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RenovoRx Nears Significant Milestone…

renovo aug26 lt

Shares of RenovoRx Inc. (RNXT) are down more than 85% from their all-time high of $16.74, recorded last August, and trade around $2.

It was on this day last year, i.e., August 26, 2021, that this clinical-stage biopharmaceutical company made its debut on the Nasdaq Capital Market, pricing its IPO at $9 per unit.

RenovoRx is focused on developing localized treatments for difficult to treat tumors based on its proprietary RenovoRx Trans-Arterial Micro-Perfusion (RenovoTAMP) therapy platform. The lead product candidate is RenovoGem, a drug /device combination of chemotherapy drug Gemcitabine and patented delivery system, RenovoCath, regulated by the FDA as a novel oncology drug product to treat unresectable locally advanced pancreatic cancer (LAPC).

RenovoGem is under a multi-center phase III study in patients with locally advanced pancreatic cancer, dubbed TIGeR-PaC.

The first prospective interim analysis for this pivotal TIGeR-PaC study is expected to be conducted during the next quarter (4Q).

The company is also exploring RenovoGem in a second indication of extrahepatic (or outside the liver) cholangiocarcinoma (or eCCA), a cancer that occurs in the bile ducts that lead out of the liver and join with the gallbladder.

A protocol for a phase II/III clinical trial of RenovoGem in extrahepatic (or outside the liver) cholangiocarcinoma has been submitted to the FDA. If all goes well as planned, the company plans to commence the study and enroll the first patient during the next quarter (4Q).

Cash position:

As of June 30, 2022, the company had cash and cash equivalents and short-term marketable securities of $10.8 million.

RNXT has thus far hit a low of $1.50 and a high of $16.74. The stock closed Thursday's trading at $2.39, up 11.68%.

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