RenovoRx Completes $10M Private Placement Financing

RenovoRx announced the execution of definitive securities purchase agreements with institutional investors for an oversubscribed common stock and milestone warrant private placement which is expected to result in gross proceeds of approximately $10M to RenovoRx, before deducting offering expenses. The financing is being anchored by several leading, fundamentals-driven, life-science institutional investors. In addition, members of RenovoRx's executive management team and Board of Directors are investing in the private placement. Konik Capital Partners, a division of T.R. Winston & Company, is acting as the sole placement agent for the private placement. In connection with the private placement, RenovoRx will issue an aggregate of approximately 10,638,869 shares of common stock. Investors will pay a purchase price of $0.938 per share, and for that price will also receive milestone-based warrants to purchase an aggregate of approximately 5,319,434 shares of common stock, representing 50% warrant coverage. To comply with Nasdaq rules, RenovoRx executives and board members participating in the private placement will pay a higher purchase price of $1.029 per share and associated milestone warrant. The exercise price per share of the milestone warrants is $1.751, a 100% premium to the base per common share offering price. The warrants are exercisable immediately and will expire on the earlier to occur of 30 days following the Company's public announcement of the first fiscal quarter in which it achieves $1.5M in gross product revenue and March 30, 2029. The private placement was priced "at market" for purposes of Nasdaq Stock Exchange rules and is expected to close on March 20, 2026, subject to customary closing conditions.