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TRANSCODE THERAPEUTICS TransCode Therapeutics Reports Business Progress and Second Quarter 2021 Financial Results August 23 , 2021 Completed initial public offering of common stock , raising $ 28.8 million in gross proceeds Awarded $ 2.3 million in funding from NIH to support clinical evaluation of TTX - MC138 On track to submit eIND application for TTX - MC138 in Q1 2022 BOSTON -- ( BUSINESS WIRE ) -- Aug . 23 , 2021-- TransCode Therapeutics , Inc. ( Nasdaq : RNAZ ) , an emerging RNA oncology company , created on the belief that cancer can be defeated through the intelligent design and effective delivery of RNA therapeutics , today reported recent business progress and second quarter 2021 financial results . " 2021 has so far been foundational for TransCode , highlighted by our recent initial public offering and listing on Nasdaq . With resources from the IPO and additional support from the NIH , we are driving progress across our organization , including key staff additions who bring valued expertise to our team and advancement of our preclinical work , " said Michael Dudley , co - founder , president and CEO of TransCode Therapeutics . " Looking forward , we are positioning to move our pipeline into clinical development , as we seek to demonstrate the power and versatility of our TTX platform in solving the challenges of RNA delivery in oncology . We remain on track to submit an exploratory Investigational New Drug Application ( eIND ) in the first quarter of 2022 to test our lead therapeutic candidate , TTX - MC138 , in a Phase 0 study in metastatic solid tumors . We believe this study has the potential to establish proof - of - mechanism for our platform , upon which we hope to build a broad and diverse pipeline of therapeutics and diagnostics with the potential to reach previously undruggable genetic targets . " Second Quarter 2021 and Recent Highlights • Completed an initial public offering of 7,187,500 shares of common stock , including full exercise of the underwriters ' option to purchase additional shares , resulting in aggregate gross proceeds of $ 28.8 million , before deducting underwriting discounts and commissions and other offering expenses . • Awarded a Fast - Track Small Business Innovation Research ( SBIR ) grant from National Institutes of Health ( NIH ) , totaling $ 2.3 million expected over three years to support the clinical evaluation of TTX - MC138 . The Company expects to use these funds for translational experiments to identify and optimize a method for measuring miR - 10b expression in breast cancer clinical samples , as well as IND - enabling activities and measurement of delivery and target engagement of TTX - MC138 . • Strengthened the Company's leadership team with several key appointments , including : • Judy Carmody , Ph.D. , as SVP of Operations , Susan Duggan as VP of Clinical Operations , Dustan Bonnin as VP of Corporate Strategy and Subrata Ghosh , Ph.D. , as Principal Scientist ; and • Dejan Juric , M.D. , appointed to its Scientific Advisory Board . Dr. Juric , a renowned expert in personalized cancer medicine and breast cancer specialist , is currently serving as director of the Henri and Belinda Termeer Center for Targeted Therapies and Investigational Cancer Therapeutics Program at Massachusetts General Hospital . • Advanced preclinical work for TTX - MC138 , the Company's lead program , targeting miR - 10b for treatment of metastatic solid tumors . The Company has completed development of a diagnostic assay validating a method for measuring miR - 10b expression in patient blood and tissue samples . This new assay should support future TTX - MC138 clinical trials including the initial Phase 0 study . • Initiated IND - enabling activities to support its planned eIND filing for TTX - MC138 . Planned Upcoming Milestones TransCode continues to advance its portfolio and has set the following goals : • TTX - MC138 • Submission to FDA of an eIND application in the first quarter of 2022 . o Initiation of Phase 0 clinical study evaluating TTX - MC138 for treatment of metastatic solid tumors later in 2022 . • Concurrent completion of IND - enabling studies to support second half of 2022 filing an IND application for a Phase I clinical trial of TTX - MC138 . • Publication of preclinical results supporting its TTX delivery platform in the second half of 2021 . Second Quarter Financial Highlights • Cash and Cash Equivalents : As of June 30 , 2021 , cash and cash equivalents totaled approximately $ 80 thousand , excluding approximately $ 25.4 million in net proceeds from the Company's July IPO .