RenovoRx in $10m–$20m Series C fundraising mode for Phase III pancreatic cancer trial, CEO says

Sean Rai-Roche 8 January 2021 (Last Updated January 8th, 2021 12:58)

RenovoRx is receptive to investor pitches for an ongoing $10m-$20m Series C, which will fund the company up to an interim analysis of its Phase III trial for pancreatic cancer in 2H22, said CEO Shaun Bagai.

RenovoRx in $10m–$20m Series C fundraising mode for Phase III pancreatic cancer trial, CEO says
In terms of the ongoing fundraising round, California-based RenovoRx is already speaking with investors and US banks. In terms of the ongoing fundraising round, California-based RenovoRx is already speaking with investors and US banks. Credit: NIH Image Gallery.

RenovoRx is receptive to investor pitches for an ongoing $10m-$20m Series C, which will fund the company up to an interim analysis of its Phase III trial for pancreatic cancer in 2H22, said CEO Shaun Bagai. The round will close this quarter. In addition, RenovoRx is in mid-level discussion with a potential partner that is focused on logistics and contracts. The firm will also seek in 2H21 pharma partnerships for small, already established molecules, which it can revitalise with its catheter technology, said Bagai.

In terms of the ongoing fundraising round, California-based RenovoRx is already speaking with investors and US banks. While it is happy for previous investors, such as Boston Scientific, to reinvest and anticipates some to do so, it is also looking for VCs and banks to support its operations going forward, Bagai said. In terms of the stake available, RenovoRx is willing to offer a maximum of 30% in its Series C but Bagai stressed that this is a very rough estimate and depended on the investors. So far, the company has been modestly funded, he said, with $15m raised to date.

Looking past the current round and interim analysis, RenovoRx could initiate a Series D in 2H22, a public offering in late 2021 or early 2022, or an acquisition, although the details of this are still to be decided, said Bagai.

When it comes to partnerships, a key area of interest for prospective partners is manufacturing, as the company will not be doing this in-house. It is in negotiations with a couple of manufacturers in India and China that have FDA approval to produce Eli Lilly’s Gemzar (gemcitabine), the drug used in its aforementioned Phase III TIGeR-PaC trial (NCT03257033). There is no set deadline for said partnerships.

Another fruitful partnership avenue would be in terms of commercialization, Bagai said. RenovoRx can build its own salesforce but noted in terms of the pharma partnerships it will be eyeing in 2H21, larger outfits with more resources offer greater potential for co-development ventures. RenovoRx’s approach centres on its RenovoCath technology that delivers chemotherapy directly to pancreatic tumours using a catheter system, without affecting healthy tissue. The company concentrates on using its technology to overcome the toxicity issues associated with other administration routes, Bagai explained. Its device manufacturing takes place in Chicago, Illinois.

On 2 December, RenovoRx announced it has enrolled its 100th patient for its Phase III TIGeR-PaC unblinded, randomized trial of subjects with locally advanced pancreatic adenocarcinoma that is unresectable. RenovoRx is enrolling patients with the disease in the US and Europe. The final read out, depending on enrolment, will be in 2024. It is using CRO Parexel for its entire European operations, which are based in Belgium, and is not in need of a CRO in the US at present, although Parexel has been advising on site recruitment in the US, Bagai said.

Sean Rai-Roche is Healthcare Reporter, Investigative News Team (formerly BioPharm Insight) at GlobalData Healthcare. A version of this article originally appeared on the Insights module of GlobalData’s Pharmaceutical Intelligence Center. To access more articles like this, visit GlobalData.