On May 15, 2023 RenovoRx, Inc. ("RenovoRx" or the "Company") (Nasdaq: RNXT), a biopharmaceutical company focused on the localized treatment of cancers, reported financial results for the first quarter ended March 31, 2023 (Press release, Renovorx, MAY 15, 2023, View Source [SID1234631744]).

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"We are off to a strong start in 2023, as we build upon the recent positive interim data analysis announced at the American Association of Cancer Research (AACR) (Free AACR Whitepaper) from our open-label Phase III TIGeR-PaC clinical trial with RenovoGem," said Shaun Bagai, CEO, RenovoRx. "Results of the analysis highlight a trend in median overall survival by 24-weeks and reduced side effects for patients with locally advanced pancreatic cancer (LAPC) with RenovoGem versus systemic chemotherapy. We’re also thrilled to welcome industry veteran Robert J. Spiegel to our Board of Directors, and, clinical trials expert, Leesa Gentry, as our new Senior Vice President of Clinical Operations. We are well positioned to build on our success and momentum, and plan to advance our pipeline of innovative therapies to address unmet medical needs for patients with solid tumor cancers."

Operational Highlights for the First Quarter Ended March 31, 2023:

● Announced positive new data from Phase III clinical trial interim analysis. Data suggests a 60% survival benefit and greater than 65% reduction in side effects compared to systemic chemotherapy.
● Announced initial results in pharmacokinetic (PK) substudy: data on RenovoGem supports potential for the RenovoTAMP therapy platform to increase local gemcitabine (chemotherapy) delivery and decrease side effects of pancreatic cancer treatment.
● Issued 8th U.S. patent extending the intellectual property coverage of the RenovoTAMP therapy platform.
● Acceptance of four clinical data abstracts at the 2023 ASCO (Free ASCO Whitepaper) Gastrointestinal Cancer Symposium.

Highlights Subsequent to the First Quarter Ended March 31, 2023:

● Appointed Robert J. Spiegel, MD, FACP, former Chief Medical Officer of Schering-Plough, to the Board of Directors.
● Appointed Leesa Gentry as Senior Vice President of Clinical Operations.
● Presented Phase III interim analysis data of the TIGeR-PaC study at the 2023 American Association for Cancer Research (AACR) (Free AACR Whitepaper) in Orlando, Florida.
● Closed $5 million registered direct offering.

Financial Highlights for the First Quarter Ended March 31, 2023:

● Cash and cash equivalents as of March 31, 2023, were $3.7 million.
● Research and development expenses were $1.3 million for the quarter ended March 31, 2023, compared to $1.3 million, relatively flat compared to the quarter ended March 31, 2022. Clinical consulting support for the ongoing Phase III clinical trial increased $0.1 million, which was offset by a decrease in our Phase III clinical trial costs of $0.1 million primarily due to suspending the European Phase III clinical trial.
● General and administrative expenses were $1.9 million for the quarter ended March 31, 2023, compared to $1.7 million for the quarter ended March 31, 2022. The increase was primarily due to higher employee and related benefit costs of $0.3 million, and an increase in professional and consulting fees of $0.2 million. This increase was partially offset by an increase of $0.2 million in allocated general and administrative expenses to research and development including other miscellaneous general and administrative costs of $0.1 million.
● Net loss was $3.3 million for the quarter March 31, 2023, compared to net loss of $3.0 million for year ended March 31, 2022.
● As of March 31, 2023, the Company had 9,097,701 common shares outstanding.