TransCode Therapeutics Announces Closing of $8.5 Million Public Offering
September 28 2023 - 3:02PM
TransCode Therapeutics, Inc. (Nasdaq: RNAZ) (the “Company”), an RNA
oncology company committed to more effectively treating cancer
using RNA therapeutics, today announced the closing of its
previously announced public offering of an aggregate of 16,863,000
shares of its common stock (or pre-funded warrants (“Pre-Funded
Warrants”) in lieu thereof), including the partial exercise of the
underwriter’s over-allotment option. Each share of common stock (or
Pre-Funded Warrant) was sold at a public offering price of $0.51
per share (inclusive of the Pre-Funded Warrant exercise price of
$0.01 per share). All of the shares and Pre-Funded Warrants in the
offering were sold by the Company. Total gross proceeds from the
offering, before deducting underwriting discounts and commissions
and other offering expenses, are expected to be approximately $8.5
million. The Company has granted the underwriters a 45-day option
to purchase up to 2,339,200 additional shares of its common stock
and/or Pre-Funded Warrants at the public offering price less the
underwriting discount, which the underwriter has partially
exercised to purchase 1,163,000 Pre-Funded Warrants at the closing.
ThinkEquity acted as the sole book-running
manager for the offering.
The Company intends to use the net proceeds from
this offering, together with its existing funds, for one or more
clinical trials with TTX-MC138, its lead therapeutic candidate,
including related investigational new drug enabling studies, and
for working capital and other general corporate purposes.
The securities described above were offered
pursuant to a registration statement on Form S-1 (File No.
333-274251) declared effective by the Securities and Exchange
Commission (the “SEC”) on September 25, 2023. The offering was made
only by means of a prospectus forming part of the effective
registration statement relating to the offering. Electronic copies
of the final prospectus may be obtained on the SEC’s website at
http://www.sec.gov and may also be obtained by contacting
ThinkEquity at 17 State St., 41st Floor, New York, NY 10004.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About
TransCode Therapeutics
TransCode is an RNA oncology company created on
the belief that cancer can be more effectively treated using RNA
therapeutics. The Company has created a platform of drug candidates
designed to target a variety of tumor types with the objective of
significantly improving patient outcomes. The Company’s lead
therapeutic candidate, TTX-MC138, is focused on treating metastatic
cancer, which is believed to cause approximately 90% of all cancer
deaths totaling over nine million per year worldwide. The Company
believes that TTX-MC138 has the potential to dramatically improve
clinical outcomes in a range of cancers, including breast,
pancreatic, ovarian and colon cancer, glioblastomas and others.
Another of the Company’s drug candidates, TTX-siPDL1, focuses on
treating tumors by targeting PD-L1. TransCode also has three
cancer-agnostic programs: TTX-RIGA, an RNA–based agonist of the
retinoic acid-inducible gene I designed to drive an immune response
in the tumor microenvironment; TTX-CRISPR, a CRISPR/Cas9–based
therapy platform for the repair or elimination of cancer-causing
genes inside tumor cells; and TTX-mRNA, an mRNA-based platform for
the development of cancer vaccines designed to activate cytotoxic
immune responses against tumor cells.
Forward-Looking
Statements
This press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” "will” “would,” or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on the Company’s current expectations and are
subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Further, certain forward-looking statements
are based on assumptions as to future events that may not prove to
be accurate, including expectations regarding the use of proceeds
from the offering. These and other risks and uncertainties are
described more fully in the sections titled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in the final
prospectus related to the offering described herein, and the
Company’s Annual Report on Form 10-K and other reports filed with
the Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of this date, and the
Company undertakes no duty to update such information except as
required under applicable law.
For more
information, please
contact:
Alan FreidmanVP Investor Relations
Alan.freidman@transcodetherapeutics.com
TransCode Therapeutics (NASDAQ:RNAZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
TransCode Therapeutics (NASDAQ:RNAZ)
Historical Stock Chart
From Jul 2023 to Jul 2024