With TransCode going public, industry surpasses $10B IPO mark; Galectin's inhibitor shows PhIb success in cancer treatment
TransCode Therapeutics has priced its IPO at $4 a share, and while that number might be on the smaller end of IPOs this year, it signifies the passing of the $10 billion mark for the industry.
With $10 billion raised in public offerings so far this year, the biotech market is well on track to surpass its record totals for last year. (For more on biotech’s red-hot IPO space, bookmark our tracker here.)
TransCode will be trading under the ticker $RNAZ. The company will offer 6.25 million shares at $4 apiece, good for a market value of $54 million. It’s also a very disappointing result as TransCode planned to offer 2.8 million shares at between $8 and $10 a share.
TTX-MC138, the company’s lead RNA-based candidate, is focused on treating metastatic cancer. An anticipated study will assess delivery to metastatic tumor cells, engagement with the target microRNA-10b and inhibition of the miR10b target, the press release said.
Galectin’s inhibitor shows PhIb success in cancer treatment
A Phase Ib trial of the combination immunotherapy treatment of belapectin and Keytruda showed a cancer control rate of 56% in melanoma and 40% in head and neck cancer, Galectin announced Friday.
The study consisted of nine melanoma patients and five with head and neck squamous cell carcinoma. Patients were treated heavily with chemotherapy, immunotherapy and surgery and radiation before the trial, Galectin said.
“Patients in this extension cohort had a significantly higher tumor burden when enrolled as compared to the initial study, and I view these results as encouraging,” Brendan Curti, the principal investigator on the trial, said in the press release.
It’s a nice turnaround for belapectin after the drgu missed its primary endpoint a Phase IIb trial in patients with NASH cirrhosis back in 2017.
Ben Carson, a former GOP presidential candidate, US HUD head and surgeon, signed on with the company as a special consultant in April. The company said it will use him as a spokesperson in an effort to boost the company’s profile.