Business
RenovoRx Announces $10 Million at Market Private Placement
Bolstered Cash Position Expected to Capitalize the Company’s Momentum Towards Important Milestones, Including Breakeven Operations and Trial Data
About this update from Renovorx, Inc.
[{"type":"text","content":"Bolstered Cash Position Expected to Capitalize the Company’s Momentum Towards Important Milestones, Including Breakeven Operations and Trial Data Oversubscribed Financing Led by Leading Life Science Institutional Investors with Participation from Senior Management and Board Members MOUNTAIN VIEW, Calif., March 18, 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 execution of definitive securities purchase agreements with institutional investors for an oversubscribed common stock and milestone warrant private placement which is expected to result in gross proceeds of approximately $10 million to RenovoRx, before deducting offering expenses. The financing is being anchored by several leading, fundamentals-driven, life-science institutional investors. In addition, members of RenovoRx’s executive management team and Board of Directors are investing in the private placement. Konik Capital Partners, LLC, a division of T.R. Winston & Company, is acting as the sole placement agent for the private placement. The proceeds from this financing are expected to allow RenovoRx to capitalize on and accelerate its commercialization efforts for RenovoCath® in 2026 as the Company seeks to increase revenue, reduce cash burn, and advance toward the goal of achieving cash-flow breakeven operations. The proceeds are also expected to help advance RenovoRx’s lead clinical program, the pivotal Phase III TIGeR-PaC clinical trial in locally advanced pancreatic cancer, to full enrollment by mid-2026, with results in 2027. In connection with the private placement, RenovoRx will issue an aggregate of approximately 10,638,869 shares of common stock (including pre-funded warrants in lieu of common stock for larger investors). Investors will pay a purchase price of $0.938 per share, and for that price will also receive milestone-based warrants to purchase an aggregate of approximately 5,319,434 shares of common stock, representing 50% warrant coverage. To comply with Nasdaq rules, RenovoRx executives and board members participating in the private placement will pay a higher purchase price of $1.029 per share and associated milestone warrant. The exercise p...