Genelux Announces Closing of a Strategic Financing Transaction
SAN DIEGO, Sept. 25, 2020 /PRNewswire/ -- Genelux Corporation, a privately-held clinical-stage immunotherapy company, today announced that it has entered into a convertible note and warrant financing transaction with Woodward Diversified Capital (WDC). Genelux and WDC have completed the first close of a private placement of unsecured convertible notes of up to $20M and associated warrants.
The transaction underscores the strength and promise of Olvi-Vec, Genelux's lead oncolytic immunotherapy candidate. The Company intends to use the proceeds from the financing primarily to finalize preparations for and initiate its planned Phase 3 (registration) trial of Olvi-Vec in platinum refractory/resistant ovarian cancer and to fund further expansion of our clinical program, and for general corporate purposes.
Gabe Woodward, Partner at WDC, commented, "We were attracted to Genelux because of the caliber of the team and because they meet our criteria of having a breakthrough and innovative approach to address a significant unmet medical need."
"Genelux is fortunate to have the financial and sophisticated strategic support of WDC as we successfully advance Olvi-Vec towards its first registration trial," said Thomas Zindrick, J.D., President and CEO of Genelux.
About Olvimulogene Nanivacirepvec (Olvi-Vec)
About Woodward Diversified Capital
About Genelux Corporation
Ingrid Mezo (Media)
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SOURCE Genelux Corporation