Genprex Inc (NASDAQ:GNPX) announced Tuesday that it has closed on an at-the-market stock offering that raised $8 million.
The gene therapy company sold 7.6 million shares at a price of $1.05 per share, in accordance with Nasdaq rules governing registered direct offerings. No warrants were issued in the offering.
Genprex, based in Austin, Texas and Cambridge, Massachusetts, intends to use the net proceeds to advance its lead clinical programs in non-small cell lung cancer (NSCLC) and for working capital and general corporate purposes.
READ: Genprex wins FDA Fast Track status for its Oncoprex therapy in combination with AstraZeneca's Tagrisso
“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,” said CEO Rodney Varner in a statement.
“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.”
Genprex’s stock recently rose 13% to $1.38 a share in pre-market trading.
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