Genelux Corporation Announces $33 Million Private Placement
15 Mai 2023 - 1:00PM
Genelux Corporation (NASDAQ: GNLX), a late clinical-stage
immuno-oncology company, today announced a private placement of
1,665,247 shares of the Company's common stock at a price of $20.00
per share, for gross proceeds of approximately $33 million, before
deducting offering expenses payable by Genelux. Proceeds from the
private placement, combined with the current cash and cash
equivalents, are expected to extend Genelux’ cash runway into the
first quarter of 2025. The financing was led by existing investors.
"We are excited about our future and, with this
private placement, energized by the conviction of our existing
investor base and by new investors in Genelux. This financing has
enabled us to strengthen our balance sheet as we execute our
corporate strategy," said Thomas Zindrick, President, CEO and
Chairman of Genelux.
Genelux, which priced its initial public
offering at $6/share and went public on January 26 of this year,
intends to use the net proceeds from the private placement to
advance clinical programs, including our Phase 3 registrational
trial of Olvi-Vec in patients with platinum-resistant/refractory
ovarian cancer, and for working capital and general corporate
purposes.
The Benchmark Company, LLC and Brookline Capital
Markets, a division of Arcadia Securities, LLC acted as financial
advisors for the private placement.
The initial closing of the private placement, in
the amount of approximately $18 million in the aggregate, is
expected to occur on or about May 19, 2023, subject to the
satisfaction of customary closing conditions. Additional committed
funds in the amount of approximately $15 million in the aggregate
will be invested on or before November 15, 2023, at the same price
as the initial closing investments.
The securities to be sold in this private
financing have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or applicable state
securities laws, and accordingly may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws. Genelux has agreed to file a registration
statement with the Securities and Exchange Commission registering
the resale of the shares of common stock issued in this private
financing.
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 Genelux
CorporationGenelux is a late clinical-stage
biopharmaceutical company focused on developing a pipeline of
next-generation oncolytic immunotherapies for patients suffering
from aggressive and/or difficult-to-treat solid tumor types. The
Company’s most advanced product candidate, Olvi-Vec (olvimulogene
nanivacirepvec), is a proprietary, modified strain of the vaccinia
virus (VACV), a stable DNA virus with a large engineering capacity.
Olvi-Vec currently is being evaluated in OnPrime, a multi-center,
randomized, open-label Phase 3 registrational trial evaluating the
efficacy and safety of Olvi-Vec in patients with
platinum-resistant/refractory ovarian cancer. The core of Genelux’
discovery and development efforts revolves around the company's
proprietary CHOICE™ platform from which the Company has developed
an extensive library of isolated and engineered oncolytic vaccinia
virus immunotherapeutic product candidates, including Olvi-Vec. For
more information please visit www.genelux.com.
Forward-Looking StatementsThis
release contains “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
“Forward-looking statements” describe future expectations, plans,
results, or strategies and are generally preceded by words such as
“believes,” “anticipates,” “expect,” “may,” “plan” or “will”.
Forward-looking statements in this release include, but are not
limited to, statements related to Genelux’ future, the execution of
its corporate strategy, the use of proceeds from the private
placement, the extension of Genelux’ cash runway, and the
commitment of additional funds. Such statements are subject to a
multitude of risks and uncertainties that could cause future
circumstances, events, or results to differ materially from those
projected in the forward-looking statements. These and other risks
are identified under the caption “Risk Factors” in Genelux’ filings
with the Securities and Exchange Commission. All forward-looking
statements contained in this press release speak only as of the
date on which they were made and are based on management’s
assumptions and estimates as of such date. Genelux does not
undertake any obligation to publicly update any forward-looking
statements, whether as a result of the receipt of new information,
the occurrence of future events or otherwise.
Investor and Media Contacts
Ankit Bhargava, MDAllele Communications,
LLC815.721.4912
Source: Genelux Corporation
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