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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TransCode Therapeutics Inc | NASDAQ:RNAZ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.3253 | 39.93% | 1.14 | 1.14 | 1.15 | 1.20 | 0.81 | 0.8104 | 4,883,167 | 00:43:23 |
Completed initial public offering of common stock, raising $28.8 million in gross proceeds
Awarded $2.3 million in funding from NIH to support clinical evaluation of TTX-MC138
On track to submit eIND application for TTX-MC138 in Q1 2022
TransCode Therapeutics, Inc. (Nasdaq: RNAZ), an emerging RNA oncology company, created on the belief that cancer can be defeated through the intelligent design and effective delivery of RNA therapeutics, today reported recent business progress and second quarter 2021 financial results.
“2021 has so far been foundational for TransCode, highlighted by our recent initial public offering and listing on Nasdaq. With resources from the IPO and additional support from the NIH, we are driving progress across our organization, including key staff additions who bring valued expertise to our team and advancement of our preclinical work,” said Michael Dudley, co-founder, president and CEO of TransCode Therapeutics. “Looking forward, we are positioning to move our pipeline into clinical development, as we seek to demonstrate the power and versatility of our TTX platform in solving the challenges of RNA delivery in oncology. We remain on track to submit an exploratory Investigational New Drug Application (eIND) in the first quarter of 2022 to test our lead therapeutic candidate, TTX-MC138, in a Phase 0 study in metastatic solid tumors. We believe this study has the potential to establish proof-of-mechanism for our platform, upon which we hope to build a broad and diverse pipeline of therapeutics and diagnostics with the potential to reach previously undruggable genetic targets.”
Second Quarter 2021 and Recent Highlights
Planned Upcoming Milestones
TransCode continues to advance its portfolio and has set the following goals:
Second Quarter Financial Highlights
Financial Guidance
TransCode expects that its cash and cash equivalents as of June 30, 2021, together with net proceeds from its initial public offering and the SBIR award, are sufficient to fund planned operations through year-end 2022.
About TransCode Therapeutics
TransCode is an emerging RNA oncology company created on the belief that cancer can be defeated through the intelligent design and effective delivery of 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 causes approximately 90% of all cancer deaths representing over nine million deaths per year worldwide. The Company believes that TTX-MC138 has the potential to produce regression without recurrence in a range of cancers, including breast, pancreatic, ovarian and colon cancer, glioblastomas and others. The Company’s other drug candidates, TTX-siPDL1 and TTX-siLIN28b, focus on the treatment of tumors by targeting PD-L1 and Lin28b, respectively. The Company is also developing diagnostic products related to its planned therapeutics business.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements concerning the timing and outcome of expected regulatory filings, including the filing of an eIND for the planned first-in-human study of TTX-MC138, and statements concerning the timing and outcome of this study, including whether this study will demonstrate proof-of-concept, and statements concerning TransCode’s development programs and TTX technology platform generally. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk associated with drug discovery and development; the risk that the results of our planned clinical trials will not be consistent with our pre-clinical studies or expectations; risks associated with the timing and outcome of TransCode s planned regulatory submissions; risks associated with TransCode’s planned clinical trials for its product candidates; risks associated with obtaining, maintaining and protecting intellectual property; risks associated with TransCode’s ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties; the risk of competition from other companies developing products for similar uses; risks associated with TransCode’s financial condition and its need to obtain additional funding to support its business activities, including TransCode’s ability to continue as a going concern; risks associated with TransCode’s dependence on third parties; and risks associated with the COVID-19 coronavirus. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause TransCode’s actual results to differ from those contained in or implied by the forward-looking statements, see the section entitled “Risk Factors” in TransCode’s Quarterly Report on Form 10-Q for the period ended June 30, 2021, as well as discussions of potential risks, uncertainties and other important factors in TransCode’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release; TransCode undertakes no duty to update this information unless required by law.
Balance Sheet Data
(unaudited)
June 30, 2021
December 31, 2020
Cash and cash equivalents
$
79,567
$
828,016
Prepaid expenses and other current assets
460,652
3,199
Deferred offering costs
890,452
224,153
Total assets
1,522,265
1,055,368
Accounts payable and accrued expenses
1,216,501
369,177
Deferred grant income
251,810
--
Convertible promissory notes, net of debt issuance costs and debt discount
2,125,813
2,086,675
Accrued interest – convertible promissory notes
247,285
191,687
Derivative liabilities
2,618,000
1,751,000
Total stockholders’ equity (deficit)
(5,036,081)
(3,408,232)
Statement of Operations Data
(unaudited)
Three Months Ended June 30,
2021
2020
Operating expenses:
Research and development
$
211,752
$
75,000
General and administrative
143,776
16,605
Total operating expenses
355,528
91,605
Loss from operations
(355,528)
(91,605)
Other income (expenses), net
3,126,432
(35,593)
Income (loss) before income taxes
2,770,904
(127,198)
Net income (loss)
$
2,770,904
$
(127,198)
Basic earnings (loss) per share
$
0.60
$
(0.03)
Diluted earnings (loss) per share
$
0.51
$
(0.03)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210823005510/en/
Investor Contact: Josh Rappaport Stern Investor Relations josh.rappaport@sternir.com
Company Contact: Tom Fitzgerald, CFO tom.fitzgerald@transcodetherapeutics.com
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