Here’s why TransCode Therapeutics stock is up about 65% on Thursday

TransCode says preclinical research supporting its TTX-MC138 was published in Cancer Nanotechnology.
The oncology company will file an eIND application with the U.S. FDA to support a Phase 0 study.
Shares of the Massachusetts' based firm jumped about 65% on Thursday morning.

Shares of TransCode Therapeutics Inc (NASDAQ: RNAZ) climbed by 65% on Thursday morning as the oncology company said in its press release that the preclinical research supporting its lead candidate, TTX-MC138, was published in Cancer Nanotechnology.

CEO Michael Dudley’s remarks

The preclinical study confirmed that intravenous injection of TTX-MC138 accumulates it in metastatic lesions, thereby establishing the TTX platform as suitable for an RNA based therapy against metastatic solid tumors. In the press release, CEO Michael Dudley said:

TransCode to file an eIND application

Before a Phase 0 study in patients with metastatic cancer, the $55 million company will file an eIND application for TTX-MC138 with the U.S. FDA in Q1 of 2022.

An exploratory investigational new drug may secure approval from the regulator at a lower cost and more quickly, compared to the traditional IND for therapeutic agents. As per the CEO: