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RenovoRx Reports First Quarter 2022 Financial Results
LOS ALTOS, Calif.--(BUSINESS WIRE)-- RenovoRx, Inc. (“RenovoRx” or the “Company”) (Nasdaq: RNXT), a biopharmaceutical company and innovator in targeted
About this update from Renovorx, Inc.
[{"type":"text","content":" LOS ALTOS, Calif.--(BUSINESS WIRE)--\nRenovoRx, Inc. (“RenovoRx” or the “Company”) (Nasdaq: RNXT), a biopharmaceutical company and innovator in targeted cancer therapy, today is reporting its financial results for the quarter ended March 31, 2022.\n\n“As we report our Q1 2022 results, we acknowledge that May is Cancer Research Month. RenovoRx is fighting cancer through our innovative localized treatment of difficult-to-treat tumors via our proprietary RenovoTAMP™ (RenovoRx Trans-Arterial Micro-Perfusion) therapy platform,” said Shaun Bagai, CEO of RenovoRx. “Today, we are midway through a Phase 3 pancreatic cancer clinical trial, designed to provide an improved treatment option to the generally ineffective standard of care, systemic (intravenous) chemotherapy for patients. The study’s goal is to improve survival and quality of life for patients with a cancer that currently has a five-year survival rate of 11%.”\n\nBagai added, “RenovoRx is at the frontline of cancer research with our late-stage product candidate, RenovoGem™. Later this year, we plan on extending its utility to extrahepatic cholangiocarcinoma (eCCA), a rare and aggressive cancer that forms in bile ducts that lead out of the liver and join with the gallbladder. The FDA granted RenovoRx Orphan Drug Designation for this indication in April 2021, and for pancreatic cancer in 2018.”\n\nFinancial Highlights for the Quarter Ended March 31, 2022\n\n\nCash and cash equivalents as of March 31, 2022, were $13.1 million.\n\n\nResearch and development expenses were $1.3 million for the quarter ended March 31, 2022, compared to $0.6 million for the quarter ended March 31, 2021. The increase was due to higher costs incurred on our Phase 3 trial, including consulting, employee and related benefit costs, and an increase in costs for a secondary manufacturer of our RenovoCath® delivery systems.\n\n\nGeneral and administrative expenses were $1.7 million for the quarter ended March 31, 2022, compared to $0.4 million for the quarter ended March 31, 2021. This increase was due to higher employee and related benefits costs, an increase in legal fees reflecting the costs of public company compliance requirements, an increase in professional and consulting services relating to post-IPO support, and Directors and Officers Liability Insurance.\n\n\nNet loss was $3.0 million for the quarte...