TransCode Therapeutics Publishes Open Letter Outlining Company’s Progress and Objectives

Despite Difficult Financial Markets, TransCode Raised New Capital and Initiated Its First Clinical Trial With Its Lead Therapeutic Candidate, A First-in-Class Compound Designed to Treat Metastatic Disease

BOSTON, Jan. 04, 2024 (GLOBE NEWSWIRE) -- TransCode Therapeutics, Inc. (“TransCode” or the “Company”) (NASDAQ: RNAZ), the RNA oncology company committed to more effectively treating cancer using RNA therapeutics, today announced publication of an open letter to shareholders outlining the Company’s progress in 2023 and objectives in 2024. The text of the letter is below.

Dear Shareholders,

As we begin the new year, we reflect on the challenges faced by the biotech sector over the past two years. Despite those challenges, we have the pleasure to report on TransCode’s progress and resilience and solicit your continued support.

Our commitment to defeating cancer remains steadfast. We are pleased to report continued progress in advancing our lead therapeutic candidate for patients with metastatic disease. Commencement of our first human clinical trial is a testament to the dedication of our team and their belief in our mission, and, as importantly, the promise of our science.

Raising capital in a highly challenging environment

The industry has experienced unprecedented challenges in obtaining the capital needed to advance development programs, exacerbated by a corresponding drop in market values. A large number of companies have had sizable lay-offs and reductions in operations; a significant number have closed completely. Many have had to make difficult decisions to survive. In this extraordinary economic environment, we have continued to weather these storms, securing approximately $18.5M in additional capital in 2023. While this capital was expensive, a sizable number of companies could not obtain new capital at any cost.

Prioritized Lead Therapeutic Development Program

The development program for our lead therapeutic candidate, TTX-MC138, continues to progress on regulatory and clinical development pathways.

We currently have an active eIND open with the FDA for our Phase 0 clinical trial in which radiolabeled TTX-MC138 may be administered to patients with advanced solid tumors. Initial data from the first patient in the trial showed that radiolabeled TTX-MC138 had pharmacokinetic behavior consistent with that expected based on earlier nonclinical IND-enabling studies. Data monitoring, analysis and enrollment are ongoing.