TransCode Therapeutics Successfully Meets Nasdaq Listing Compliance Requirements
TransCode Therapeutics, Inc. (NASDAQ: RNAZ), a pioneering company in RNA oncology, recently announced its successful return to compliance with the listing rules of the Nasdaq Stock Market. This achievement signifies a crucial step forward for the company, which is dedicated to innovating cancer care through RNA-based therapeutics. Regaining compliance means that TransCode's shares can continue to be traded on the Nasdaq Capital Market— a significant milestone for the biotech firm.
In a notification received from Nasdaq, it was confirmed that TransCode met the requirements outlined in Listing Rules 5550(a)(2) and 5550(b)(1), which focus on the minimum bid price and shareholders’ equity. Importantly, the company also rectified its previous violation regarding Listing Rule 5635, commonly known as the Shareholder Approval Rule. This was achieved through obtaining necessary shareholder approval for an equity transaction that took place in July 2024.
This compliance allows TransCode to remain on the Nasdaq, where it will be monitored under a Discretionary Panel until December 24, 2025. During this one-year monitoring period, should any compliance issues arise again, the Nasdaq staff will not permit the company to submit an action plan, nor will they grant time for rectification. If the firm falls out of compliance again, it may face delisting.
Tom Fitzgerald, Interim Chief Executive Officer and Chief Financial Officer of TransCode, expressed optimism about the company's future. "Regaining compliance with Nasdaq's listing standards is an encouraging start to what we believe will be an important year for TransCode," he stated. Fitzgerald highlighted the advancement of their lead therapeutic candidate TTX-MC138 as pivotal for providing insights on safety and tolerability in patient trials. Moreover, this progress strengthens their drug design approach aimed at facilitating RNA therapeutics for cancer treatment.
TTX-MC138 targets metastatic tumors that overexpress microRNA-10b, a distinct biomarker associated with metastasis. TransCode's focus on developing its proprietary TTX nanoparticle platform aims to overcome traditional RNA delivery challenges, thereby expanding therapeutic access to various genetic targets crucial for treating different cancer types.
In addition, the company is working on a range of other innovative RNA therapeutic candidates, all designed to tackle the complexities involved in RNA delivery. These candidate therapies embody TransCode's commitment to advancing treatment methodologies within oncology.
Current forward-looking statements by the company underline the uncertainties inherent in drug development, regulatory approvals, and market conditions. Each of these variables holds the potential to significantly influence the future trajectory of TransCode Therapeutics. Their forward-looking risks include reliance on future funding, competition in the biotech arena, and potential geopolitical and pandemic-related disruptions.
In summary, TransCode Therapeutics’ successful reinstatement onto the Nasdaq is a promising development for the company, as it embarks on a journey filled with potential breakthroughs in RNA oncology. As the company looks ahead, they remain committed to innovating the way cancer is treated, with an aim to bring effective solutions to patients battling this challenging disease.
In a notification received from Nasdaq, it was confirmed that TransCode met the requirements outlined in Listing Rules 5550(a)(2) and 5550(b)(1), which focus on the minimum bid price and shareholders’ equity. Importantly, the company also rectified its previous violation regarding Listing Rule 5635, commonly known as the Shareholder Approval Rule. This was achieved through obtaining necessary shareholder approval for an equity transaction that took place in July 2024.
This compliance allows TransCode to remain on the Nasdaq, where it will be monitored under a Discretionary Panel until December 24, 2025. During this one-year monitoring period, should any compliance issues arise again, the Nasdaq staff will not permit the company to submit an action plan, nor will they grant time for rectification. If the firm falls out of compliance again, it may face delisting.
Tom Fitzgerald, Interim Chief Executive Officer and Chief Financial Officer of TransCode, expressed optimism about the company's future. "Regaining compliance with Nasdaq's listing standards is an encouraging start to what we believe will be an important year for TransCode," he stated. Fitzgerald highlighted the advancement of their lead therapeutic candidate TTX-MC138 as pivotal for providing insights on safety and tolerability in patient trials. Moreover, this progress strengthens their drug design approach aimed at facilitating RNA therapeutics for cancer treatment.
TTX-MC138 targets metastatic tumors that overexpress microRNA-10b, a distinct biomarker associated with metastasis. TransCode's focus on developing its proprietary TTX nanoparticle platform aims to overcome traditional RNA delivery challenges, thereby expanding therapeutic access to various genetic targets crucial for treating different cancer types.
In addition, the company is working on a range of other innovative RNA therapeutic candidates, all designed to tackle the complexities involved in RNA delivery. These candidate therapies embody TransCode's commitment to advancing treatment methodologies within oncology.
Current forward-looking statements by the company underline the uncertainties inherent in drug development, regulatory approvals, and market conditions. Each of these variables holds the potential to significantly influence the future trajectory of TransCode Therapeutics. Their forward-looking risks include reliance on future funding, competition in the biotech arena, and potential geopolitical and pandemic-related disruptions.
In summary, TransCode Therapeutics’ successful reinstatement onto the Nasdaq is a promising development for the company, as it embarks on a journey filled with potential breakthroughs in RNA oncology. As the company looks ahead, they remain committed to innovating the way cancer is treated, with an aim to bring effective solutions to patients battling this challenging disease.
Topics Health）
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