MBI-incubated anti-cancer company completes $29M IPO
Photo | Monica Benevides
Lab space at MBI
TransCode Therapeutics, Inc., an RNA oncology company, announced on July 13 it would close its initial public offering of nearly 7.2 million shares at $4 per share.
The company was incubated at Worcester incubator Massachusetts Biomedical Initiatives in Worcester. Founded in 1985, MBI is an economic development organization for life science and healthcare research.
[Related: Q&A: Hitting 95% capacity in its new facility, MBI supports Worcester’s booming biotech sphere]
Proceeds from the offering, which totals $28.75 million, will be used for phase 0 trial testing and further development of its lead drug candidate, TTX-MC138, according to a press release. TransCode hopes to expand its drug candidate portfolio with the funds.
TransCode, now headquartered in Boston, continues to conduct research in lab space at MBI, and focuses its cancer research on designing and delivering RNA treatments for metastatic cancer.
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