The $11.1 million adds to a separate private placement that brought in proceeds of approximately $6.1 million in January.
RenovoRx plans to use the funds to strengthen its balance sheet and extend its cash runway into 2026. Funds can help as the company looks to progress its Phase III TIGeR-PaC clinical trial. TIGer-PaC uses RenovoRx’s proprietary TAMP therapy platform to evaluate its first product candidate, the RenovoGem.
The patented TAMP therapy is a method known as trans-arterial micro-perfusion. RenovoGem, a novel oncology drug-device combination, is designed to treat locally advanced pancreatic cancer (LAPC). The study compares TAMP treatment to the current standard of care, systemic intravenous chemotherapy.
“We believe our recent financing achievements mark a critical milestone for RenovoRx,” said Shaun Bagai, CEO of RenovoRx. “These investments in our Company validate our vision to build a better way to treat difficult-to-access cancers for not only oncology patients, but their clinicians and loved ones, all as we seek to drive value for our stockholders.”
“We are proud of our achievements to date and grateful for the support of our existing and new investors. With this support, our team will continue its commitment to improving patients’ lives and lifespans by delivering therapies that have the potential to revolutionize the current paradigm of cancer care.”
