TransCode Therapeutics Reports 2023 Results; Provides Business Update

BOSTON, April 03, 2024 (GLOBE NEWSWIRE) -- TransCode Therapeutics, Inc. (NASDAQ: RNAZ), the RNA oncology company committed to more effectively treating cancer using RNA therapeutics, today reported financial results for 2023 and recent business progress.

“We believe 2023 was extremely productive and pivotal for TransCode. We are proud to have advanced our lead therapeutic candidate, TTX-MC138, into the clinic as a first-in-class drug candidate against metastatic cancer. The year was highlighted by preliminary clinical results from our Phase 0 clinical trial with radiolabeled TTX-MC138,” said Tom Fitzgerald, interim CEO and CFO of TransCode. “Further, despite very challenging financial markets, we raised over $25 million in equity financings, streamlined our operations for higher efficiency, and signed two strategic collaborations aimed at demonstrating the value of our TTX platform in additional applications. We also continued to achieve other important milestones, with the ultimate objective of fulfilling the promise of RNA therapeutics for oncology applications. We now look forward to our Phase 1 clinical trial of TTX-MC138 which, subject to FDA authorization, is planned to begin in mid-2024.”

Key Highlights (2023 and Q1 2024)

• IRB approval for FDA-cleared first-in-human Phase 0 clinical trial with TTX-MC138.
• First patient dosed and preliminary clinical results with radiolabeled TTX-MC138 in the Phase 0 clinical trial.
• Signed a co-research agreement with Debiopharm to develop nucleic acid therapeutics for cancer treatment.
• Signed a joint research and development agreement with Akribion Genomics to develop a CRISPR-derived technology platform for cancer treatment.
• Raised over $25 million in equity financings in an extremely challenging financial environment.
• Refocused our development strategy, prioritizing advancing TTX-MC138 into a Phase 1 clinical trial and reducing cash burn.
• Appointed CFO Tom Fitzgerald as interim CEO and director Philippe Calais as Executive Chairman following the resignation of Michael Dudley as CEO.
• Appointed Daniel Vlock, M.D., as Chief Medical Officer.
• Regained compliance with Nasdaq’s stockholders’ equity requirement.
• Presented TransCode technology at leading cancer conferences including San Antonio Breast Cancer Symposium, AACR, OTS, and TIDES Europe.

TTX-MC138