Genprex Secures $8.1 Million Through Strategic Offering
Genprex Announces Strategic Offering
Genprex, Inc. (NASDAQ: GNPX), a clinical-stage gene therapy company, proudly announces its entry into definitive agreements for a registered direct offering. This offering could yield up to $8.1 million, structured as $2.7 million upfront, with an additional potential of $5.4 million should short-term warrants be exercised in full.
Details of the Offering
In this strategic move, Genprex plans to sell 243,622 shares of common stock at a price of $11.21 per share, compliant with Nasdaq rules. Additionally, as part of a concurrent private placement, the company will offer unregistered short-term warrants allowing for the purchase of an aggregate of 487,244 shares of common stock. These warrants, priced at $11.00 per share, are immediately exercisable and expire in two years from the date of the effective registration statement.
Financial Projections and Use of Proceeds
The gross proceeds from this offering are anticipated to reach approximately $2.7 million before considering any fees for the placement agent and other associated costs. If the short-term warrants are fully exercised, the total gross proceeds could increase by an additional $5.4 million. The company plans to utilize the net proceeds to support general corporate purposes and working capital efforts.
Agent for the Offering
H.C. Wainwright & Co. has been designated as the exclusive placement agent for this offering, ensuring that Genprex has competent support in this financial maneuver.
Registration Information
The common stock issued in this offering will be carried under a "shelf" registration statement that has previously been cleared by the Securities and Exchange Commission (the SEC). The underwriting prospectus, including the relevant supplements, will be filed with the SEC, ensuring transparency and compliance with regulatory standards.
About Genprex, Inc.
Genprex is innovating within the gene therapy sphere, focusing on developing transformative treatments for patients facing cancer and diabetes. Its cutting-edge technologies strive to deliver disease-fighting genes effectively, offering promising new therapeutic options to large patient demographics who currently lack viable treatments. The company collaborates with leading global institutions to accelerate the development of its gene therapy pipeline, reinforcing its commitment to groundbreaking healthcare solutions.
Innovative Therapeutic Approaches
Genprex's leading product, Reqorsa® Gene Therapy, is under clinical evaluation for treating non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC). This innovative gene therapy utilizes a non-viral delivery system and has garnered Fast Track Designation from the FDA due to its potential to provide significant clinical benefits.
Advancements in Diabetes Treatment
In addition to its oncology initiatives, Genprex is pursuing novel solutions for diabetes through gene therapy approaches that target the pancreas, transforming how Type 1 and Type 2 diabetes are treated. Its methods aim to rejuvenate and replenish insulin-producing cells, thus representing a significant step forward in achieving better clinical outcomes for diabetes patients.
Frequently Asked Questions
What is the purpose of Genprex's recent offering?
The offering is aimed at generating funds to support general corporate purposes and increase working capital.
How much capital is Genprex hoping to raise?
Genprex aims to raise up to $8.1 million through this direct offering.
Who is the placement agent for this offering?
H.C. Wainwright & Co. is the exclusive placement agent for this financial offering.
What are the expected proceeds from the offering?
The gross proceeds are anticipated to be approximately $2.7 million, which could increase to $8.1 million if the short-term warrants are exercised.
What is Genprex’s focus area in biotechnology?
Genprex concentrates on developing gene therapies for cancer and diabetes, creating innovative solutions for patients with limited treatment options.
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