TransCode Therapeutics Announces Closing of $7.25 Million Public Offering
January 22 2024 - 4:45PM
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 5,942,623
shares of its common stock (or common stock equivalents) and
warrants to purchase up to 11,885,246 shares of common stock at a
combined public offering price of $1.22 per share (or per common
stock equivalent) and accompanying warrants. The warrants have an
exercise price of $1.22 per share, are exercisable immediately upon
issuance and will expire three and one-half years from the date of
issuance.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
The gross proceeds from the offering, before
deducting the placement agent's fees and other offering expenses,
were $7.25 million. The Company intends to use the net proceeds
from this offering for product development activities, including
one or more clinical trials with TTX-MC138, its lead therapeutic
candidate, and related investigational new drug (IND) 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.
333-276467), which was declared effective by the Securities and
Exchange Commission (the “SEC”) on January 18, 2024. The offering
was made only by means of a prospectus forming part of the
effective registration statement relating to the offering. A final
prospectus relating to the offering has been filed with the SEC.
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 H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
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 a clinical-stage oncology company
focused on treating metastatic disease. The company is committed to
defeating cancer through the intelligent design and effective
delivery of RNA therapeutics based on its proprietary TTX
nanoparticle platform. The company’s lead therapeutic candidate,
TTX-MC138, is focused on treating metastatic tumors which
overexpress microRNA-10b, a unique, well-documented biomarker of
metastasis. In addition, TransCode is developing a portfolio of
first-in-class RNA therapeutic candidates designed to overcome the
challenges of RNA delivery and thus unlock therapeutic access to a
variety of novel genetic targets that could be relevant to treating
a variety of cancers.
Forward-Looking Statements
This press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties, including statements related to the completion of
the offering. 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 the number of shares that may be issued, and
amount of proceeds that may be received by the Company pursuant to
the offering and various other factors and the continued listing of
our common stock in general as well as the listing of the common
stock being sold in this offering on the Nasdaq Capital Market
relating to possible non-compliance with Nasdaq’s Market Place Rule
5635 (the shareholder approval rule), Nasdaq Listing Rule
5550(b)(1) (the stockholders’ equity requirement), and Nasdaq
Listing Rule 5550(a)(2) (the minimum bid price requirement). 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 registration statement and 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:
Tom Fitzgerald, Interim CEO;
CFOtom.fitzgerald@transcodetherapeutics.com857-837-3099
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