Business
RenovoRx Reports Third Quarter 2024 Financial Results and Operational Highlights
Near-Term Revenue Potential with Commercialization Plan for FDA-Cleared RenovoCath® Delivery System in Both Direct and Commercial Partner Channels Renowned
About this update from Renovorx, Inc.
[{"type":"text","content":"Near-Term Revenue Potential with Commercialization Plan for FDA-Cleared RenovoCath® Delivery System in Both Direct and Commercial Partner Channels Renowned Clinical Oncology Sites Participating in Ongoing Pivotal Phase III TIGeR-PaC Clinical Trial; Trial Moving Towards Next Interim Analysis and Full Enrollment As of September 30, 2024, the Company had $9.6 million in Cash, Sufficient to Fund Operations to Achieve Next Interim Read-Out and Fund Current RenovoCath Commercialization Efforts LOS ALTOS, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- RenovoRx, Inc. (“RenovoRx” or the “Company”) (Nasdaq: RNXT), a life sciences company developing novel targeted oncology therapies and offering RenovoCath, a novel, FDA-cleared local drug-delivery platform, today announced its financial results and operational highlights for the third quarter ended September 30, 2024. “We made significant progress in the third quarter of 2024 towards our goal of patient enrollment completion of our pivotal Phase III TIGeR-PaC clinical trial in locally advanced pancreatic cancer (LAPC), which is expected in the first half of 2025,” said Shaun Bagai, CEO of RenovoRx. “In parallel, we have made important headway on commercialization plans for our FDA-cleared RenovoCath delivery system, creating the potential for near-term revenue generation.” Mr. Bagai added, “As part of our evolving commercialization strategy plans, we have increased production of RenovoCath supplies, and if we hit our targets (including developing or partnering for sales and marketing capabilities), we see the potential for near-term revenue in 2025. Importantly, with $9.6 million in cash as of September 30, we have sufficient cash on hand to achieve our next interim TIGeR-PaC analysis, which will be triggered by the 52nd event, estimated to occur in late 2024 or early 2025, and fund our current RenovoCath commercialization efforts.” Key Business Third Quarter and Recent Highlights: Commercialization efforts for the RenovoCath delivery system progressed in response to increasing demand from oncology and interventional radiology physicians indicating a need for improved, targeted delivery of diagnostic and/or therapeutic agents.Notably, RenovoRx signed a new work order with its manufacturing partner Medical Murray to increase production of RenovoCath devices. With manufacturing arrangements in pl...