Full Press Release Details
Increases Production of FDA-Cleared RenovoCath Delivery System in Response to Strong Demand from Oncology and Interventional
Radiology Physicians
expands relationship with manufacturing partner Medical Murray, and continues active exploration of standalone opportunities for RenovoCath
ALTOS, CA - September 25, 2024 - RenovoRx, Inc. ("RenovoRx" or the "Company") (Nasdaq: RNXT),
a life sciences company developing novel targeted oncology therapies based on a local drug-delivery platform, today announced that it
is increasing the production of its FDA-cleared RenovoCath catheter-based delivery system due to increased demand for targeted
delivery of diagnostic and/or therapeutic agents from oncologists and interventional radiologists.
has signed a new project work order with its principal manufacturing partner, Medical Murray of North Barrington, IL, providing for an
expanded relationship and as RenovoRx continues its exploration of commercial opportunities for RenovoCath beyond RenovoRx's currently
ongoing clinical programs. To create performance incentives for Medical Murray, RenovoRx will issue Medical Murray a warrant to purchase
up to 709,500 shares of RenovoRx common stock. This warrant vests over time and only if Medical Murray achieves certain manufacturing
parallel, RenovoRx remains fully engaged and committed to its ongoing pivotal Phase III TIGeR-PaC clinical trial in locally advanced
pancreatic cancer (LAPC). As recently announced, additional well known clinical sites are now participating in the study with the goal
of accelerating patient enrollment. TIGeR-PaC is using the TAMP (Trans-Arterial Micro-Perfusion) therapy platform to evaluate
RenovoRx's first drug-device combination product candidate (intra-arterial infusion of chemotherapy,
gemcitabine HCl) to target the tumor in LAPC. The study is comparing treatments with TAMP to the current standard of care (systemic intravenous
Gentry, Chief Clinical Officer of RenovoRx, commented, "As we continue to make steady progress with our pivotal Phase III trial
in LAPC, we have received feedback from oncology and interventional radiology physicians and key opinion leaders expressing the desire
to purchase RenovoCath as a standalone device to be used in clinical practice. RenovoCath has been used in over 500 procedures by interventionalists
over the past several years. We have published data from completed early-stage clinical trials that highlight the potential benefits
to patients receiving targeted therapy with RenovoCath, including less toxicity and better outcomes, over the current standard of care."
Bagai, Chief Executive Officer of RenovoRx, commented, "We announced in our most recent SEC quarterly report that we are actively
exploring commercial opportunities to meet what we see as growing demand for our proprietary RenovoCath technology. Beyond LAPC, we believe
there are many clinical applications for RenovoCath to improve targeted delivery of diagnostic and therapeutic agents. Securing the manufacturing
capacity for this strategy with our partner Medical Murray is a great first step. We are also in active discussions with many interested
customers to purchase supplies of RenovoCath as well as potential distribution partners. When launched, we expect our commercial strategy
to accelerate our path to revenue generation, which we hope will occur during 2025. At the same time, even without incremental revenues
from this commercial strategy, we maintain sufficient cash on hand from our successful fundraisings earlier this year to achieve both
our next interim read-out on TIGeR-PaC, which will be triggered by the 52nd event (i.e., patient death), estimated to occur
in late 2024 or early 2025, and fund our current efforts for our RenovoCath go to market activities."
Bagai continued, "In preparation for commercialization of RenovoCath as a stand-alone device, and in addition to accelerating our
manufacturing capacity with Medical Murray, we are pleased to have promoted Robert Strasser to Vice President of R&D and Operations.
Bob has been an important part of our interface with Medical Murray and with our commercial strategy plans, and we look forward to his
continued contributions in this new role."
Strasser is a highly experienced, results-oriented, strategic business leader with a proven track record in operations and product commercialization
management with prior roles at Cordis (Johnson & Johnson) and Boston Scientific. Mr. Strasser has
served as RenovoRx's Senior Director of R&D and Operations since October 2022,
the same year he started managing the Company's relationship with Medical Murray.
on its FDA clearance, RenovoCath is intended for the isolation of blood flow and delivery of fluids, including
diagnostic and/or therapeutic agents, to selected sites in the peripheral vascular system. RenovoCath is also indicated for temporary
vessel occlusion in applications including arteriography, preoperative occlusion, and chemotherapeutic drug infusion. RenovoCath is intended
for general intravascular and peripheral vascular in arteries for vessel entry and occlusion ranging between 3mm and 11mm in diameter.
The diagnostic and/or therapeutic agents are to be used in accordance with specifications outlined by the respective agent manufacturer.
the TIGeR-PaC Clinical Trial
is an ongoing Phase III randomized multi-center study evaluating the proprietary TAMP (Trans-Arterial Micro-Perfusion)
therapy platform for the treatment of Locally Advanced Pancreatic Cancer (LAPC.) RenovoRx's first product candidate using the TAMP
technology, is a novel investigational oncology drug-delivery combination utilizing the Company's FDA-cleared RenovoCath
device for the intra-arterial administration of chemotherapy, gemcitabine HCl.
first interim analysis in the Phase III clinical trial was completed in March 2023, with the Data Monitoring Committee recommending a
continuation of the study. The TIGeR-PaC study is investigating TAMP in LAPC. The study's primary endpoint is a 6-month Overall
Survival benefit with secondary endpoints including reduced side effects versus standard of care. The
second interim analysis for this study will be triggered by the 52nd event, which is estimated to occur in late 2024 or early
is a life sciences company developing novel targeted oncology therapies based on a local drug delivery platform for high unmet medical
need with a goal to improve therapeutic outcomes for cancer patients undergoing treatment. RenovoRx's patented Trans-Arterial
Micro-Perfusion (TAMP ) therapy platform is designed to ensure precise therapeutic delivery across the arterial wall near the
tumor site to bathe the target tumor, while potentially minimizing a therapy's toxicities versus systemic intravenous therapy.
RenovoRx's novel approach to targeted treatment offers the potential for increased safety, tolerance, and improved efficacy. Our
Phase III lead product candidate is a novel oncology drug-device combination product. It is being investigated under a U.S. investigational
new drug application that is regulated by the FDA's 21 CFR 312 pathway. The investigational drug-device combination candidate utilizes
RenovoCath , the Company's FDA-cleared drug-delivery device, indicated for temporary vessel occlusion in
applications including arteriography, preoperative occlusion, and chemotherapeutic drug infusion. The intra-arterial infusion of gemcitabine
HCl by the RenovoCath catheter is currently being evaluated for the treatment of locally advanced pancreatic cancer (LAPC) by the Center
for Drug Evaluation and Research (the drug division of FDA).
is also actively exploring other commercialization strategies utilizing its TAMP technology and
FDA-cleared RenovoCath delivery system as a stand-alone device. The intra-arterial
infusion of gemcitabine HCl by the RenovoCath catheter is currently under investigation and has not been approved for commercial sale.
is committed to transforming the lives of patients by providing innovative solutions to enable targeted delivery of diagnostic and therapeutic
more information, visit www.renovorx.com. Follow RenovoRx on Facebook, LinkedIn, and Twitter.
Note Regarding Forward-Looking Statements
press release and statements of the Company's management made in connection therewith and at the investor conference described
herein contain 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, including but not limited to statements regarding (i) our clinical trials and studies, including the overall timing
and timing for additional interim data readouts for our ongoing TIGeR-PaC Phase III clinical trial study in LAPC, (ii) the potential
of RenovoCath or TAMP as standalone commercial products and our commercialization plans in general, (iii) the
potential for our product candidates to treat or provide clinically meaningful outcomes for certain medical conditions or diseases and
(iii) our efforts to explore commercialization strategies utilizing our TAMP technology. Statements that are not purely historical are
forward-looking statements. The forward-looking statements contained herein are based upon our current expectations and beliefs regarding
future events, many of which, by their nature, are inherently uncertain, outside of our control and involve assumptions that may never
materialize or may prove to be incorrect. These may include estimates, projections and statements relating to our research and development
plans, intellectual property development, clinical trials, our therapy platform, business plans, financing plans, objectives and expected
operating results, which are based on current expectations and assumptions that are subject to known and unknown risks and uncertainties
that may cause actual results to differ materially and adversely from those expressed or implied by these forward-looking statements.
These statements may be identified using words such as "may," "expects," "plans," "aims,"
"anticipates," "believes," "forecasts," "estimates," "intends," and "potential,"
or the negative of these terms or other comparable terminology regarding RenovoRx's expectations strategy, plans or intentions,
although not all forward-looking statements contain these words. These forward-looking statements are subject to a number of risks, uncertainties
and assumptions, that could cause actual events to differ materially from those projected or indicated by such statements, including,
among other things: (i) the risk that our exploration of commercial opportunities for our TAMP technology may not lead to viable, revenue
generating operations; (ii) circumstances which would adversely impact our ability to efficiently utilize our cash resources on hand
or raise additional funding, (iii) the timing of the initiation, progress and potential results (including the results of interim analyses)
of TIGeR-PaC and any other preclinical studies, clinical trials and our research programs; (iv) the possibility that interim results
may not be predictive of the outcome of our clinical trials, which may not demonstrate sufficient safety and efficacy to support regulatory
approval of our product candidate, (v) that the applicable regulatory authorities may disagree with our interpretation of the data; research
and clinical development plans and timelines, and the regulatory process for our product candidates; (vi) future potential regulatory
milestones for our product candidates, including those related to current and planned clinical studies; (vii) our ability to use and
expand our therapy platform to build a pipeline of product candidates; (viii) our ability to advance product candidates into, and successfully
complete, clinical trials; (ix) the timing or likelihood of regulatory filings and approvals; (x) our estimates of the number of patients
who suffer from the diseases we are targeting and the number of patients that may enroll in our clinical trials; (xi) the commercialization
potential of our product candidates, if approved; (xii) our ability and the potential to successfully manufacture and supply our product
candidates for clinical trials and for commercial use, if approved; (xiii) future strategic arrangements and/or collaborations and the