--- title: "RenovoRx closes private placement for about $10 million in gross proceeds" url: "https://aibio.space/news/renovorx-closes-private-placement-about-10-million-gross-proceeds/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-03-23" section: "Financings" tickers: "NASDAQ:RNXT" source: "https://www.sec.gov/Archives/edgar/data/1574094/000149315226012058/form8-k.htm" summary: "RenovoRx (Nasdaq: RNXT) sold 8,438,790 shares, pre-funded warrants and revenue milestone warrants to 15 investors, five of them insiders. The deal closed M" --- By the aibio.space news desk. Sources - [RenovoRx, Inc. Form 8-K filed March 23, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1574094/000149315226012058/form8-k.htm) - [RenovoRx, Inc. exhibit ex99-1.htm to the March 23, 2026 Form 8-K (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1574094/000149315226012058/ex99-1.htm) - [RenovoRx, Inc. Form 10-K filed April 1, 2025: business overview and signatures (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1574094/000164117225001932/form10-k.htm) [RNXT](https://aibio.space/companies/renovorx/) 2026-03-23 # RenovoRx closes private placement for about $10 million in gross proceeds Tickers [RNXT](https://aibio.space/companies/renovorx/) RenovoRx (Nasdaq: RNXT) sold 8,438,790 shares, pre-funded warrants and revenue milestone warrants to 15 investors, five of them insiders. The deal closed March 20, 2026. ## Key facts - **Company**: RenovoRx, Inc. (NASDAQ: RNXT) - **News type**: Financings - **Primary source**: [RenovoRx, Inc. Form 8-K filed March 23, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1574094/000149315226012058/form8-k.htm) *A distant skyline over open water. Photo: Matt Bango, CC0, via StockSnap. The picture shows the field, not the companies named.* RenovoRx, Inc. (Nasdaq: [RNXT](https://aibio.space/companies/renovorx/)) closed a private placement on March 20, 2026 with aggregate gross proceeds of approximately $10 million, before deducting placement agent fees and expenses. The company disclosed the deal in a [Form 8-K filed March 23, 2026](https://www.sec.gov/Archives/edgar/data/1574094/000149315226012058/form8-k.htm). ## The terms On March 17, 2026, RenovoRx entered into a securities purchase agreement with 15 accredited investors or qualified institutional buyers. Five of them are directors, officers or employees of the company, which the filing calls the Insiders. The rest are non-affiliated institutional investors. The company sold an aggregate of 8,438,790 shares of common stock, pre-funded warrants to purchase an aggregate of 2,200,000 shares, and revenue milestone warrants to purchase an aggregate of 5,319,392 shares. The filing says the milestone warrants represent 50% warrant coverage. The pre-funded warrants carry a nominal exercise price of $0.0001 per share. The institutional investors paid $0.938 for each share and related milestone warrant. To comply with Nasdaq Stock Market rules, the Insiders paid $1.0288. The pre-funded warrants were offered to any investor whose purchase would leave it owning more than 4.99% of the outstanding common stock, or 9.99% at the investor's election. They do not expire and are immediately exercisable. ## The milestone warrants The milestone warrants are exercisable immediately. They expire on the earlier of March 30, 2029 or 30 days after the company reports at least $1.5 million in product sales revenue for any calendar quarter in a quarterly or annual report. The filing excludes licensing fees, upfront milestones and grants from that revenue test but includes royalty revenue from product sales. The exercise price is $1.751 per share for the institutional investors and $1.9326 for the Insiders. The same 4.99% or 9.99% ownership limit applies to exercises. ## Registration and fees RenovoRx agreed to file a registration statement for the resale of the shares and warrant shares within 30 days after the date of the agreement, and to use commercially reasonable efforts to have it declared effective within 30 days after the filing date. If the SEC comments on the statement, that deadline is extended by an additional 60 days from the date the comments are received. If the statement is not filed or declared effective in time, the company must pay each investor partial liquidated damages of 2.0% of that investor's subscription amount, up to a maximum of 10%. Konik Capital Partners, LLC, a division of T.R. Winston and Company, acted as placement agent. RenovoRx agreed to pay it a commission of 5.5% of gross offering proceeds and up to $50,000 for expenses. The securities were sold in reliance on Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D, and are not registered. ## What the company says about the money In a [press release dated March 18, 2026](https://www.sec.gov/Archives/edgar/data/1574094/000149315226012058/ex99-1.htm), RenovoRx said it expects the proceeds to help it accelerate commercialization of RenovoCath in 2026, increase revenue, reduce cash burn and move toward cash-flow breakeven operations. It also said the proceeds should help advance its Phase III TIGeR-PaC trial in locally advanced pancreatic cancer to full enrollment by mid-2026, with results in 2027. The company said the placement was priced at market for purposes of Nasdaq rules. ## About RenovoRx RenovoRx describes itself in its [annual report on Form 10-K filed April 1, 2025](https://www.sec.gov/Archives/edgar/data/1574094/000164117225001932/form10-k.htm) as a life sciences company offering RenovoCath, an FDA-cleared local drug-delivery device. Its lead drug-device candidate, called IAG, delivers the chemotherapy gemcitabine into an artery through RenovoCath. The press release says about $900,000 of revenue came from RenovoCath sales in the first nine months of 2025. The 10-K for 2024 reports a net loss of $8.8 million and an accumulated deficit of $50.2 million, with cash and cash equivalents of approximately $15.8 million as of March 1, 2025. It says the company may not be able to continue as a going concern if it does not obtain adequate and timely funding, and that it will need to raise substantial additional capital. The milestone warrants are priced well above the $0.938 paid by institutions, at $1.751, and they expire sooner if product sales reach $1.5 million in a quarter. Chief Executive Officer Shaun R. Bagai signed the 8-K. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story RNXT RenovoRx, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/renovorx-closes-private-placement-about-10-million-gross-proceeds/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "RenovoRx closes private placement for about $10 million in gross proceeds", 2026-03-23, https://aibio.space/news/renovorx-closes-private-placement-about-10-million-gross-proceeds/