RenovoRx Receives Financing to Advance Clinical Development of Oncology Therapies

April 8, 2024—RenovoRx, Inc. announced the execution of definitive subscription agreements with accredited investors for a private placement that is expected to result in gross proceeds of approximately $11.1 million to the company. RenovoRx is a clinical-stage biopharmaceutical company developing precision oncology therapies based on a local drug-delivery platform.

The financing allows RenovoRx to advance its lead program, the pivotal phase III TIGeR-PaC clinical trial in locally advanced pancreatic cancer (LAPC), through the second interim readout and toward completion of the trial.

The TIGeR-PaC study is an ongoing randomized multicenter study in LAPC using RenovoRx’s transarterial microperfusion (TAMP) therapy platform, which is designed to ensure precise therapeutic delivery to directly target the tumor while potentially minimizing a therapy’s toxicities versus systemic intravenous therapy.

The TIGeR-PaC study will evaluate the company’s first product candidate, RenovoGem, an oncology drug-device combination product. The study is comparing treatment with TAMP to systemic intravenous chemotherapy, which is the current standard of care.

RenovoRx expects that the second interim analysis for this study will be triggered by the 52nd event in the trial, which is estimated to occur in late 2024.

The company advised that RenovoGem is currently under investigation for TAMP therapeutic delivery of gemcitabine and has not been approved for commercial sale. It is being investigated under a United States investigational new drug application that is regulated by the FDA’s 21 CFR 312 pathway. RenovoGem is currently being evaluated for the treatment of LAPC by FDA’s Center for Drug Evaluation and Research.

Proceeds from the financing are also expected to enable the expansion of the TAMP clinical development pipeline into additional cancer indications.

According to the company, the proceeds from this financing, in addition to a previously announced private placement on January 29, 2024, for gross proceeds of approximately $6.1 million, extend the company’s cash runway into 2026. The definite subscription agreements were executed based on the closing price of RenovoRx’s common stock on April 4, 2024, and the private placement is expected to close on April 11, 2024, subject to customary closing conditions.