TransCode Therapeutics Inc. (NASDAQ: RNAZ) announced it has entered into a financing agreement with an institutional healthcare investor for up to $20 million. The arrangement includes pre-paid advances of up to $6 million and a three-year Standby Equity Purchase Agreement providing the company the right to sell up to $14 million of its common stock to the investor, subject to certain conditions.

The clinical stage company focuses on immuno-oncology and RNA treatments for high risk and advanced cancer. The financing is intended to support the company's Phase 2a trial for its lead clinical program, TTX-MC138.

"The financing agreement provides TransCode with financial flexibility and ensures that TransCode can maintain operational momentum as we conduct our Phase 2a trial for our lead clinical program, TTX-MC138," said Dr. Philippe P Calais, Chairman and CEO of TransCode.

Tom Fitzgerald, CFO of TransCode, stated the funding should enable the company to complete the Phase 2a study and subsequently explore a strategic collaboration for the program.

The information is based on a company press release statement.