TransCode Therapeutics Enters into Agreements for up to $20 Million Flexible Financing, Extending Company's Runway into Late 2027/Early 2028
BOSTON, April 7, 2026 /PRNewswire/ --
"The financing agreement provides TransCode with financial flexibility and ensures that TransCode can maintain operational momentum as we conduct our Phase 2a trial for our lead clinical program, TTX-MC138," said Dr. Philippe P Calais, Pharm.D., Ph.D., Chairman and CEO of TransCode. "This runway extension should enable the Company to complete the Phase 2a study and subsequently explore a strategic collaboration for the program," said Tom Fitzgerald, CFO of TransCode.
TTX-MC138 is a first-in-class therapeutic candidate designed to inhibit microRNA-10b, or miR-10b, a microRNA widely believed to be critical to the emergence and progression of many metastatic cancers. TransCode's Phase 0 clinical trial produced evidence of delivery of a radiolabeled version of TTX-MC138 to metastatic lesions and pharmacodynamic activity, even at a microdose of the drug candidate, suggesting a broad therapeutic window for TTX-MC138. In the Company's Phase 1a clinical trial, TTX-MC138 met its safety endpoint and was well tolerated by patients. A Phase 2a clinical trial with TTX-MC138 is expected to begin in the second quarter 2026.
The pre-paid advance will be evidenced by convertible promissory notes priced at 95% of face value. TransCode will issue a $1 million principal amount note concurrently with the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and, subject to certain closing conditions, will issue an additional $5 million principal amount note upon shareholder approval of the transaction as required by Nasdaq rules. The advance will accrue interest at a simple annual rate of 5% and may be converted into TransCode's common stock.
Upon conversion or repayment of the convertible notes, TransCode at its option may sell up to $14 million of its common stock to the investor under terms specified in the financing agreement.
The financing agreement can be found in TransCode's Form 8-K filed with the U.S Securities and Exchange Commission.
Tungsten Advisors acted as the Sole Placement Agent.
SOURCE TransCode Therapeutics, Inc.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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