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Genelux Corporation Raises Funds through a $33 Million Private Placement

Genelux Corporation, a renowned name in the immuno-oncology field, has recently issued a private placement of 1,665,247 common shares. The shares were priced at $20.00 each, aggregating the proceeds to approximately $33 million before offering expenses are deducted.

The successful financing was orchestrated by Genelux's existing investors, underlining their faith in the company.

Genelux's Strategic Move

"This financing has enabled us to strengthen our balance sheet as we execute our corporate strategy." - Thomas Zindrick, President, CEO and Chairman of Genelux.

This private placement is a strategic move for the company, expected to bolster its cash reserves and extend its cash runway into Q1 2025. The raised funds, along with the company's current cash and cash equivalents, solidify the financial footing of the company.

Use of Funds

The funds procured from the private placement will be utilized to advance several clinical programs. One such program includes the Phase 3 registrational trial of Genelux's drug, Olvi-Vec, for platinum-resistant/refractory ovarian cancer patients. The remaining funds will be used for working capital and general corporate purposes.

# Sample code to calculate private placement proceeds
shares_issued = 1665247
share_price = 20
gross_proceeds = shares_issued * share_price

The Advisors

The Benchmark Company, LLC and Brookline Capital Markets, a division of Arcadia Securities, LLC played the role of financial advisors for this private placement.

Closing of the Private Placement

The initial closing of this private placement is slated to happen on or around May 19, 2023, with an approximate aggregate amount of $18 million. The remaining committed funds, approximately $15 million, are expected to be invested on or before November 15, 2023.

Legalities and Compliance

It's important to note that the securities sold in this private financing have not been registered under the Securities Act of 1933 or any state securities laws. Therefore, they cannot be offered or sold within the United States, except under a valid registration statement or an exemption from the registration requirements. Genelux, however, has agreed to file a registration statement with the Securities and Exchange Commission.

About Genelux Corporation

Genelux Corporation is a late clinical-stage biopharmaceutical company that is transforming the landscape of oncolytic immunotherapies. The company is working on a pipeline of next-generation therapies for patients battling aggressive and/or difficult-to-treat solid tumor types.

Their most advanced product candidate, Olvi-Vec, is a modified strain of the vaccinia virus. This DNA virus is stable and has a large engineering capacity. Currently, Olvi-Vec is being evaluated in a multi-center, randomized, open-label Phase 3 registrational trial.

The company's discovery and development efforts are centered around their proprietary CHOICE™ platform, which has spawned an extensive library of isolated and engineered oncolytic vaccinia virus immunotherapeutic product candidates.

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