TransCode shares to remain listed on Nasdaq
BOSTON, Jan. 7, 2025
/PRNewswire/ -- TransCode Therapeutics, Inc. (NASDAQ: RNAZ), the
RNA oncology company committed to more effectively treating cancer
using RNA therapeutics, today announced that it has received notice
from the NASDAQ Stock Market LLC (Nasdaq) that the Company has
regained compliance with Listing Rules 5550(a)(2) and 5550(b)(1),
the Exchange's minimum bid price and shareholders' equity rules,
respectively. The Company has also resolved the violation regarding
Listing Rule 5635 (the "Shareholder Approval Rule") by obtaining
shareholder ratification of a July
2024 equity transaction. As a result, the Company's shares
will remain listed on the Nasdaq Capital Market (the "Exchange").
Pursuant to Nasdaq Listing Rule 5815(d)(4)(A), the Company will be
subject to a Discretionary Panel Monitor through December 24, 2025.
The Nasdaq notice stated that if, within the one-year monitoring
period, the Nasdaq Staff finds the Company is again out of
compliance with any Listing Rule of the Exchange, notwithstanding
Rule 5810(c)(2), the Company will not be permitted to provide the
Staff with a plan of compliance with respect to any deficiency and
the Staff will not be permitted to grant additional time for the
Company to regain compliance with respect to any deficiency, nor
will the Staff be permitted to grant additional time for the
Company to regain compliance with respect to any deficiency, nor
will the Company be afforded an applicable cure or compliance
period pursuant to Rule 5810(c)(3). Instead, the Staff will issue a
Delist Determination Letter and the Company will have an
opportunity to request a new hearing with the initial Hearings
Panel or a newly convened Hearings Panel if the initial Panel is
unavailable. The Company will have the opportunity to
respond/present to the Hearings Panel as provided by Listing Rule
5815(d)(4)(C). The Company's securities may at that time be
delisted from Nasdaq.
"Regaining compliance with Nasdaq's listing standards is an
encouraging start to what we believe will be an important year for
TransCode. Advancing our lead therapeutic candidate, TTX-MC138, in
the clinic positions us to obtain critical information regarding
the safety and tolerability of TTX-MC138 in patients and helps
validate our drug design engine intended to broadly enable RNA
therapeutics for cancer. We believe TransCode is poised to reach
key milestones in the coming year," said Tom Fitzgerald, TransCode's Interim Chief
Executive Officer and Chief Financial Officer.
About TransCode Therapeutics
TransCode is a clinical-stage oncology company focused on
treating metastatic disease. The company is committed to defeating
cancer through the intelligent design and effective delivery of RNA
therapeutics based on its proprietary TTX nanoparticle platform.
The company's lead therapeutic candidate, TTX-MC138, is focused on
treating metastatic tumors which overexpress microRNA-10b, a
unique, well-documented biomarker of metastasis. In addition,
TransCode has a portfolio of other first-in-class RNA therapeutic
candidates designed to overcome the challenges of RNA delivery and
thus unlock therapeutic access to a variety of novel genetic
targets that could be relevant to treating a variety of
cancers.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements concerning the continued
listing of the Company's stock on the Nasdaq Capital
Market. Any forward-looking statements in this press release
are based on management's current expectations of future events and
are subject to a number of risks and uncertainties that could cause
actual results to differ materially and adversely from those set
forth in or implied by such forward-looking statements. These risks
and uncertainties include, but are not limited to: the risks
associated with drug discovery and development; the risk that the
results of clinical trials will not be consistent with TransCode's
preclinical studies or expectations or with results from previous
clinical trials; risks associated with the conduct of clinical
trials; risks associated with TransCode's financial condition and
its need to obtain additional funding to support its business
activities, including TransCode's ability to continue as a going
concern; risks associated with the timing and outcome of
TransCode's planned regulatory submissions; risks associated with
obtaining, maintaining and protecting intellectual property; risks
associated with TransCode's ability to enforce its patents against
infringers and defend its patent portfolio against challenges from
third parties; risks of competition from other companies developing
products for similar uses; risks associated with TransCode's
dependence on third parties; and risks associated with geopolitical
events and pandemics, including the COVID-19 coronavirus and
military actions. For a discussion of these and other risks and
uncertainties, and other important factors, any of which could
cause TransCode's actual results to differ from those contained in
or implied by the forward-looking statements, see the section
entitled "Risk Factors" in TransCode's Annual Report on Form 10-K
for the year ended December 31, 2023,
as well as discussions of potential risks, uncertainties and other
important factors in any subsequent TransCode filings with the
Securities and Exchange Commission. All information in this press
release is as of the date of this release; TransCode undertakes no
duty to update this information unless required by law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nasdaq-determines-that-transcode-therapeutics-has-regained-compliance-with-continued-listing-requirements-302343956.html
SOURCE TransCode Therapeutics, Inc.