Genprex Inc (NASDAQ:GNPX) has closed a 17.5 million offering priced at-the-market.
The clinical-stage gene therapy company sold 5 million shares at a price of $3.50 per share, and it plans to use the proceeds to advance its drug development programs, for working capital and for 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," CEO Rodney Varner said in a statement. "This offering will provide additional resources for further development of our technologies, including the planned clinical trial of our Oncoprex immunogene therapy in combination with osimertinib (marketed as Tagrisso by Astra Zeneca) for which we recently received a US Food and Drug Administration Fast Track Designation.”
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In addition, Varner said, the funds will help fund Genprex’s planned clinical trial of Oncoprex immunogene therapy combined with pemrolizumab (marketed as Keytruda by Merck & Co) in non-small cell lung cancer and in its pre-clinical gene therapy for Type 1 and Type 2 diabetes, which it recently in-licensed from the University of Pittsburgh.
“We are excited to advance these new drug candidates toward potential availability for treatment of these serious diseases in large patient populations with unmet medical needs," Varner said.
Austin, Texas-based 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.
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