Genprex Announces $1.26 Million Registered Direct Offering
November 20 2019 - 11:15AM
Business Wire
Genprex, Inc. (“Genprex” or the “Company”) (NASDAQ: GNPX), a
clinical stage gene therapy company developing a new approach to
treating cancer based upon a novel proprietary technology platform,
announced today a registered direct offering of 3,167,986 shares of
its common stock at a price to the public of $0.40 per share, for
gross proceeds of approximately $1.26 million prior to deduction of
commissions and offering expenses payable by Genprex. In a
concurrent private placement, the Company agreed to issue to the
investors in the registered direct offering unregistered warrants
to purchase up to 3,167,986 shares of the Company’s common
stock.
Joseph Gunnar & Co. is acting as the exclusive placement
agent.
The warrants will be exercisable 6 months from the issuance
date, have an exercise price of $0.46 per share, and will expire 5
years from such date. The warrants will be exercisable for 100% of
shares of common stock purchased by each investor in the registered
direct offering. In addition, the Company has agreed to reduce the
exercise price of an aggregate of 2,283,740 warrants held by the
purchasers in the registered direct offering to $0.46, which
warrants will not be exercisable for six months from the closing of
the registered directed offering and the expiration date of the
warrants will be extended by six months to January 27, 2024.
The Company intends to use the net proceeds of the offering for
working capital and general corporate purposes. The closing of the
offering is expected to take place on or about November 25, 2019,
subject to the satisfaction or waiver of customary closing
conditions.
The shares of common stock described above (but not the warrants
or the shares of common stock underlying the warrants) are being
offered pursuant to a "shelf" registration statement on Form S-3
(File No. 333-233774) that was filed by the Company with the
Securities and Exchange Commission (SEC) and was declared effective
on October 28, 2019. The Company will file a prospectus supplement
with the SEC relating to such shares of common stock. Copies of the
prospectus supplement and the accompanying prospectus relating to
and describing the terms of the offering may be obtained, when
available, from Joseph Gunnar & Co., 30 Broad Street, 11th
Floor, New York, NY 10004, or by email at
investmentbanking@jgunnar.com. In connection with the private
placement, the Company has agreed to a file a registration
statement registering for resale the shares of common stock
issuable upon exercise of the warrants issued in the private
placement within 45 days of the closing of the private
placement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Genprex, Inc.
Genprex, Inc. is a clinical stage gene therapy company
developing potentially life-changing technologies for cancer
patients based upon a unique proprietary technology platform.
Genprex’s platform technologies are designed to administer
cancer-fighting genes by encapsulating them into nanoscale hollow
spheres called nanovesicles, which are then administered
intravenously and taken up by tumor cells where they express
proteins that are missing or found in low quantities. The company’s
lead product candidate, Oncoprex™ immunogene therapy for non-small
cell lung cancer (NSCLC), has a multimodal mechanism of action
whereby it interrupts cell signaling pathways that cause
replication and proliferation of cancer cells, re-establishes
pathways for apoptosis, or programmed cell death, in cancer cells,
and modulates the immune response against cancer cells. Oncoprex
has also been shown to block mechanisms that create drug
resistance. For more information, please visit the company’s web
site at www.genprex.com or follow Genprex on Twitter, Facebook and
LinkedIn.
Forward-Looking Statements
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of words
such as "anticipate," "believe," "forecast," "estimated" and
"intend" or other similar terms or expressions that concern
Genprex’s expectations, strategy, plans or intentions. These
forward-looking statements are based on Genprex’s current
expectations and actual results could differ materially. There are
a number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, our need for
additional financing; our ability to continue as a going concern;
clinical trials involve a lengthy and expensive process with an
uncertain outcome, and results of earlier studies and trials may
not be predictive of future trial results; our clinical trials may
be suspended or discontinued due to unexpected side effects or
other safety risks that could preclude approval of our product
candidates; uncertainties of government or third party payer
reimbursement; competition; uncertainties of patent protection and
litigation; dependence upon third parties; regulatory, financial
and business risks related to our international expansion and risks
related to failure to obtain FDA clearances or approvals and
noncompliance with FDA regulations. There are no guarantees that
any of our products will be utilized or prove to be commercially
successful. Additionally, there are no guarantees that future
clinical trials will be completed or successful or that any of our
product candidates will receive regulatory approval for any
indication or prove to be commercially successful. Investors should
read the risk factors set forth in Genprex’s Form 10-K for the year
ended December 31, 2018, and other periodic reports filed with the
Securities and Exchange Commission. While the list of factors
presented here is considered representative, no such list should be
considered to be a complete statement of all potential risks and
uncertainties. Unlisted factors may present significant additional
obstacles to the realization of forward-looking statements.
Forward-looking statements included herein are made as of the date
hereof, and Genprex disclaims any obligation to publicly update or
release any revisions to these forward-looking statements, whether
as a result of new information, future events or otherwise, after
the date of this press release or to reflect the occurrence of
unanticipated events, except as required by law.
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Genprex, Inc. (877) 774-GNPX (4679) Investor
Relations GNPX Investor Relations (877) 774-GNPX (4679) ext. #2
investors@genprex.com Media Contact Genprex Media Relations
Kalyn Dabbs (877) 774-GNPX (4679) ext. #3 media@genprex.com
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