The $25 million is expected to be used to advance the clinical development of its lead microRNA asset into a mid-stage clinical trial.
TransCode Therapeutics, Inc. (RNAZ) on Wednesday said that it has entered into a definitive agreement to acquire privately-held biotech firm Polynoma LLC from CK Life Sciences.
The company also announced a $25 million investment from CK Life Sciences, expected to be used to advance the clinical development of its lead microRNA asset called TTX-MC138 into a mid-stage clinical trial. The candidate is believed to be a master regulator of metastatic cancer across multiple indications.
Shares of the company soared 55% in the pre-market session at the time of writing. On Stocktwits, retail sentiment around RNAZ stock jumped from ‘bullish’ to ‘extremely bullish’ territory over the past 24 hours, while message volume rose from ‘normal’ to ‘high’ levels.
Polynoma is developing a late-stage candidate called seviprotimut-L, a vaccine aimed at melanoma patients who have limited options in stage IIB and IIC.
“Between the two programs, we see a unique potential to augment seviprotimut-L’s focus with our microRNA lead program, TTX-MC138, by addressing the micrometastases in stage IIB and IIC melanoma patients,” TransCode’s new CEO, Philippe Calais, said.
TransCode on Wednesday also announced that Calais has been appointed as the company CEO while remaining Chairman of the Board of Directors. Tom Fitzgerald stepped down as Interim CEO but remains CFO, it added.
While there are no other changes to TransCode’s executive team, the company expects to retain several finance, development, and manufacturing professionals from Polynoma, it added.
RNAZ stock is down by 87% this year and by 97% over the past 12 months.
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