RenovoRx Inc. (RNXT) has announced the pricing of a firmly committed, underwritten public offering, involving approximately 11.52 million shares of its common stock, priced at $1.05 per share for the public. The company anticipates gross proceeds of approximately $12.1 million from this offering, prior to accounting for underwriting discounts, commissions, and other offering costs. This transaction is scheduled to close on February 10, 2025.
The net proceeds from this offering will be allocated by RenovoRx for various purposes including bolstering working capital and general corporate needs. Specifically, funds will support the ongoing Phase III TIGeR-PaC study, as well as the continued development and execution of commercial sales and marketing strategies for RenovoCath as a standalone medical device.
