Genelux Sets $27.5M Common Stock and Warrants Offering Price

WESTLAKE VILLAGE, Calif., May 24, 2024 – Genelux Corporation (Nasdaq: GNLX), a company in the advanced stages of clinical trials in the field of immuno-oncology, has disclosed details regarding the pricing of a new underwritten offering. The company will be offering 6,875,000 shares of its common stock along with warrants to purchase the same number of shares at a combined price of $4.00 per share and accompanying warrant. Each warrant will be exercisable at a price of $5.25 per share, becoming active immediately after the offering closes and will remain valid for five years.

The total gross proceeds from this offering are anticipated to be around $27.5 million, not accounting for underwriting discounts, commissions, and other estimated expenses related to the offering. The net funds will provide Genelux with working capital until the first quarter of 2026, supporting general corporate purposes, such as the ongoing clinical development of their lead candidate, Olvi-Vec. Results from the OnPrime Phase 3 registrational trial of Olvi-Vec are expected in the latter half of 2025. The offering is projected to conclude by May 29, 2024, pending standard closing conditions. All securities in this offering are being sold directly by Genelux.

Additionally, the company has provided underwriters with a 30-day option to purchase up to an extra 1,031,250 shares of its common stock and accompanying warrants to cover any over-allotments.

Guggenheim Securities is serving as the sole book-running manager, with Newbridge Securities Corporation acting as co-manager for this offering. The offering is being conducted under a shelf registration statement previously filed with the U.S. Securities and Exchange Commission (SEC). The final prospectus supplement and related prospectus will be filed with the SEC and can be accessed on the SEC's website.

About Genelux Corporation

Genelux Corporation is a biopharmaceutical company at a late clinical stage, concentrating on developing advanced oncolytic immunotherapies for patients with aggressive and hard-to-treat solid tumors. The company's flagship product candidate, Olvi-Vec (olvimulogene nanivacirepvec), is a modified strain of the vaccinia virus. Olvi-Vec is currently the subject of the OnPrime/GOG-3076 Phase 3 registrational trial, which is assessing its efficacy and safety in combination with platinum-doublet chemotherapy and bevacizumab versus physician's choice of chemotherapy and bevacizumab for treating platinum-resistant/refractory ovarian cancer.

Genelux's research and development are heavily rooted in its proprietary CHOICE™ platform, from which it has developed a wide array of isolated and engineered oncolytic vaccinia virus immunotherapeutic product candidates, including Olvi-Vec.

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