Biotech Shares Bid Up Following Public Offering Cancellation

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, October 31, 2023

A Boston-based biotech that is no stranger to capturing our attention is at it again on Tuesday morning after the company announced that it is withdrawing the underwritten public offering of its common stock. According to the release, “this reflects the Company’s belief that current market conditions were not conducive for an offering on terms that would be in the best interests of the Company's stockholders.”

Seeing that this is a walk back of what would be a dilutive event, shares of TransCode Therapeutics Inc. (Nasdaq:RNAZ) are currently bid up at $0.394/share (+9.47% implied open for sellers). It should be an exciting session for this micro cap.

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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