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TransCode Therapeutics (NASDAQ:RNAZ) stock is rocketing higher on Thursday as investors react to positive news from a breast cancer study.

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According to a press release from the company, preclinical trial data for TTX-MC138 shows that it could be an effective treatment of breast cancer. TTX-MC138 is an RNA therapeutics treatment in development from the company.

Results from the preclinical study were published in Cancer Nanotechnology. It’s under the title “Radiolabeling and PET-MRI microdosing of the experimental cancer therapeutic, MN-anti-miR10b, demonstrates delivery to metastic lesions in a murine model of metastatic breast cancer.”

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Michael Dudley, CEO of TransCode Therapeutics, said this in the release sending RNAZ stock higher today.

‘For TransCode, we believe this study further confirms the pharmacokinetic profile of TTX-MC138, supporting the viability of our platform for delivery of RNA-based therapy to metastatic solid tumors. Our preclinical data further suggest the therapeutic potential of TTX-MC138, and we look forward to our Phase 0 study which has the potential to establish clinical proof-of-concept for this therapy.”

So what does TransCode Therapeutics plan to do next? The company says it will file an exploratory investigational new drug application for TTX-MC138 in the first quarter of 2022. The goal is to use this for support of a Phase 0 study of its potential breast cancer treatment.

RNAZ stock is seeing heavy trading on today’s news. As of this writing, more than 147 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 1.1 million shares.

RNAZ stock was up 91.4% as of Thursday afternoon.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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