR-PaC trial and the development of commercial sales and marketing operations for RenovoCath as a standalone device, the business intends to utilize the net proceeds for working capital and other corporate reasons. Subject to usual closing conditions, the offering is scheduled to conclude on Feb. 10.
The shares of RenovoRx fell after the news. Down 2%, from the previous closing, the stock was valued at $1.46 as of the market close on Feb. 6. The shares dropped even further in after-hours trading24.6%to hit $1.10.
The bookrunner for the offering is Titan Partners Group, a branch of American Capital Partners.
RenovoRx is a life sciences firm with an eye on creating tailored cancer treatments and commercializing an FDA-cleared local drug-delivery system, RenovoCath. With its unique Trans-Arterial Micro-Perfusion therapy technology, the business hopes to provide exact therapeutic chemicals close to tumor locations, therefore reducing any toxicity relative to systemic intravenuous treatment.
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