AUSTIN,
Texas, March 22, 2024 /PRNewswire/ -- Genprex,
Inc. ("Genprex" or the "Company") (NASDAQ: GNPX), a
clinical-stage gene therapy company focused on developing
life-changing therapies for patients with cancer and diabetes,
today announced the closing on March 21,
2024 of its previously announced registered direct offering
priced at-the-market under the Nasdaq rules for the sale and
issuance of 1,542,112 shares of common stock (or prefunded warrants
in lieu thereof) of the Company and warrants to purchase up to
1,542,112 shares of common stock at a combined offering price of
$4.215 per share of common stock (or
per prefunded warrant in lieu thereof) and accompanying warrant.
The warrants have an exercise price of $4.09 per share, are exercisable on the date of
issuance, and will expire five years following the date of
issuance.
H.C. Wainwright & Co. acted as the exclusive placement
agent for the offering.
The gross proceeds to Genprex from this offering were
approximately $6.5 million,
before deducting the placement agent's fees and other offering
expenses. Genprex intends to use the net proceeds from this
offering for working capital and general corporate purposes.
A "shelf" registration statement (File
Number 333-271386) relating to the offered securities was
filed with the Securities and Exchange Commission ("SEC") on
April 21, 2023 and was declared
effective on June 9, 2023. The
offering of the securities was made only by means of a prospectus,
including a prospectus supplement, forming a part of an effective
registration statement. A prospectus supplement and accompanying
prospectus relating to the offering were filed with the SEC.
Electronic copies of the prospectus supplement and accompanying
prospectus may be obtained on the SEC's website at www.sec.gov or
by contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New York, NY
10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
The Company also amended certain existing warrants to purchase
up to an aggregate of 194,248 shares of the Company's common stock
that were previously issued to investors in March 2023 and July
2023, with exercise prices of $44.00 and $35.40
per share and expiration dates of March 1,
2028 and July 21, 2028 for
$0.125 per amended warrant, such that
the amended warrants have a reduced exercise price of $4.09 per share and an expiration date of five
years from the closing of the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Genprex, Inc.
Genprex, Inc. is a clinical-stage gene therapy company focused
on developing life-changing therapies for patients with cancer and
diabetes. Genprex's technologies are designed to administer
disease-fighting genes to provide new therapies for large patient
populations with cancer and diabetes who currently have limited
treatment options. Genprex works with world-class institutions and
collaborators to develop drug candidates to further its pipeline of
gene therapies in order to provide novel treatment approaches.
Genprex's oncology program utilizes its systemic, non-viral
Oncoprex® Delivery System which encapsulates the gene-expressing
plasmids using lipid nanoparticles. The resultant product is
administered intravenously, where it is taken up by tumor cells
that then express tumor suppressor proteins that were deficient in
the tumor. The Company's lead product candidate, Reqorsa®
Immunogene Therapy (quaratusugene ozeplasmid), is being evaluated
in three clinical trials as a treatment for NSCLC and SCLC. Each of
Genprex's three lung cancer clinical programs has received a Fast
Track Designation from the FDA for the treatment of that patient
population, and Genprex's SCLC program has received an FDA Orphan
Drug Designation. Genprex's diabetes gene therapy approach is
comprised of a novel infusion process that uses an AAV vector to
deliver Pdx1 and MafA genes directly to the pancreas. In models of
Type 1 diabetes, GPX-002 transforms alpha cells in the pancreas
into functional beta-like cells, which can produce insulin but may
be distinct enough from beta cells to evade the body's immune
system. In a similar approach, GPX-003 for Type 2 diabetes, where
autoimmunity is not at play, is believed to rejuvenate and
replenish exhausted beta cells.
For more information, please visit the Company's web site
at www.genprex.com or follow Genprex
on Twitter, Facebook and LinkedIn.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and Private
Securities Litigation Reform Act, as amended, including those
relating to the intended use of proceeds from the registered direct
offering and other statements that are predictive in nature. These
statements may be identified by the use of forward-looking
expressions, including, but not limited to, "expect," "anticipate,"
"intend," "plan," "believe," "estimate," "potential," "predict,"
"project," "should," "would" and similar expressions and the
negatives of those terms. These statements relate to future events
and involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements
to be materially different from any results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include the risk factors set forth in the
Company's filings with the SEC, including, without limitation, its
Annual Report on Form 10-K for the year ended December 31, 2022, its periodic reports on Form
10-Q, and its Current Reports on Form 8-K filed in 2023 and 2024,
as well as the risks identified in the shelf registration statement
and the prospectus supplement relating to the offering. Prospective
investors are cautioned not to place undue reliance on such
forward-looking statements, which speak only as of the date of this
press release. Genprex undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events or otherwise.
Genprex, Inc.
(877) 774-GNPX (4679)
GNPX Investor
Relations
investors@genprex.com
GNPX Media Contact
Kalyn
Dabbs
media@genprex.com
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SOURCE Genprex, Inc.