Biotech Sees Massive Rally On Major Announcement

Biotech Sees Massive Rally On Major Announcement

By: Tomas Ronolski - News

Wednesday, December 7, 2022

A Boston-based biotech company caught the attention of the trading community on Wednesday after it was announced that the company withdrew the Registration Statement on Form S-1 it filed with the U.S. Securities and Exchange Commission on November 28, 2022, and amended on November 30, 2022. According to the release that came out after hours yesterday, “the withdrawal reflects the Company’s belief that current market conditions are not conducive for an offering on terms that would be in the best interests of the Company's stockholders.”

Shares of TransCode Therapeutics Inc. (Nasdaq:RNAZ) rallied strongly on the news as investors evidently view this cancellation of a dilutive event as a bullish thing. Shares climbed up to $1.17/share (+178.70%) at the session high. 

TransCode Therapeutics Inc is an RNA oncology company. It is created to defeat the cancer through the intelligent design and effective delivery of RNA therapeutics. The company's lead therapeutic candidate, TTX-MC138, is focused on treating metastatic cancer, which has the potential to produce regression without recurrence in a range of cancers, including breast, pancreatic, ovarian and colon cancer, glioblastomas and others.

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