Genprex, Inc. (NASDAQ:GNPX) said it has entered into securities purchase agreements with two healthcare-dedicated institutional investors for the purchase and sale of 4,000,000 shares of its common stock at a purchase price of $6.25 per share in a registered direct offering priced at-the-market under Nasdaq rules to raise $25 million.
The clinical-stage gene therapy company focused on developing life-changing therapies for patients with cancer and diabetes said no warrants will be issued in connection with the transaction.
The closing of the offering is expected to occur on or about February 11, 2021, subject to the satisfaction of customary conditions.
READ: Genprex forms Clinical Advisory Board to support its oncology and diabetes development programs
AGP/Alliance Global Partners is acting as sole placement agent for the offering, which is being made under an effective shelf registration statement previously filed with the US Securities and Exchange Commission.
Genprex, is a clinical-stage gene therapy company focused on developing life-changing therapies for patients with cancer and diabetes. The group's technologies are designed to administer disease-fighting genes to provide new therapies for large patient populations with cancer and diabetes who currently have limited treatment options. It works with world-class institutions and collaborators to develop drug candidates to further its pipeline of gene therapies in order to provide novel treatment approaches.
The company’s lead product candidate, REQORSA (quaratusugene ozeplasmid), is being evaluated as a treatment for non-small cell lung cancer (NSCLC). REQORSA has a multimodal mechanism of action that has been shown to interrupt cell signaling pathways that cause replication and proliferation of cancer cells; re-establish pathways for apoptosis, or programmed cell death, in cancer cells; and modulate the immune response against cancer cells. REQORSA has also been shown to block mechanisms that create drug resistance.
In January 2020, the US Food and Drug Administration granted Fast Track Designation for REQORSA for NSCLC in combination therapy with osimertinib (AstraZeneca’s Tagrisso) for patients with EFGR mutations whose tumors progressed after treatment with osimertinib alone.
Contact the author at jon.hopkins@proactiveinvestors.com