RenovoRx Announces $10 Million at Market Private Placement

Core Viewpoint - RenovoRx, Inc. has successfully executed an oversubscribed private placement expected to generate approximately $10 million in gross proceeds, aimed at accelerating its commercialization efforts and advancing clinical trials for its innovative oncology therapies [1][3][6] Financing Details - The financing is led by prominent life-science institutional investors, with participation from the company's senior management and board members [2] - The private placement will involve the issuance of approximately 10,638,869 shares of common stock at a purchase price of $0.938 per share, along with milestone-based warrants for an additional 5,319,434 shares [4][5] Use of Proceeds - Proceeds from the financing are intended to support RenovoRx's commercialization of RenovoCath and to advance the pivotal Phase III TIGeR-PaC clinical trial for locally advanced pancreatic cancer, targeting full enrollment by mid-2026 [3][12] - The company aims to achieve cash-flow breakeven operations while reducing cash burn and increasing revenue [3] Warrant Details - The milestone warrants have an exercise price of $1.751 per share, representing a 100% premium to the common stock offering price, and are exercisable immediately [5] - The warrants will expire either 30 days after the company announces achieving $1.5 million in gross product revenue or on March 30, 2029 [5] Company Overview - RenovoRx is focused on developing targeted oncology therapies and commercializing RenovoCath, a patented FDA-cleared drug-delivery device designed for localized treatment [11][12] - The company has generated approximately $900,000 in revenue from RenovoCath sales in the first nine months of 2025, with repeat orders from several customers [12]