TransCode Therapeutics Reports Further Restructuring to Reduce Expenses and Increased Focus on Planned Phase 1 Clinical Trial, Retirement of CEO

BOSTON, Jan. 12, 2024 (GLOBE NEWSWIRE) -- TransCode Therapeutics, Inc. (NASDAQ: RNAZ), the RNA oncology company committed to more effectively treating cancer using RNA therapeutics, today reported further steps in its previously-announced restructuring. The restructuring is intended to further reduce expenditures and enable greater concentration of company resources on a planned Phase 1 clinical trial for its lead therapeutic candidate, TTX-MC138. The restructuring follows a strategic review of the company’s operations to identify areas in which it could delay or reduce expenditures, including a previously announced reduction in headcount.

In connection with the restructuring, TransCode’s co-founder and Chief Executive Officer, Michael Dudley, announced his retirement. He will resign as an executive officer and director of the company effective January 13, 2024. TransCode’s Board of Directors thanks Mr. Dudley for his many contributions to the company since its formation in 2016. Under his leadership, TransCode in-licensed its foundational technology, developed seven distinct product categories showcasing the potential of the company’s TTX delivery platform, completed its initial public offering in July 2021, initiated its first-in-human Phase 0 clinical trial with TTX-MC138, and dosed its first patient in that trial. In addition, Mr. Dudley hired TransCode’s executive management team, which enabled the company to reach its many milestones.

Tom Fitzgerald, currently Chief Financial Officer and a director of TransCode, will become interim Chief Executive Officer. Mr. Fitzgerald will continue as TransCode’s Chief Financial Officer, a position he has held since July 2018. He has helped lead the company’s financing activities as well as building out its finance, accounting, human resources and information technology infrastructures. He has also been integrally involved in company operations. In addition to his experience with public and private financings, Mr. Fitzgerald has experience with mergers and acquisitions, licensing and collaborations and similar corporate transactions. Previously, Mr. Fitzgerald served as interim Chief Executive Officer while also Chief Financial Officer of Velico Medical, Inc., a medical technology company where he recruited its successor Chief Executive Officer.