TransCode Therapeutics, Inc. Announces Closing of Initial Public Offering, Including Full Exercise of Underwriters' Over-allo...
July 13 2021 - 4:30PM
Business Wire
TransCode Therapeutics, Inc. (Nasdaq: RNAZ) ("TransCode" or the
"Company"), 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 announced the closing
of its initial public offering of 7,187,500 shares of its common
stock at a public offering price of $4.00 per share. Gross proceeds
from the offering totaled $28,750,000, before deducting
underwriting discounts and offering expenses. The shares sold in
the offering include the exercise in full by the underwriters of
their over-allotment option to purchase up to 937,500 shares of
common stock, in addition to the 6,250,000 shares of the Company's
common stock which the underwriters initially agreed to purchase.
The shares sold in the offering began trading on July 9, 2021 on
the Nasdaq Capital Market under the symbol “RNAZ”.
The Company intends to use the proceeds for testing required to
file an Investigational New Drug application (“IND”) for the Phase
0 trial of its lead candidate, TTX-MC138, and for further
development of TTX-MC138. Proceeds will also be used for strategic
expansion of TransCode’s drug candidate portfolio and for working
capital and general corporate purposes.
ThinkEquity, a division of Fordham Financial Management, Inc.,
acted as sole book-running manager for the offering.
A registration statement on Form S-1 (File No. 333-253599)
relating to the shares was filed with the Securities and Exchange
Commission (“SEC”) and became effective on July 8, 2021. This
offering is being made only by means of a prospectus. This
registration statement can be obtained by visiting the SEC’s
website at www.sec.gov. Copies of the final prospectus may be
obtained from ThinkEquity, a division of Fordham Financial
Management, Inc., 17 State Street, 22nd Floor, New York, New York
10004, by telephone at (877) 436-3673, by email at
prospectus@think-equity.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About TransCode
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. Learn more at
https://www.transcodetherapeutics.com.
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. These and other
risks and uncertainties are described more fully in the section
titled "Risk Factors" in the final prospectus related to the public
offering 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210713006137/en/
IR inquiries: Josh Rappaport, Stern IR
josh.rappaport@sternir.com 212-362-1200
Company inquiries: Tom Fitzgerald, CFO
tom.fitzgerald@transcodetherapeutics.com 617-895-8777
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