Business
RenovoRx Announces Closing of Oversubscribed $10 Million at Market Private Placement
Company has the funding, business plan, leadership and infrastructure to propel achievement of upcoming commercial and clinical milestones MOUNTAIN VIEW,
About this update from Renovorx, Inc.
[{"type":"text","content":"Company has the funding, business plan, leadership and infrastructure to propel achievement of upcoming commercial and clinical milestones\nMOUNTAIN VIEW, Calif., March 23, 2026 (GLOBE NEWSWIRE) -- RenovoRx, Inc. (“RenovoRx” or the “Company”) (Nasdaq: RNXT), a life sciences company developing innovative targeted oncology therapies and commercializing RenovoCath®, a patented, FDA-cleared drug-delivery device, today announced the closing of its previously announced, oversubscribed private placement of common stock and revenue milestone warrants. The private placement resulted in gross proceeds of approximately $10 million to RenovoRx, before deducting offering expenses. The financing was led by new and existing institutional investors, including Transcend Partners, LLC, AIGH Capital Management LLC, Bleichroeder, LP and Pathfinder Asset Management Ltd. Members of RenovoRx’s senior management and Board of Directors also invested in the financing. “This oversubscribed financing on company-friendly terms, driven by demand from leading life-science focused institutional investors and several insiders, evidences strong backing and confidence in RenovoRx’s business plan and growth strategy,” said Shaun Bagai, CEO of RenovoRx. “Importantly, the proceeds provide us with runway to achieve several significant milestones across 2026 and 2027, including accelerating RenovoCath market adoption and advancing our clinical development through disciplined execution. As we progress toward full enrollment in our pivotal Phase III trial by mid-2026, with final data readout expected in 2027, we anticipate continued growth in our commercial revenues which will help to reduce cash burn and support our goal of cash-flow breakeven operations.” Mr. Bagai continued, “We recently appointed Mark Voll as our Chief Financial Officer recognizing his strong track record of repeatedly scaling public companies through early commercial efforts, generating billions of dollars of accumulated value. Late last year, we established our core, nimble, and capital efficient RenovoCath commercial team. We have the funding, business plan, leadership and infrastructure to propel execution across all of our activities. With the support of new and repeat, long-term focused institutional shareholders, we are truly excited as we move towards several significant valuation inflection...