Genprex (NASDAQ: GNPX) is a clinical-stage gene therapy company focused on developing life-changing treatments for patients with cancer and diabetes. The company today announced its entry into a securities purchase agreement with a single, health care-focused institutional investor for the purchase and sale of 3,809,524 shares of its common stock together with warrants to purchase up to 3,809,524 shares of common stock at a combined purchase price of $1.05 per share and accompanying warrant, pursuant to a registered direct offering. The warrants will be exercisable immediately at an exercise price of $1.10 and will expire five years from the date of issuance. Subject to the satisfaction of customary conditions, the closing of the offering is expected to occur on or about March 1, 2023. Genprex is expected to secure approximately $4 million in gross proceeds, of which it intends to use the net proceeds for general working capital purposes. A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.
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About Genprex Inc.
Genprex is a clinical-stage gene therapy company focused on developing life-changing treatments 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 proprietary, non-viral ONCOPREX(R) Nanoparticle Delivery System, which the company believes is the first systemic gene therapy delivery platform used for cancer in humans. ONCOPREX encapsulates the gene-expressing plasmids using lipid nanoparticles. The resultant product is administered intravenously, where it is then taken up by tumor cells that express tumor suppressor proteins that are deficient in the body. The company’s lead product candidate, REQORSA(R) (quaratusugene ozeplasmid), is being evaluated in three clinical trials as a treatment for non-small cell lung cancer (“NSCLC”) and small cell lung cancer (“SCLC”), with each of these programs receiving a Fast Track Designation from the Food and Drug Administration. Genprex’s diabetes gene therapy approach is comprised of a novel infusion process that uses an endoscope and an adeno-associated virus (“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 are distinct enough from beta cells to evade the body’s immune system. In type 2 diabetes, where autoimmunity is not at play, it is believed to rejuvenate and replenish exhausted beta cells. For more information, visit the company’s website at www.Genprex.com.
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