Genprex, Inc. Announces Closing of $8 Million At-The-Market Common Stock Offering
January 28 2020 - 8:00AM
Business Wire
Capital raise follows recent Fast Track
Designation by the FDA for Company’s Oncoprex™ imunogene therapy
for NSCLC in combination therapy with AstraZeneca’s Tagrisso®
Genprex, Inc. (“Genprex” or the “Company”) (NASDAQ: GNPX), a
clinical-stage gene therapy company utilizing a unique, non-viral
proprietary platform designed to deliver tumor suppressor genes to
cancer cells, announced today that it closed its previously
announced common stock offering priced at-the-market under Nasdaq
rules. The Company sold an aggregate of 7,620,000 shares of its
common stock at a price of $1.05 per share for gross proceeds to
the Company of $8 million, before deducting commissions and
estimated offering expenses. There were no warrants issued in the
offering.
A.G.P./Alliance Global Partners acted as the lead placement
agent for the offering, and Joseph Gunnar & Co., LLC acted as
co-placement agent for the offering.
The Company intends to use the net proceeds from the offering to
advance its lead clinical programs in non-small cell lung cancer
(NSCLC) and for working capital and general corporate purposes.
“The successful closing of this transaction is further evidence
that our corporate vision and proprietary technology in the gene
therapy cancer treatment market are gaining traction with
institutional investors,” commented Rodney Varner, Chief Executive
Officer at Genprex. “This offering significantly improves our
balance sheet and allows us the financial flexibility to further
develop our pipeline and advance our clinical trials in NSCLC for
our lead drug candidate, Oncoprex, in combination with already
approved lung cancer therapies. We are excited to generate
additional clinical data in NSCLC from Oncoprex’s novel mechanisms
of action.”
The securities were offered pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-233774) previously
filed and declared effective by the U.S. Securities and Exchange
Commission (the “SEC”) on October 28, 2019.
A prospectus supplement and accompanying prospectus relating to
the offering have been filed with the SEC and are available for
free on the SEC's website at www.sec.gov. Electronic copies of the
final prospectus supplement and the accompanying prospectus
relating to the offering may be obtained from either
A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor,
New York, New York 10022 or by email at prospectus@allianceg.com or
Joseph Gunnar & Co. LLC, 30 Broad Street, 11th Floor, New York,
New York 10004 or by email at investmentbanking@jgunnar.com.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities described herein,
nor will there be any sale of these securities in any state or
other 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 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. Oncoprex has
also been shown to block mechanisms that create drug resistance. In
January 2020, the FDA granted Fast Track Designation for Oncoprex™
imunogene therapy for NSCLC in combination therapy with
AstraZeneca’s Tagrisso®. 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
SEC. 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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