TransCode Therapeutics Announces Withdrawal of Registration Statement

Rhea-AI Summary

TransCode Therapeutics (NASDAQ: RNAZ) has withdrawn its Registration Statement on Form S-1, initially filed on November 28, 2022, due to unfavorable market conditions. The Company believes these conditions do not align with the best interests of its stockholders for a public offering. TransCode focuses on RNA-based cancer treatments, aiming to improve patient outcomes with its therapeutic candidates targeting various tumor types. Their lead candidate, TTX-MC138, aims to treat metastatic cancer, a leading cause of cancer deaths worldwide.

Positive

• TransCode's lead candidate, TTX-MC138, targets metastatic cancer, affecting over nine million deaths globally.
• The company has developed multiple RNA-based therapeutic candidates aimed at various tumor types.

Negative

• Withdrawal of the offering may indicate potential liquidity challenges or lack of investor confidence.

BOSTON, Dec. 06, 2022 (GLOBE NEWSWIRE) -- TransCode Therapeutics, Inc. (NASDAQ: RNAZ) (the “Company”), the RNA oncology company committed to more effectively treating cancer using RNA therapeutics, announced today that it withdrew the Registration Statement on Form S-1 it filed with the U.S. Securities and Exchange Commission on November 28, 2022, and amended on November 30, 2022. The withdrawal reflects the Company’s belief that current market conditions are not conducive for an offering on terms that would be in the best interests of the Company's stockholders.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Company’s common stock or any securities, and there shall not be any offer, solicitation or sale of securities mentioned in the press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such any state or 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. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021, as well as discussions of potential risks, uncertainties and other important factors in any 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.

For more information, please contact:

TransCode Therapeutics, Inc.
Alan Freidman, VP Investor Relations
alan.freidman@transcodetherapeutics.com

FAQ

Why did TransCode Therapeutics withdraw its Form S-1 registration?

TransCode Therapeutics withdrew its Form S-1 registration due to unfavorable market conditions that it believed would not be in the best interests of its stockholders.

What is the focus of TransCode Therapeutics?

TransCode Therapeutics is focused on RNA oncology, developing therapies to treat various types of cancer.

What are the implications of TransCode's withdrawal on its stock price?

The withdrawal could signal potential liquidity challenges, possibly affecting investor confidence and the stock price.

What is the significance of the lead candidate TTX-MC138?

TTX-MC138 is designed to treat metastatic cancer, which accounts for approximately 90% of cancer deaths globally.