RenovoRx Regains Compliance with Nasdaq Stockholders’ Equity Requirement
18 April 2024 - 10:30PM
Business Wire
RenovoRx, Inc. (“RenovoRx” or the “Company”) (Nasdaq:
RNXT), a clinical-stage biopharmaceutical company developing
novel precision oncology therapies based on a local drug-delivery
platform, today announced that, in light of its recent successful
fundraising activity, it has received written confirmation from The
Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained
compliance with the $2.5 million minimum stockholders’ equity
requirement in Nasdaq Listing Rule 5550(b)(1). As a result, the
Company’s previously announced hearing before a Nasdaq Hearings
Panel on this matter is no longer required and has been cancelled.
Further, the Company will not require any ongoing Nasdaq Hearings
Panel monitor.
Shaun Bagai, Chief Executive Officer of RenovoRx, stated,
“Regaining compliance with Nasdaq’s listing requirements represents
another critical achievement for RenovoRx. This win for our company
is the natural outgrowth of our successful 2024 capital raising
efforts, which in addition to keeping us listed on Nasdaq, has
provided $17.2 million in gross proceeds and a cash runway into
2026. We can now focus our efforts on value creation events over
the next two years. These events include the continuation of our
pivotal Phase III TIGeR-PaC clinical trial in locally advanced
pancreatic cancer as we move towards a second interim readout and
ultimate completion, expansion of our TAMP™ (Trans-Arterial
Micro-Perfusion) clinical development pipeline into additional
cancer indications, and our ongoing exploration of new commercial
business development opportunities with our therapeutic
technologies.”
About RenovoRx, Inc.
RenovoRx is a clinical-stage biopharmaceutical company
developing novel precision oncology therapies based on a
proprietary local drug-delivery platform for high unmet medical
need with a goal to improve therapeutic outcomes for cancer
patients undergoing treatment. RenovoRx’s patented
Trans-Arterial Micro-Perfusion (TAMP™) therapy platform is
designed to ensure precise therapeutic delivery to directly target
the tumor while potentially minimizing a therapy’s toxicities
versus systemic intravenous therapy. RenovoRx’s novel and patented
approach to targeted treatment offers the potential for increased
safety, tolerance, and improved efficacy. Our Phase III lead
product candidate, RenovoGem™, a novel oncology drug-device
combination product, is being investigated under a U.S.
investigational new drug application that is regulated by the FDA’s
21 CFR 312 pathway. RenovoGem is currently being evaluated for the
treatment of locally advanced pancreatic cancer by the Center for
Drug Evaluation and Research (the drug division of FDA.)
RenovoRx is committed to transforming the lives of patients by
delivering innovative solutions to change the current paradigm of
cancer care. RenovoGem is currently under investigation for TAMP
therapeutic delivery of gemcitabine and has not been approved for
commercial sale.
For more information, visit www.renovorx.com. Follow RenovoRx on
Facebook, LinkedIn, and Twitter.
Cautionary Note Regarding Forward-Looking Statements
This press release contains 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, including but
not limited to statements regarding (i) the Company’s cash runway
and ability to maintain its listing on Nasdaq, (ii) our clinical
trials and studies, including anticipated timing, statements
regarding the potential of RenovoCath®, RenovoGem™ or TAMP™ or
regarding our ongoing TIGeR-PaC Phase III clinical trial study in
LAPC, (iii) the potential for our product candidates to treat or
provide clinically meaningful outcomes for certain medical
conditions or diseases and (iv) the Company’s exploration of new
commercial business development opportunities. Statements that are
not purely historical are forward-looking statements. The
forward-looking statements contained herein are based upon our
current expectations and beliefs regarding future events, many of
which, by their nature, are inherently uncertain, outside of our
control and involve assumptions that may never materialize or may
prove to be incorrect. These may include estimates, projections and
statements relating to our research and development plans, clinical
trials, therapy platform, business plans, financing plans,
objectives and expected operating results, which are based on
current expectations and assumptions that are subject to known and
unknown risks and uncertainties that may cause actual results to
differ materially and adversely from those expressed or implied by
these forward-looking statements. These statements may be
identified using words such as “will,” “may,” “expects,” “plans,”
“aims,” “anticipates,” “believes,” “forecasts,” “estimates,”
“intends,” and “potential,” or the negative of these terms or other
comparable terminology regarding RenovoRx’s expectations strategy,
plans or intentions, although not all forward-looking statements
contain these words. These forward-looking statements are subject
to a number of risks, uncertainties and assumptions, that could
cause actual events to differ materially from those projected or
indicated by such statements, including, among other things: (i)
circumstances which would adversely impact our ability to maintain
our listing on Nasdaq, (ii) the timing of the initiation, progress
and potential results (including the results of interim analyses)
of our preclinical studies, clinical trials and our research
programs; (iii) the possibility that interim results may not be
predictive of the outcome of our clinical trials, which may not
demonstrate sufficient safety and efficacy to support regulatory
approval of our product candidate, (iv) that the applicable
regulatory authorities may disagree with our interpretation of the
data; research and clinical development plans and timelines, and
the regulatory process for our product candidates; (v) future
potential regulatory milestones for our product candidates,
including those related to current and planned clinical studies;
(vi) our ability to use and expand our therapy platform to build a
pipeline of product candidates; (vii) our ability to advance
product candidates into, and successfully complete, clinical
trials; (viii) the timing or likelihood of regulatory filings and
approvals; (ix) our estimates of the number of patients who suffer
from the diseases we are targeting and the number of patients that
may enroll in our clinical trials; (x) the commercialization
potential of our product candidates, if approved; (xi) our ability
and the potential to successfully manufacture and supply our
product candidates for clinical trials and for commercial use, if
approved; (xii) future strategic arrangements and/or collaborations
and the potential benefits of such arrangements; (xiii) our
estimates regarding expenses, future revenue, capital requirements
and needs for additional financing and our ability to obtain
additional capital; (xiv) the sufficiency of our existing cash and
cash equivalents to fund our future operating expenses and capital
expenditure requirements; (xv) our ability to retain the continued
service of our key personnel and to identify, and hire and retain
additional qualified personnel; (xvi) the implementation of our
strategic plans for our business and product candidates; (xvii) the
scope of protection we are able to establish and maintain for
intellectual property rights, including our therapy platform,
product candidates and research programs; (xviii) our ability to
contract with third-party suppliers and manufacturers and their
ability to perform adequately; (xix) the pricing, coverage and
reimbursement of our product candidates, if approved; and (xx)
developments relating to our competitors and our industry,
including competing product candidates and therapies. Information
regarding the foregoing and additional risks may be found in the
section entitled “Risk Factors” in documents that we file from time
to time with the Securities and Exchange Commission.
Forward-looking statements included herein are made as of the
date hereof, and RenovoRx does not undertake any obligation to
update publicly such forward-looking statements to reflect
subsequent events or circumstances, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240418738786/en/
KCSA Strategic Communications Valter Pinto, Managing Director
T:212-896-1254 renovorx@kcsa.com
RenovoRx (NASDAQ:RNXT)
Historical Stock Chart
From Apr 2024 to May 2024
RenovoRx (NASDAQ:RNXT)
Historical Stock Chart
From May 2023 to May 2024