TransCode Therapeutics Announces Termination of Previously Announced Sale of Series A Preferred Stock

Rhea-AI Summary

TransCode Therapeutics, Inc. (NASDAQ: RNAZ) announced that it will not complete the sale of Series A Convertible Preferred Stock originally valued at $500,000 due to the proposed purchaser's withdrawal from the agreement. The company will not issue any shares related to this transaction and has reserved its legal rights. TransCode aims to enhance cancer treatment through RNA therapeutics, with its lead candidate, TTX-MC138, targeting metastatic cancers linked to high mortality rates. The firm also explores several other drug candidates and gene-editing platforms to improve patient outcomes in oncology.

Positive

• TransCode focuses on treating various tumor types with RNA therapeutics.
• Lead candidate TTX-MC138 targets metastatic cancer, addressing significant mortality.

Negative

• Sale of $500,000 Series A Convertible Preferred Stock was canceled, reflecting potential funding challenges.

BOSTON, April 04, 2023 (GLOBE NEWSWIRE) -- TransCode Therapeutics, Inc. (NASDAQ: RNAZ), the RNA Oncology Company^TM committed to more effectively treating cancer using RNA therapeutics, today announced that its previously announced sale of Series A Convertible Preferred Stock for an aggregate purchase price of $500,000 will not be consummated after the proposed purchaser advised the Company that it was not prepared to complete the transaction on the terms set forth in the Stock Purchase Agreement signed by the investor.   Accordingly, no shares of Series A Convertible Preferred Stock will be issued and sold with respect to this previously announced transaction.  The Company has reserved its legal rights with respect to this matter.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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 produce regression without recurrence in a range of cancers, including breast, pancreatic, ovarian and colon cancer, glioblastomas and others. Two of the Company’s other drug candidates, TTX-siPDL1 and TTX-siLIN28B, focus on treating tumors by targeting PD-L1 and LIN28B, respectively. 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 the satisfaction of customary closing conditions related to the offering, completion of the offering and various other factors. 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 Freidman
VP Investor Relations
Alan.freidman@transcodetherapeutics.com

FAQ

What was the announcement made by TransCode Therapeutics on April 4, 2023?

TransCode announced that the sale of Series A Convertible Preferred Stock for $500,000 would not proceed due to the purchaser's withdrawal.

What is the stock symbol for TransCode Therapeutics?

The stock symbol for TransCode Therapeutics is RNAZ.

What is TTX-MC138 and its significance?

TTX-MC138 is TransCode's lead therapeutic candidate aimed at treating metastatic cancer, which causes about 90% of cancer deaths.

What other drug candidates does TransCode Therapeutics have?

TransCode has several other candidates including TTX-siPDL1, TTX-siLIN28B, and multiple cancer-agnostic programs.

Did TransCode Therapeutics issue any shares following the canceled sale?

No, no shares of Series A Convertible Preferred Stock will be issued due to the transaction's cancellation.