Business
TransCode Therapeutics Reports Second Quarter 2023 Results; Provides Business Update
BOSTON, Aug. 14, 2023 (GLOBE NEWSWIRE) -- TransCode Therapeutics, Inc. (NASDAQ: RNAZ), the RNA oncology company committed to more effectively treating cancer
About this update from Transcode Therapeutics, Inc.
[{"type":"text","content":"BOSTON, Aug. 14, 2023 (GLOBE NEWSWIRE) -- TransCode Therapeutics, Inc. (NASDAQ: RNAZ), the RNA oncology company committed to more effectively treating cancer using RNA therapeutics, today reported financial results for the second quarter ended June 30, 2023, and recent business progress. “We continued to advance our therapeutic programs during the second quarter with the primary focus on our lead therapeutic candidate, an RNA targeted therapy for treatment of metastatic disease,” said Michael Dudley, co-founder, president and CEO of TransCode. “We are excited to dose our first patients in our planned Phase 0 clinical trial with TTX-MC138 in cancer patients with advanced solid tumors for which enrollment has commenced. In addition, we successfully closed a funding round of $7M through a registered direct offering in June.” “We continued to expand our delivery platform, adding the potential for delivery of nucleases to tumors as well as to proteins in the form of nanobodies,” added Dudley. “We are currently working with potential strategic partners in certain of these therapeutic areas and are in discussions with others regarding other areas.” TransCode co-founder and Chief Technology Officer, Dr. Zdravka Medarova, commented, “With our First-in-Human study with TTX-MC138 beginning, and initiation of a Phase I trial planned soon after predicated on IND-enabling studies that are well on their way to completion, TransCode expects to achieve several major value-creating milestones within months.” Recent Business Highlights In June 2023, the Company entered into a Securities Purchase Agreement under which the Company sold 99,000 shares of common stock, 1,801,000 pre-funded warrants (“PFWs”), 2,000,000 Series A-1 Warrants to purchase common stock, and 2,000,000 Series A-2 Warrants to purchase common stock in a registered direct offering at a purchase price of $3.50 per share or PFW (the “June RDO”). The purchase of each share of common stock or PFW was accompanied by one Series A-1 warrant and one Series A-2 warrant. The Series A warrants are exercisable for three years at an exercise price of $3.25 per share. Net proceeds from the June RDO, after deducting fees payable to the placement agent and other offering expenses, were approximately $6.1 million.On April 27th, TransCode announced that it has received written approval from the Dan...