RenovoRx Appoints James Ahlers as Chief Financial Officer

LOS ALTOS, Calif.–(BUSINESS WIRE)–RenovoRx, Inc. (Nasdaq: RNXT), a biopharmaceutical company and innovator in targeted cancer therapy, today announces the appointment of James Ahlers as Chief Financial Officer (CFO), effective July 15, 2022 , and the addition of Ronald B. Kocak as Vice President and Controller of RenovoRx. Mr. Ahlers replaces Christopher J. Lehman, who joined RenovoRx in its initial public offering and is looking for a new business opportunity.

Mr. Ahlers is an accomplished financial leader with more than 25 years of experience building life sciences companies, both public and private. He served as Chief Financial Officer of Intarcia Therapeutics, Inc. and held senior financial positions at Titan Pharmaceuticals, Inc. and Ansan Pharmaceuticals Inc. In addition, Mr. Ahlers has provided consulting services to several public and private companies in the life sciences. During his career, he has managed capital raising transactions, including IPOs, which have raised over $2 billion. Additionally, he has developed and implemented international operations and global tax strategies. Since December 2021, Mr. Ahlers has served as a consulting CFO and provides financial advisory services through Danforth Advisors, LLC, a company that provides strategic and operational finance and accounting advisory services to life sciences companies. . He assumes his role at RenovoRx as a consultant through Danforth. Mr. Ahlers holds a Bachelor of Science in Accounting from the University of San Francisco.

Mr. Kocak is a seasoned financial reporting and accounting professional with extensive experience in public life sciences companies. Mr. Kocak has been Acting Controller of RenovoRx in a consulting capacity since October 2021. Prior to joining RenovoRx, Mr. Kocak was Controller and Chief Financial Officer at Sensei Biotherapeutics, Inc., where he successfully led financial and accounting activities , including computer operations. He holds a Bachelor of Science in Accounting from Duquesne University and a CPA license in the Commonwealth of Virginia. Mr. Kocak is also a member of the American Institute of Certified Public Accountants and the Association of Bioscience Financial Officers, and a Certified Global Management Accountant.

“On behalf of our team, we thank Chris for his contributions,” said Shaun Bagai, CEO of RenovoRx. “Chris has played a key role in RenovoRx’s transition to a new public company, and we have benefited from his experience and dedication to our mission and goals. We wish Chris well as he transitions to his next chapter.

Mr. Bagai added, “As our team looks to the future, we are focused on expanding our clinical development pipeline, exploring other potential indications for our innovative therapeutic platform and creating a sustainable infrastructure to support our continued growth. We will look to James and Ron’s collective and extensive experience in finance, strategy and operations to support us in pursuing these goals.

Mr. Ahlers commented, “RenovoRx is uniquely positioned in the field of oncology with a potentially disruptive therapeutic platform to treat pancreatic and other solid tumors. The company’s lead candidate is in late-stage clinical development with two orphan drug designations, one for the treatment of pancreatic cancer and the other for biliary tract cancer. I am excited to join the company at this point in its trajectory and eager to use my experience to support the team as we work to bring the RenovoTAMP™ therapy platform into other clinical indications.

About RenovoRx, Inc.

RenovoRx is a clinical-stage biopharmaceutical company focused on fighting cancer through the localized treatment of difficult-to-treat tumors through its proprietary RenovoRx Trans-Arterial Micro-Perfusion (RenovoTAMP) technology.MT) therapy platform. RenovoTAMP uses approved chemotherapeutic agents with validated mechanisms of action and well-established safety and side-effect profiles, with the goal of increasing their efficacy, improving their safety and expanding their therapeutic window. RenovoRx’s lead product candidate, RenovoGemMTis a combination of gemcitabine and our proprietary delivery system, RenovoCath®, and is regulated by the FDA as a new oncology drug to treat unresectable locally advanced pancreatic cancer (LAPC). RenovoGem is currently being studied in the Phase 3 TIGeR-PaC trial for the treatment of LAPC.

RenovoRx’s patent portfolio includes seven US patents for its technology. RenovoRx has received orphan drug designation for the intra-arterial administration of gemcitabine for the treatment of pancreatic cancer and biliary tract cancer.

RenovoRx won the Drug Delivery Technology category of the Fierce Innovation Awards – Life Sciences Edition 2020 for its RenovoTAMP technology.

Learn more by visiting the RenovoRx website or by following us on Facebook, LinkedIn and Twitter.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding our clinical trials, our pipeline and studies, statements regarding the potential of RenovoTAMPMT, and statements regarding the potential of our product candidates to treat or provide clinically meaningful results for certain medical conditions or diseases. Statements that are not purely historical are forward-looking statements. The forward-looking statements contained herein are based on our current expectations and beliefs regarding future events, many of which, by their nature, are inherently uncertain, beyond our control and involve assumptions that may never materialize or may turn out to be incorrect. These may include estimates, projections and statements relating to our research and development plans, clinical trials, therapeutic platform, business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements can be identified by words such as “may”, “expects”, “plans”, “aims”, “anticipates”, “believes”, “expects”, “estimates”, “has intention” and “potential”. or negative of these or other comparable terms regarding RenovoRx’s strategy, plans or intentions of expectations, although not all forward-looking statements contain these words. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual events to differ materially from those projected or indicated by such statements, including, among others: the timing of the initiation, progress and potential results of our preclinical studies, clinical trials and research programs; our ability to use and expand our therapeutic platform to build a pipeline of product candidates; our ability to advance product candidates into and successfully complete clinical trials; the timing or likelihood of regulatory filings and approvals; our estimates of the number of patients who suffer from the diseases we target and the number of patients likely to participate in our clinical trials; the commercialization potential of our product candidates, if approved; our ability and potential to successfully manufacture and supply our product candidates for clinical trials and for commercial purposes, if approved; future strategic arrangements and/or collaborations and the potential benefits of such arrangements; our estimates regarding expenses, future revenues, capital requirements and additional financing needs and our ability to obtain additional capital; the sufficiency of our existing cash and cash equivalents to fund our future operating expenses and capital expenditure needs; our ability to retain the continued service of our key personnel and to identify, hire and retain additional qualified personnel; the implementation of our strategic plans for our businesses and product candidates; the extent of protection we are able to establish and maintain for intellectual property rights, including our therapeutic platform, product candidates and research programs; our ability to enter into contracts with third-party suppliers and manufacturers and their ability to operate adequately; pricing, coverage and reimbursement for our product candidates, if approved; developments related to our competitors and our industry, including competing product candidates and therapies; the negative impacts of the ongoing COVID-19 pandemic on our operations; and other risks. Information regarding the foregoing and additional risks can be found in the section titled “Risk Factors” in our filings from time to time with the Securities and Exchange Commission.

The forward-looking statements included herein are made as of the date hereof, and RenovoRx undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as required by law.

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