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RenovoCath is proudly made in America at a facility in North Barrington, IL
RenovoRx management and board members purchased over 140,000 shares of RenovoRx stock during recent open trading window, signaling their confidence in RenovoRx's future
RenovoRx, Inc. ("RenovoRx" or the "Company") (NASDAQ:RNXT), a life sciences company developing innovative targeted oncology therapies and commercializing RenovoCath, a novel, FDA-cleared drug-delivery device, today announced that it is increasing production of its FDA-cleared RenovoCath catheter-based device in order to meet increased demand for the targeted delivery of diagnostic and/or therapeutic agents from oncologists and interventional radiologists. The principal manufacturer of RenovoCath devices is Medical Murray Inc., based in the U.S. in North Barrington, IL.
"As we anticipated, we are seeing growing demand for our proprietary RenovoCath device. We expect first-quarter 2025 revenue from RenovoCath to reach the low six-figure range, with continued sequential growth quarter-over-quarter throughout the remainder of the year," said Shaun Bagai, Chief Executive Officer of RenovoRx. "We estimate that our initial total addressable market for RenovoCath is approximately $400 million in peak annual U.S. sales. We further believe we can capture this market over time with a very small sales force and/or distribution partners, which will keep our operating expenses low and put us on a path to cash flow positive operations. We are proud to manufacture RenovoCath in the U.S. and will continue to increase production in line with demand over time."
Separately, RenovoRx announced that during its most recent open trading window, members of the management team and Board of Directors purchased an aggregate of 143,145 shares of RenovoRx stock in multiple open market purchases of at an average price of $0.8346, signaling their confidence in RenovoRx's business plan and future.
Mr. Bagai continued, "I, along with other management team members and members of our board of directors, have purchased shares of RenovoRx stock in the open market during our recent open trading window. We are excited about the long-term value proposition of RenovoRx, and have therefore taken the opportunity to increase our equity positions at the Company's current valuation."
Posted In: RNXT
