AUSTIN, Texas - Genprex , Inc. (NASDAQ: NASDAQ:GNPX), a clinical-stage gene therapy company, has entered into agreements for a registered direct offering priced at the market under Nasdaq rules. The transaction involves the sale of 1,542,112 shares of common stock and warrants to purchase an equal number of shares at a combined price of $4.215 each, with an exercise price of $4.09 per share for the warrants. The offering is expected to close on March 21, 2024, subject to standard closing conditions.
The company anticipates gross proceeds of approximately $6.5 million before fees and expenses. The net proceeds are earmarked for working capital and general corporate purposes. H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering.
This offering follows a "shelf" registration statement filed with the SEC on April 21, 2023, which became effective on June 9, 2023. The offering is being made by prospectus, including a prospectus supplement. Additionally, Genprex has agreed to amend certain existing warrants, reducing the exercise price to $4.09 per share and setting the expiration date to five years from the offering's closing.
Genprex focuses on gene therapies for cancer and diabetes patients with limited treatment options. Its lead product candidate, Reqorsa® Immunogene Therapy, is undergoing clinical trials for lung cancer treatment and has received Fast Track Designation from the FDA.
The information in this article is based on a press release statement from Genprex, Inc.
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