AUSTIN,
Texas, July 19, 2023 /PRNewswire/ -- Genprex,
Inc. ("Genprex" or the "Company") (NASDAQ: GNPX), a
clinical-stage gene therapy company focused on developing
life-changing therapies for patients with cancer and diabetes,
today announced that it has entered into definitive agreements with
healthcare-focused institutional investors for the sale and
issuance of 7,425,744 shares of the Company's common stock and
warrants to purchase up to 7,425,744 shares of common stock at a
combined offering price of $1.01 per
share of common stock and accompanying warrant, in a registered
direct offering priced at-the-market under the Nasdaq
rules. The warrants have an exercise price of $0.885 per share, will become exercisable
commencing the date of issuance, and will expire five years
following the issuance date. The closing of the offering is
expected to occur on or about July 21,
2023, subject to the satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to Genprex from this offering are expected to
be approximately $7.5 million,
before deducting the placement agent's fees and other offering
expenses. Genprex intends to use the net proceeds from this
offering for working capital and general corporate purposes.
A "shelf" registration statement (File
Number 333-271386) relating to the offered securities was
filed with the Securities and Exchange Commission ("SEC") on
April 21, 2023 and was declared
effective on June 9, 2023. The
offering of the securities is being made only by means of a
prospectus, including a prospectus supplement, forming a part of an
effective registration statement. A prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC. Electronic copies of the prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC's website at www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor,
New York, NY 10022, by phone at
(212) 856-5711 or e-mail at
placements@hcwco.com.
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 Genprex, Inc.
Genprex is a clinical-stage gene
therapy company focused on developing life-changing therapies 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® Nanoparticle Delivery
System which encapsulates the gene-expressing plasmids using lipid
nanoparticles. The resultant product is administered
intravenously, where it is taken up by tumor cells that then
express tumor suppressor proteins that were deficient in the tumor.
The Company's lead product candidate, REQORSA® (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). Each of Genprex's three lung cancer clinical
programs have received 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 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 a similar approach, GPX-003 for Type 2
diabetes, where autoimmunity is not at play, is believed to
rejuvenate and replenish exhausted beta cells.
For more information, please visit the Company's web site
at www.genprex.com or follow Genprex on Twitter, Facebook
and LinkedIn.
Forward Looking Statements
This press release
contains certain 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 and Private Securities Litigation
Reform Act, as amended, including those relating to
the completion of the registered direct offering, the
satisfaction of customary closing conditions related to the
registered direct offering, the intended use of proceeds from
the registered direct offering and other statement that are
predictive in nature. These statements may be identified by
the use of forward-looking expressions, including, but not limited
to, "expect," "anticipate," "intend," "plan," "believe,"
"estimate," "potential," "predict," "project," "should," "would"
and similar expressions and the negatives of those terms.
These statements relate to future events and involve known and
unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to be materially
different from any results, performance or achievements expressed
or implied by the forward-looking statements. Such factors
include the risk factors set forth in the Company's filings with
the SEC, including, without limitation, its Annual Report on Form
10-K for the year ended December 31,
2022, its periodic reports on Form 10-Q, and its Current
Reports on Form 8-K filed in 2023, as well as the risks identified
in the shelf registration statement and the prospectus supplement
relating to the offering. Prospective investors are cautioned not
to place undue reliance on such forward-looking statements, which
speak only as of the date of this press release. Genprex undertakes
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Genprex, Inc.
(877) 774-GNPX (4679)
GNPX Investor Relations
investors@genprex.com
GNPX Media Contact
Kalyn
Dabbs
media@genprex.com
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SOURCE Genprex, Inc.