Transcode Therapeutics Inc. (NASDAQ: RNAZ) stock surged by 21.93% at last close while the RNAZ stock-price gains by 20.16% in the pre-market trading session. However, Transcode therapeutics has not released any news regarding the share price. TransCode is an up-and-coming RNA oncology business founded on the premise that cancer may be vanquished via the intelligent design and delivery of RNA therapies. Transcode Therapeutics has developed a portfolio of therapeutic candidates that target a range of tumor types with the goal of improving patient outcomes considerably.
TTX-MC138, RNAZ’s primary therapeutic candidate, is aimed at curing metastatic cancer, which accounts for over 90% of all cancer deaths globally, or over nine million fatalities each year.
TransCode Therapeutics has priced its first public offering of 6,250,000 shares of its common stock at $4.00 per share, for gross revenues of $25,000,000 before underwriting discounts and offering expenses. Transcode Therapeutics has also given the underwriters a 45-day option to acquire up to an extra 937,500 shares of common stock at the initial public offering price, minus the underwriting discount, to meet over-allotments. Transcode Therapeutics is offering all of the shares of common stock.
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Transcode Therapeutics plans to use the funds for the testing necessary to submit an IND for the Phase 0 trial of TTX-MC138, as well as for continued development of TTX-MC138, strategic growth of their drug candidate portfolio, and operating capital.On July 9, 2021, the shares will begin trading on the Nasdaq Capital Market under the ticker “RNAZ.” The offering is scheduled to close on July 13, 2021, assuming all usual closing conditions are met.
The offering’s only book-running manager is ThinkEquity, a part of Fordham Financial Management.