Genprex Announces Receipt of $2.5 Million in Cash from Recent Warrant Exercises
May 28 2020 - 08:17AM
Business Wire
Genprex, Inc. (“Genprex” or the “Company”) (Nasdaq: GNPX), a
clinical-stage gene therapy company developing potentially
life-changing technologies for patients with cancer and diabetes,
announced today that warrants to purchase approximately 5.4 million
shares of common stock issued in connection with capital raises in
May 2018 and November 2019 with two institutional investors have
been exercised at a price of $0.46 per share, resulting in cash
proceeds of approximately $2.5 million to the Company. The warrants
were exercised on or about May 22, 2020, the first day they became
exercisable under the terms of their respective agreements.
The exercised warrants include all warrants that have been
issued to investors in the Company’s public financings to date and
represent approximately 70% of the Company’s overall outstanding
warrants. Warrants remaining after the exercise carry a weighted
average exercise price of approximately $3.93. Genprex believes
that the elimination of the majority of its outstanding warrants is
a significant milestone for the Company in that it provides a
dramatically simplified capital structure.
In 2020, Genprex has raised gross proceeds of $25.5 million in
two registered direct offerings, both priced at the market, with no
warrants issued. The additional capital from these recent warrant
excercises brings the equity capital raised during 2020 for
advancing the Company’s research and development programs and other
corporate initiatives, which could include strategic transactions,
to roughly $28 million.
With the Company’s significantly strengthened balance sheet (the
warrant exercise proceeds added to the more than $23 million in
cash on the Company’s balance sheet as of March 31, 2020), Genprex
believes it is in a strong position to pursue its planned clinical
trial of its lead gene therapy drug candidate, Oncoprex™ immunogene
therapy, combined with targeted therapy Tagrisso® (marketed by
AstraZeneca) in non-small cell lung cancer (NSCLC) patients whose
tumors progressed on Tagrisso, for which the Company was granted
United States FDA Fast Track Designation in January 2020; and a
planned clinical trial of Oncoprex combined with Keytruda®
(marketed by Merck) for late stage NSCLC.
About Genprex, Inc.
Genprex, Inc. is a clinical-stage gene therapy company
developing potentially life-changing technologies for patients with
cancer and diabetes. Genprex’s technologies are designed to
administer disease-fighting genes to provide new treatment options
for large patient populations with cancer and diabetes who
currently have limited treatment options. Genprex works with
world-class institutions and collaborators to in-license and
develop drug candidates to further its pipeline of gene therapies
in order to provide novel treatment approaches. The Company’s lead
product candidate, Oncoprex™, is being evaluated as a treatment for
non-small cell lung cancer (NSCLC). Oncoprex 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. Oncoprex has also been shown to block mechanisms that create
drug resistance. In January 2020, the U.S. Food and Drug
Administration granted Fast Track Designation for Oncoprex
immunogene therapy for NSCLC in combination therapy with
osimertinib (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
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such
statements include, but are not limited to, statements regarding
the effect of Genprex’s product candidates, alone and in
combination with other therapies, on cancer and diabetes, regarding
potential, current and planned clinical trials, regarding the
Company’s future growth and financial status and regarding our
commercial partnerships and intellectual property licenses. Risks
that contribute to the uncertain nature of the forward-looking
statements include the presence and level of the effect of our
product candidates, alone and in combination with other therapies,
on cancer; the timing and success of our clinical trials and
planned clinical trials of Oncoprex™, alone and in combination with
targeted therapies and/or immunotherapies, and whether our other
potential product candidates, including our gene therapy in
diabetes, advance into clinical trials; the success of our
strategic partnerships; the timing and success of obtaining FDA
approval of Oncoprex™ and our other potential product candidates
including whether we receive fast track or similar regulatory
designations; costs associated with developing our product
candidates and whether patents will ever be issued under patent
applications that are the subject of our license agreements. These
and other risks and uncertainties are described more fully under
the caption “Risk Factors” and elsewhere in our filings and reports
with the United States Securities and Exchange Commission. All
forward-looking statements contained in this press release speak
only as of the date on which they were made. We undertake no
obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they were
made.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200528005460/en/
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
Genprex (NASDAQ:GNPX)
Historical Stock Chart
From Feb 2024 to Mar 2024
Genprex (NASDAQ:GNPX)
Historical Stock Chart
From Mar 2023 to Mar 2024