Transcode Therapeutics, a preclinical biotech developing RNA-based targeted therapies for cancer, raised $25 million by offering 6.25 million shares at $4.00.
At $4.00, TransCode Therapeutics commands a fully diluted market value of $54 million. The company originally filed to offer 2.8 million shares at a range of $8 to $10, before cutting the proposed offer price to $4 at the beginning of May.
TransCode's lead RNA-based candidate, TTX-MC138, is focused on treating metastatic cancer. The company anticipates submitting an IND in the 2H21 to support a Phase 0 study of TTX-MC138 to assess delivery to metastatic tumor cells, engagement with the target microRNA-10b, and possibly demonstrate inhibition of the miR10b target. Concurrent with that study, the company expects to complete additional IND enabling studies to support an IND for a Phase 1 trial of TTX-MC138.
TransCode Therapeutics plans to list on the Nasdaq under the symbol RNAZ. ThinkEquity acted as sole bookrunner on the deal.
