RenovoRx Regains Compliance with Nasdaq Stockholders’ Equity Requirement

RenovoRx, Inc. (“RenovoRx” or the “Company”) (Nasdaq: RNXT), a clinical-stage biopharmaceutical company developing novel precision oncology therapies based on a local drug-delivery platform, today announced that, in light of its recent successful fundraising activity, it has received written confirmation from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the $2.5 million minimum stockholders’ equity requirement in Nasdaq Listing Rule 5550(b)(1). As a result, the Company’s previously announced hearing before a Nasdaq Hearings Panel on this matter is no longer required and has been cancelled. Further, the Company will not require any ongoing Nasdaq Hearings Panel monitor.

Shaun Bagai, Chief Executive Officer of RenovoRx, stated, “Regaining compliance with Nasdaq’s listing requirements represents another critical achievement for RenovoRx. This win for our company is the natural outgrowth of our successful 2024 capital raising efforts, which in addition to keeping us listed on Nasdaq, has provided $17.2 million in gross proceeds and a cash runway into 2026. We can now focus our efforts on value creation events over the next two years. These events include the continuation of our pivotal Phase III TIGeR-PaC clinical trial in locally advanced pancreatic cancer as we move towards a second interim readout and ultimate completion, expansion of our TAMP (Trans-Arterial Micro-Perfusion) clinical development pipeline into additional cancer indications, and our ongoing exploration of new commercial business development opportunities with our therapeutic technologies.”

About RenovoRx, Inc.

RenovoRx is a clinical-stage biopharmaceutical company developing novel precision oncology therapies based on a proprietary 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 to directly target the tumor while potentially minimizing a therapy’s toxicities versus systemic intravenous therapy. RenovoRx’s novel and patented approach to targeted treatment offers the potential for increased safety, tolerance, and improved efficacy. Our Phase III lead product candidate, RenovoGem, a novel oncology drug-device combination product, is being investigated under a U.S. investigational new drug application that is regulated by the FDA’s 21 CFR 312 pathway. RenovoGem is currently being evaluated for the treatment of locally advanced pancreatic cancer by the Center for Drug Evaluation and Research (the drug division of FDA.)