AUSTIN,
Texas, March 19, 2024 /PRNewswire/ -- Genprex,
Inc. ("Genprex" or the "Company") (NASDAQ: GNPX), a
clinical-stage gene therapy company focused on developing
life-changing therapies for patients with cancer and diabetes,
today announced that it has entered into definitive agreements for
the sale and issuance of 1,542,112 shares of common stock (or
prefunded warrants in lieu thereof) of the Company and warrants to
purchase up to 1,542,112 shares of common stock at a combined
offering price of $4.215 per share of
common stock (or per prefunded warrant in lieu thereof) and
accompanying warrant, in a registered direct offering
priced at-the-market under the Nasdaq rules. The warrants
have an exercise price of $4.09 per
share, will be exercisable on the date of issuance, and will expire
five years following the date of issuance. The closing of the
offering is expected to occur on or about March 21, 2024, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive
placement agent for the offering.
The gross proceeds to Genprex from this offering are expected to
be approximately $6.5 million,
before deducting the placement agent's fees and other offering
expenses. Genprex intends to use the net proceeds from this
offering for working capital and general corporate purposes.
A "shelf" registration statement (File
Number 333-271386) relating to the offered securities was
filed with the Securities and Exchange Commission ("SEC") on
April 21, 2023 and was declared
effective on June 9, 2023. The
offering of the securities is being made only by means of a
prospectus, including a prospectus supplement, forming a part of an
effective registration statement. A prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC. Electronic copies of the prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC's website at www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor,
New York, NY 10022, by phone at
(212) 856-5711 or e-mail at
placements@hcwco.com.
The Company also has agreed to amend certain existing warrants
to purchase up to an aggregate of 194,248 shares of the Company's
common stock that were previously issued to investors in
March 2023 and July 2023, with exercise prices of $44.00 and $35.40
per share and expiration dates of March 1,
2028 and July 21, 2028 for
$0.125 per amended warrant, effective
upon the closing of the offering, such that the amended warrants
will have a reduced exercise price of $4.09 per share and an expiration date of five
years from the closing of the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Genprex, Inc.
Genprex, Inc. is a clinical-stage gene therapy company focused
on developing life-changing therapies for patients with cancer and
diabetes. Genprex's technologies are designed to administer
disease-fighting genes to provide new therapies for large patient
populations with cancer and diabetes who currently have limited
treatment options. Genprex works with world-class institutions and
collaborators to develop drug candidates to further its pipeline of
gene therapies in order to provide novel treatment approaches.
Genprex's oncology program utilizes its systemic, non-viral
Oncoprex® Delivery System which encapsulates the gene-expressing
plasmids using lipid nanoparticles. The resultant product is
administered intravenously, where it is taken up by tumor cells
that then express tumor suppressor proteins that were deficient in
the tumor. The Company's lead product candidate, Reqorsa®
Immunogene Therapy (quaratusugene ozeplasmid), is being evaluated
in three clinical trials as a treatment for NSCLC and SCLC. Each of
Genprex's three lung cancer clinical programs has received a Fast
Track Designation from the FDA for the treatment of that patient
population, and Genprex's SCLC program has received an FDA Orphan
Drug Designation. Genprex's diabetes gene therapy approach is
comprised of a novel infusion process that uses an AAV vector to
deliver Pdx1 and MafA genes directly to the pancreas. In models of
Type 1 diabetes, GPX-002 transforms alpha cells in the pancreas
into functional beta-like cells, which can produce insulin but may
be distinct enough from beta cells to evade the body's immune
system. In a similar approach, GPX-003 for Type 2 diabetes, where
autoimmunity is not at play, is believed to rejuvenate and
replenish exhausted beta cells.
For more information, please visit the Company's web site
at www.genprex.com or follow Genprex
on Twitter, Facebook and LinkedIn.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and Private
Securities Litigation Reform Act, as amended, including those
relating to the completion of the registered direct offering,
the satisfaction of customary closing conditions related to the
registered direct offering, the intended use of proceeds from
the registered direct offering and other statement that are
predictive in nature. These statements may be identified by
the use of forward-looking expressions, including, but not limited
to, "expect," "anticipate," "intend," "plan," "believe,"
"estimate," "potential," "predict," "project," "should," "would"
and similar expressions and the negatives of those terms.
These statements relate to future events and involve known and
unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to be materially
different from any results, performance or achievements expressed
or implied by the forward-looking statements. Such factors
include the risk factors set forth in the Company's filings with
the SEC, including, without limitation, its Annual Report on Form
10-K for the year ended December 31,
2022, its periodic reports on Form 10-Q, and its Current
Reports on Form 8-K filed in 2023 and 2024, as well as the risks
identified in the shelf registration statement and the prospectus
supplement relating to the offering. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release.
Genprex undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Genprex, Inc.
(877) 774-GNPX (4679)
GNPX Investor Relations
investors@genprex.com
GNPX Media Contact
Kalyn
Dabbs
media@genprex.com
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SOURCE Genprex, Inc.