Transcode Therapeutics, a preclinical biotech developing RNA-based targeted therapies for cancer, amended the terms for its upcoming IPO on Monday.
The Boston, MA-based company now plans to raise $25 million by offering 6.3 million shares at $4. The company previously filed to raise $25 million by offering 2.8 million shares at a range of $8 to $10. At the revised terms, Transcode Therapeutics would command a fully diluted market value of $54 million (-41% vs. original terms).
Transcode is an emerging RNA oncology company. Its lead 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 was founded in 2016 and plans to list on the Nasdaq under the symbol RNAZ. ThinkEquity is the sole bookrunner on the deal.
