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RenovoRx Announces Closing of Oversubscribed $10 Million at Market Private Placement

RNXT
  • RenovoRx, Inc. (NASDAQ: RNXT) closed an oversubscribed private placement on March 20, 2026, raising approximately $10 million in gross proceeds before offering expenses.
  • The financing was led by institutional investors including Transcend Partners, LLC, AIGH Capital Management LLC, Bleichroeder, LP, & Pathfinder Asset Management Ltd, alongside senior management & board members.
  • RenovoRx issued 10,638,790 shares of common stock at $0.938 per share, with executives & directors paying a higher price of $1.0288 per share to comply with Nasdaq rules.
  • Investors received revenue milestone warrants to purchase 5,319,392 shares, representing 50% warrant coverage with an exercise price of $1.751 (or $1.933 for insiders).
  • The warrants are exercisable immediately & will expire on March 30, 2029, or 30 days after the company announces $1.5 million in gross product revenue, whichever occurs first.
  • Proceeds will fund working capital, accelerate RenovoCath commercialization in 2026, & support the completion of the pivotal Phase III TIGeR-PaC clinical trial in locally advanced pancreatic cancer.
  • CEO Shaun Bagai stated the company aims to achieve full enrollment in the Phase III trial by mid-2026, with final data readout expected in 2027.
  • RenovoRx plans to transition 16 additional trial sites into commercial use, leveraging their existing training & device purchases to drive recurring revenue.
  • Konik Capital Partners, LLC served as the sole placement agent, while Ellenoff Grossman & Schole LLP acted as legal counsel.
  • RenovoRx intends to file a registration statement with the SEC to cover the resale of shares issued in this private placement.