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Small Biotechs Are Pulling Public Offerings, IPOs Amid 'Current Market Conditions'

Benzinga Real-time News · Dec 7, 2022 14:38

RNAZ -4.09%

RNA biotech TransCode Therapeutics Inc (NASDAQ:RNAZ) withdrew its S-1 filing with the SEC that it made in late November.
TransCode said that the withdrawal reflects TransCode'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."
The lead candidate, dubbed TTX-MC138, is currently in the preclinical stage and is designed to treat metastatic cancers by inhibiting "microRNA-10b" to eliminate the metastasis.
TransCode believes that TTX-MC138 could be used as a treatment for many of these cancers, including breast, pancreatic, ovarian, colon, and glioblastomas.
Also see: TransCode Therapeutics Shares Shoot Higher After Encouraging Preclinical Data From Lead Cancer Candidate.
TransCode entered the stock market in July 2021, pricing its IPO at $4 a share and offering 6.25 million shares. However, it was planning to offer 2.8 million shares between $8-$10 a share.
Intrinsic Medicine and its blank-check partner Phoenix Biotech Acquisition Corp (NASDAQ:PBAX) terminated their reverse merger citing "current market conditions."
"After careful thought and consideration, we mutually determined that this action is in the best interest of all parties given current market conditions," stated Chris Ehrlich, CEO, and director of PBAX.
Price Action: RNAZ shares are up $112.8% at $0.90 on the last check Wednesday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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