Genprex, Inc., a clinical stage gene therapy company, today announced that its initial public offering of a minimum of 2.5 million shares and a maximum of 4.5 million shares of its common stock has priced at $5.00 per share.
Genprex expects the offering to close on or about November 6, 2017, subject to completion of the minimum offering and other customary closing conditions, and that its shares will begin trading on the NASDAQ Capital Market under the symbol "GNPX" shortly after closing.
Genprex intends to use the net proceeds from this offering together with its existing cash resources for the following purposes:
- Complete the ongoing Phase II clinical trial of the combination of Oncoprex with erlotinib;
- Commence a Phase I/II clinical trial of Oncoprex in combination with an immunotherapy;
- Conduct preclinical research, including biomarker studies;
- Prepare filings with the FDA;
- Working capital and general corporate purposes which may include funding new research and development activities, hiring additional personnel, capital expenditures and the costs of operating as a public company.
Network 1 Financial Securities, Inc. is acting as the underwriter for the offering.
Genprex's registration statement relating to the offering has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein, 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 such state or jurisdiction.
About Genprex, Inc.
Genprex, Inc. is a clinical stage gene therapy company developing a new approach to treating cancer, based upon a novel proprietary technology platform, including Genprex's initial product candidate, Oncoprex™ immunogene therapy for non-small cell lung cancer (NSCLC). Genprex's platform technologies are designed to administer cancer fighting genes by encapsulating them into nanoscale hollow spheres called nanovesicles, which are then administered intravenously and taken up by tumor cells where they express proteins that are missing or found in low quantities. Oncoprex has a multimodal mechanism of action whereby it interrupts cell signaling pathways that cause replication and proliferation of cancer cells, re-establishes pathways for apoptosis, or programmed cell death, in cancer cells, and modulates the immune response against cancer cells. Oncoprex has also been shown to block mechanisms that create drug resistance.