AUSTIN, Texas - Genprex , Inc. (NASDAQ: NASDAQ:GNPX), a gene therapy company targeting cancer and diabetes treatments, has declared a registered direct offering to raise approximately $6.5 million.
The offering involves 1,542,112 shares of common stock or prefunded warrants, along with warrants to purchase up to the same number of shares. Each share or warrant is priced at $4.215, with the warrants exercisable immediately upon issuance at $4.09 per share and valid for five years from the date of issuance.
The transaction is expected to close on or about March 21, 2024, subject to standard closing conditions. H.C. Wainwright & Co. serves as the exclusive placement agent for the offering. The proceeds are slated for working capital and general corporate purposes.
Moreover, Genprex has agreed to modify certain existing warrants issued in March and July 2023. These amendments will reduce the exercise price to $4.09 per share and adjust the expiration to five years from the closing of this offering.
Genprex's operations focus on gene therapies for large patient populations with limited treatment options. Its Oncoprex® Delivery System is under evaluation in three clinical trials for non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC), with Fast Track Designation from the FDA for each lung cancer program and an Orphan Drug Designation for the SCLC program.
The company is also developing diabetes gene therapies, including GPX-002 for Type 1 diabetes and GPX-003 for Type 2 diabetes.
The securities are offered by means of a prospectus as part of an effective shelf registration statement filed with the SEC. Prospective investors are advised to obtain the prospectus supplement and accompanying prospectus from the SEC's website or directly from H.C. Wainwright & Co.
This offering announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy the securities in any state or jurisdiction where such offer, solicitation, or sale would be illegal prior to registration or qualification under the securities laws of any such state or jurisdiction.
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