RenovoRx, which is developing a drug-device for the treatment of solid tumors, raised $17 million by offering 1.85 million units at $9, the low end of the revised range of $9 to $11. Units consist of one share of common stock and one warrant exercisable at $10.80.
The company originally filed to offer shares at a range of $12 to $14, before lowering its range.
Because it is offering units with warrants attached, RenovoRx will be excluded from Renaissance Capital's 2021 IPO stats.
RenovoRx plans to list its common stock on the Nasdaq under the symbol RNXT. Roth Capital acted as sole bookrunner on the deal.
