Genprex Inc (NASDAQ:GNPX) said it has secured US$10mln in added capital which would be vital in bringing its lead lung cancer drug Oncoprex to market.
Genprex Chairman and CEO Rodney Varner said in a statement that the US$10mln raised in the second quarter "provides additional financial resources to position the company to achieve its critical milestones in its path toward developing and commercializing Oncoprex."
This would include "engaging collaborators with expertise and other resources necessary for important preclinical and clinical services," he added.
President and Chief Operating Officer Julien Pham said they are resuming enrollment in Phase 1 and 2 studies for Oncoprex. He added they will also add a preclinical trial "to study Oncoprex in combination with immunotherapies, and progressing with manufacturing scale-up.”
READ: Genprex to enroll patients in study to evaluate anti-cancer agent Oncoprex with FDA-approved Erlotinib
In its second-quarter report, the company said it posted a net loss per share of US$0.45, against a net loss in the same period a year ago of US$0.10. The quarterly net loss reached US$6.06mln, from a loss of US$1.18mln in the same period a year ago. First-half net loss per share reached US$0.53, compared with a loss of US$0.17 a year ago. The net loss for the first half hit US$6.75mln, against a net loss of US$1.93mln last year.
Genprex said the bulk of the expenses was because of research and development costs for its drugs, which is often the case with clinical development companies.
Shares of the company were trading on Wednesday at US$2.80, down 2.9% and having recovered from the session low of US$2.73.
Genprex is a clinical-stage gene therapy company developing a new approach to treating cancer. The company is based in Austin, Texas.
Contact Rene Pastor at [email protected]