RenovoRx, which is developing a drug device for the treatment of solid tumors, filed on Thursday with the SEC to raise up to $37 million. The company plans to offer units containing shares and warrants; because it is offering warrants, RenovoRx will be excluded from Renaissance Capital's stats.
RenovoRx's first candidate, RenovoGem, is a drug and device combination consisting of intra-arterial gemcitabine and RenovoCath, its patented, FDA-cleared delivery system. The company is currently conducting a Phase 3 registrational trial of RenovoGem, with interim data expected in the 2H22. RenovoRx has secured FDA Orphan Drug Designation for RenovoGem in its first two indications, pancreatic cancer and cholangiocarcinoma (CCA), and intends to evaluate RenovoGem in hilar CCA in a Phase 2/3 trial potentially in the 1H22.
The Los Altos, CA-based company was founded in 2009 and plans to list on the Nasdaq under the symbol RNXT. RenovoRx filed confidentially on April 2, 2021. Roth Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
