Genprex Inc (NASDAQ:GNPX) said it has received $2.5 million in cash after warrants were exercised at $0.46 per share to purchase approximately 5.4 million shares issued in connection with capital raises in May 2018 and November 2019 by two institutional investors.
The company said the warrants exercised accounted for around 70% of its overall outstanding warrants and the exercise of such a large amount was a “significant milestone” in that it provided a “dramatically simplified capital structure”.
The additional funds bring the equity capital raised by the group during 2020 to roughly $28 million, with Genprex saying it is in a “strong position” to pursue a planned clinical trial of its lead gene therapy drug candidate, Oncoprex immunogene therapy in combination with AstraZeneca PLC's targeted therapy Tagrisso in non-small cell lung cancer (NSCLC) patients, for which the company was granted United States FDA Fast Track Designation in January.
The firm is also planning a clinical trial of Oncoprex combined with Keytruda - marketed by Merck - for late-stage NSCLC.
Genprex is focused on developing potentially life-changing technologies for patients with cancer and diabetes.
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