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Genelux Corporation Announces $18 Million Private Placement
WESTLAKE VILLAGE, Calif., June 12, 2023 (GLOBE NEWSWIRE) -- Genelux Corporation (NASDAQ: GNLX), a late clinical-stage immuno-oncology company, today announced
About this update from Genelux Corporation
[{"type":"text","content":"WESTLAKE VILLAGE, Calif., June 12, 2023 (GLOBE NEWSWIRE) -- Genelux Corporation (NASDAQ: GNLX), a late clinical-stage immuno-oncology company, today announced a private placement for 900,000 shares of the Company's common stock at a purchase price of $20.00 per share, for gross proceeds of approximately $18 million, before deducting offering expenses payable by Genelux. The financing was led by existing investors and no placement agent was involved. Genelux previously announced a private placement of $33 million, before deducting offering expenses on May 15, 2023. Genelux will have raised over $65 million this year between its IPO and following the final closing of both private placements. Proceeds from this private placement, combined with the initial private placement and Genelux’ current cash and cash equivalents, are expected following final closing of the private placements to extend Genelux’ cash runway into the first quarter of 2026. The Benchmark Company, LLC and Brookline Capital Markets, a division of Arcadia Securities, LLC acted as financial advisors for the private placement. \"We are incredibly fortunate to have an investor base that continues to support the Company’s vision and mission,\" said Thomas Zindrick, President, CEO and Chairman of Genelux. “The demand from our previous closing was greater than we could hope for and this latest closing positions us for a strong next phase of growth.” Genelux intends to use the net proceeds from the private placements for expansion of manufacturing capabilities, advancement of clinical programs, including the Phase 3 registrational trial of Olvi-Vec in patients with platinum-resistant/refractory ovarian cancer, and working capital and general corporate purposes. The initial closing of this private placement, in the amount of approximately $5.5 million in the aggregate, is expected to occur on or before June 20, 2023. Additional committed funds in the amount of approximately $12.5 million in the aggregate will be invested on or before November 15, 2023, at the same price as the initial closing investments. The securities to be sold in this private financing have not been registered under the Securities Act of 1933, as amended (the \"Securities Act\"), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an e...