2 Austin medical companies expect to raise millions with stock offerings

On February 11, 2021 Genprex reported that 4 million shares of its stock to two of the company’s institutional investors for $6.25 per share, according to a filing with the U.S. Securities and Exchange Commission (Press release, Genprex, FEB 11, 2021, View Source [SID1234574915]). Genprex estimates it will net $23.2 million from the stock offering, which it said it expects to close this week.

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Genprex – which is working on a gene therapy technologies aimed at treating patients with cancer and diabetes – says it intends to use the net proceeds for working capital and other general corporate purposes, according to the securities filing.

Genprex also raised about $12 million with a stock offering in December. The company also had stock offerings of $8 million and $17.5 million last year. Genprex, which previously operated as Convergen LifeSciences, became a publicly traded company in 2018 through an initial public offering of stock valued at about $6.4 million.

Genprex’s shares were trading at about $7.40 on Wednesday afternoon.

Also this week, Austin-based VolitionRx said it expects to raise about $20 million by selling roughly 4 million shares of its common stock. The company said it expects the offering to close this week, according to a securities filing.

VolitionRx is a life sciences company that develops blood tests to diagnose a range of cancers and other diseases.

VolitionRx plans to use the proceeds from the stock offering for general corporate purposes, "which may include continued product development, clinical studies, product commercialization, working capital and other general corporate purposes, including potential strategic acquisitions," the company said in a securities filing.