RenovoRx, Inc.(NASDAQ: RNXT) shares were in the green Wednesday. The 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,” said CEO Shaun Bagai, “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.
“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.
RNXT shares captured 9.5 cents, or 10.6%, to $1.00.
