RenovoRx Secures $10M for Cancer Trial and Commercial Push

On March 18, 2026, RenovoRx (Nasdaq: RNXT) executed definitive agreements for an oversubscribed private placement expected to yield approximately $10 million in gross proceeds. The financing was led by several life science institutional investors, with members of the company's executive team and board of directors also participating. The deal is expected to close on March 20, 2026.

The placement involves issuing approximately 10,638,869 shares of common stock at a purchase price of $0.938 per share. Participating executives and board members will pay a higher price of $1.029 per share. Investors also received milestone-based warrants to purchase an additional 5,319,434 shares, representing 50% warrant coverage on the investment.

Funds Target 2027 Trial Data and Breakeven Operations

The capital injection provides a critical runway for two key strategic objectives. First, it will accelerate the commercialization of RenovoCath®, the company's FDA-cleared drug-delivery device, which generated approximately $900,000 in revenue in the first nine months of 2025. The company aims to increase revenue, reduce cash burn, and move towards cash-flow breakeven operations in 2026.

Second, the proceeds will fund the pivotal Phase III TIGeR-PaC clinical trial in locally advanced pancreatic cancer. RenovoRx plans to complete full enrollment by mid-2026 and announce results in 2027. The warrants' structure, which features a $1.751 exercise price (a 100% premium to the offering price) and an expiration tied to achieving $1.5 million in quarterly gross product revenue, aligns investor returns directly with the company's commercial execution before a final expiration date of March 30, 2029.

Placement Secures $10M at $0.938 Per Share

Funds Target 2027 Trial Data and Breakeven Operations